Bitcoin topped at 48,000 this monday morning it's highest level since mid may, it did the same thing during the weekends.
Source
On Saturday the cryptocurrency hit $48,126 which is it's highest level since may 17, coindesk reports that at around 2:48 am Et on monday, bitcoin was trading at $47,442
This bitcoin recovery as many are calling it started after a huge sell off that saw the price of bitcoin fall from it's ATH at $64,000 to $29,000 even reaching $28,000 in other platforms.
Vijay Ayyar, head of business development at cryptocurrency exchange Luno said that " I believe the reason bitcoin is rising now is because of massive accumulation at $29000"
The cryptocurrency market cap is at $2 trillion for the first time since mid- may because of bitcoin push for a new all time high, this was tracked by coinmarketcap which tracks the price of crypto currencies.
The crypto market has faced a lot of bad news over the summer, one of the biggest is the regulatory scrutiny on the market by china which saw bitcoin miners shut down and move out of the country, that was the major reason many thought bitcoin was going to move below $30,000.
Jehan Chu who is the founder of cryptocurrency-focused venture capital and trading firm Kenetic Capital said that " these fundamental regulatory road blocks have clipped the market wings in the short term.
Jehan Chu also said while bitcoin may surge to $55,000 investors to expect a significant pull back to sub $30k levels then reset the stage for a long march to $100000 in 2022.
