Bitcoin price exceeds $50,000 for the first time since early May

Cryptocurrencies have been on the rise since mid-July 2021. As always, the market is being pulled by Bitcoin, which reached the $50,000 mark for the first time since early May this year.

On the morning of May 11, the price of the major cryptocurrency was $56,700. A day later, it fell more than $7,000 and never rose above $50,000 after that. It was not until August 20 that the Bitcoin exchange rate came close to the psychological mark.

on August 23 at 05:00, the price of the digital currency was $50,115. Over the past week, the exchange rate has risen almost 6%. Following Bitcoin is dragging other cryptocurrencies upward. In particular, the value of Ethereum rose to $3,354. This is the highest since mid-May this year.

Terra ($29.07 / +34.95%), Cardano ($2.8 / +29.80%), Solana ($73.88 / +17.54%) and Polkadot ($28.15 / 15.66%) showed the biggest gains for the week among the top 20 cryptocurrencies by market capitalization. Also note that digital currency Avalanche, which ranks 22nd in terms of capitalization, gained 155% over the week and is worth about $50.

Source: Coin Market Cap