Precise Investors

Monday, January 30, 2023

Bitcoin tops $50,000 for first time since May

Coindesk data

After fluctuating slightly above and below the $50,000 mark, bitcoin peaked at $50,250, according to Coindesk data

The price of bitcoin topped the $50,000 level Sunday night, as it continues to bounce back from its collapse three months ago.

The world’s largest digital currency by market value rose to $49,821 on Saturday afternoon in New York, according to data from Coinbase. It was trading at a price of $48,876 on Sunday.

Bitcoin is getting nearer the higher end of what I expect as a new trading range in the low-$40,000s to low-$50,000s, Rick Bensignor, CEO at Bensignor Investment Strategies, wrote in a note. Bitcoin hit a record of almost $65,000 in April, driven higher by a tide of liquidity, fast-money bets and optimism about growing demand from institutional investors.

Global cryptocurrency adoption among individual investors has risen significantly over the past year, according to Chainalysis, a blockchain data firm. Global crypto adoption rose nearly 881% in the last year.

After fluctuating slightly above and below the $50,000 mark late Sunday, bitcoin broke through and peaked at $50,250, according to Coindesk data; it hadn’t been above $50,000 since early May. It peaked at nearly $65,000 in April, then lost more than half its value between mid-May and late June.

Bitcoin has soared 13% over the past five days, and is up 48% in the past month, with a market cap around $939 billion as of Sunday night. It was below the $30,000 level as recently as July 20, but is still up 73% year to date.

The wider crypto space has seen sharp recent gains as well: Ether, which runs on the ethereum blockchain, soared more than 4% on Sunday, according to Kraken data, and has gained 52% over the past month since a similar late-May plunge. Dogecoin has climbed 63% over the past month, according to Kraken, still less than half its all-time high of $70 cents in early May.


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