September didn’t start all well for bitcoin as the cryptocurrency declined to a multi-day low of $46,300 on Wednesday. Interestingly, this is where the situation quickly changed.
Bitcoin started rising somewhat rapidly. It added $4,000 of value in a day and briefly exceeded $50,000. Conquering that level, though, wasn’t all that easy, and BTC dropped by $2,000 to $48,400.
Yet, it didn’t stay down for too long and initiated another leg up in the past 24 hours. This time, it spiked above $50,000 and kept climbing to a daily high of $51,060. This became the highest price tag since the mid-May correction.
Since then, BTC retraced slightly, but it still trades above $50,000 as of writing these lines. Its market capitalization has neared $950 billion, but its dominance struggles at around 41.5%.
Most altcoins also performed well in the same timeframe, with ETH touching $4,000 for the first time since mid-May.