Bitcoin reclaims $50,000 as crypto adoption intensifies
Bitcoin surged to $50,000 on Monday, the first time in three months since the market slumped in mid-May.
Bitcoin had hit an all-time high of over $64,000 in April but plummeted in mid-May following reports of China’s crackdown on crypto mining and trading activities. Since then, the flagship crypto has been trading in the $30k region before resuming its upward trend in mid-July.
Bitcoin has been edging towards the $50k benchmark all weekend long. However, it crossed the milestone on Monday right around the same time that PayPal announced that it was expanding its crypto services into the UK.
According to the 2021 Global Crypto Adoption Index by blockchain data platform Chainalysis, crypto adoption grew by 880% between June 2020 and July 2021. While Vietnam leads countries that have adopted the digital asset, India ranks second ahead of countries like the US, UK, and China.
Bitcoin is currently trading at $50,257, representing a 2.45% increase in the past 24 hours. The asset’s market dominance is also at 43.9%, according to CoinMarketCap data. Furthermore, Bitcoin’s year-to-date gains stand at 71.4%.