On Monday, Bitcoin surpassed $50,000 for the first time in three months, as investors flocked back into the cryptocurrency on a bargain-hunting spree. The largest cryptocurrency by market capitalization rose 2.5 percent to $50,152.24, its highest level since mid-May.
After plunging from a peak near $65,000 in mid-April, Bitcoin has recovered after trading in a range of approximately $30,000 to $40,000 for many weeks. Nonetheless, it has increased dramatically in the last year. According to CoinDesk, Ether, the second largest cryptocurrency and the unit tied to the Ethereum network, has risen to $3,321. On the other hand, Dogecoin was trading at $0.32, up 1%. Over the previous 24 hours, other digital coins such as Stellar, Uniswap, XRP, Litecoin, and Cardano have all seen rises.
According to the 2021 Global Crypto Adoption Index published by blockchain analytics platform Chainalysis, global crypto adoption increased by 880 percent between June 2020 and July 2021. According to the survey, India ranks second in the world in terms of cryptocurrency usage, trailing only Vietnam but ahead of countries like the United States, United Kingdom, and China.