Bitcoin hits over 3-month high, crosses $50,000 level

Dubai - A rise in the adoption of cryptocurrencies is a major reason for the recent surge in prices.

Bitcoin crossed $50,000 level again on Monday morning, hitting over a three-month high as adoption of cryptocurrencies surged recently.

According to coinmarketcap.com, the digital currency was trading at $50,114.28, up 1.86 per cent at 10.50am UAE time.

Naeem Aslam, chief market analyst at AVA Trade, said Bitcoin, the gold standard of cryptocurrencies, has shattered the critical $50,000 mark and is on a multi-month high.

“Bulls have helped the asset break through a number of technical barriers, including the $47,000 low resistance in April. A rise in the adoption of cryptocurrencies is a major reason for the recent surge in prices. Crypto adoption has jumped a whopping 881 per cent over the past year,” he said.

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“Similarly, the total market capitalisation of digital currencies was $2.17 trillion on Sunday. The rise in market cap has been supported by a boost of 18 per cent in the price of Cardano and a gain of 11 per cent in the Binance coin. Dogecoin and Solana also increased by 9 per cent and 73 per cent, respectively, during the same period,” said Aslam.

waheedabbas@khaleejtimes.com

• Dubai