Bitcoin Back Above $50,000 As Market Recovers - Android

The nasty slump of the last 2 weeks might become an afterthought as crypto markets showed healthy gains since trading… Read More

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The nasty slump of the last 2 weeks might become an afterthought as crypto markets showed healthy gains since trading resumed on Monday morning.

Bitcoin (BTC) rose 5% on Sunday to cross $50,000 for a historic third time this year. At the time of writing, the world-famous cryptocurrency was sitting at $50,800.

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Since February 2021, Bitcoin has continued to show extreme volatility despite irregular pitfalls in the crypto space.

On 21st February, BTC slipped from a record-high of $58,000 to $48,000 in 14 hours, but even then the buyers didn’t flinch and waited for the trends to recover, thus indicating growing confidence. The intelligence provider Glassnode aptly describes this evolving sentiment:

60-Day SOPR (entity-adjusted) reset without falling below one.

This indicates a high HODLing conviction from new investors, as coins that were bought in 2021 did not move at a loss during this last dip.#Bitcoin pic.twitter.com/lvMctNDEmd

— glassnode (@glassnode) March 5, 2021