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Bitcoin Soars Back Above $50,000 While Cardano Hits Another All-Time High

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Mon, 08/23/2021 - 03:24
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Alex Dovbnya
Bitcoin has hit $50,000 for the first time since mid-May while Cardano keeps setting new record highs
Bitcoin Soars Back Above $50,000 While Cardano Hits Another All-Time High
Cover image via stock.adobe.com

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Bitcoin (BTC) revisited the $50,000 level for the first time since May 15 at 2:41 a.m. UTC on the Bitstamp exchange.

Cardano
Image by tradingview.com

The market cap of the largest cryptocurrency is now inching closer to hitting the $1 trillion level, currently sitting at $943 billion, according to CoinMarketCap data.

Bitcoin is on track to record its second consecutive month in the green after plunging to the mid-$28,000 level in June.

With that being said, the flagship coin is 22 percent away from reaching its current all-time high of $64,804, which means that the cryptocurrency remains in a technical bear market for now.  

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Cardano hits another all-time high

While Bitcoin’s relatively swift recovery to the $50,000 level is impressive, Cardano (ADA) is stealing the spotlight right now.

The native token of the top proof-of-stake blockchain has just hit yet another all-time high of $2.84.

As reported by U.Today, Cardano is set to launch smart contracts on Sept. 12, which is believed to be the main catalyst behind its stellar rally. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.