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Bitcoin Finally Reaches The $50K Milestone But Couldn’t Hang Around There

Rayne Harris

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Bitcoin (BTC), the first-ever decentralized digital currency of the world, has finally hit the $50,000 milestone after making a lot of efforts to break this level. However, the price value of the leading cryptocurrency could not stand there for a longer period of time and dropped down immediately to the $49k level.

The Peak Price Of Bitcoin Was $50,085 On Binance

A few hours ago, Bitcoin’s price climbed above the figure of $50,000 to register a massive milestone. It went as high as to touch the $50,085 level on the world’s largest cryptocurrency exchange by trading volume Binance, according to data from Trading View.

In order to reach this price milestone, the top-ranked digital currency posted a rally of nearly 6 percent during the course of the last 24 hours. However, Bitcoin was not able to hang out there for a longer period of time and faced a slight drop instantly as the major milestone showed resistance.


The price value of the major cryptocurrency went down to the mark of $49,000. However, the sentiment for BTC is still bullish at the moment, which means that the coin still has got a chance to reclaim this price figure. At the time of writing, the price value of Bitcoin is trading at around $49,200 with a change rate of 3.51 percent during the last 24 hours.

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The market capitalization of Bitcoin has also crossed the figure of $900 billion. According to the data from CoinMarketCap, the market cap of BTC is standing at around $914 billion and is on the cusp of hitting the major milestone of $1 trillion.

When BTC hit this price mark, Morgan Creek Digital’s Anthony Pompliano was very quick to note this bullish breakout of Bitcoin and posted a tweet. He said that Bitcoin has hit the $50k mark for the first time in history.

 


Rayne Harris is an analyst and editor recently joined RippleCoinNews with over 5 years of crypto market experience. He has worked in several famous media outlets, specializing in technical analysis of running crypto trends and curates opinion stories based on analysis.