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BTC Powers Back to $50K
Bitcoin is gaining ground! BTC price is on the move again, hitting its highest level since mid-May. It peaked at $50,270, adding 3% on the day. It has recovered more than 72% since June. The crypto asset’s overall market valuation is currently at $942 billion. This could be a sign that the “capitulation period has ended and the market is back on solid ground,” Coin Metrics wrote in a Tuesday newsletter.
Bitcoin's position has been recovering from a local bottom in late June and early July, after China started cracking down on crypto mining in the country. Some mining operations are starting to resume online in new locations, so the worst is probably over. The cryptocurrency recovery is also taking place as some of the more established financial companies offer their clients access to crypto. For example, PayPal Holdings Inc said it will allow UK customers to buy, sell and store bitcoins and other cryptocurrencies.
Summing up, Bitcoin has climbed 82% since January and remains around $50,000. Some traders and analysts expect BTC to surpass an all-time high of $64,000 by the end of the year. Of course, nobody knows what will happen, but the forecasts predicting the latter scenario seem to come true if Bitcoin prices continue to move in the same direction. So now is a great time to grow your mining network, increase your BTC profits, and use additional boost features in order to be in a winning position later!