Since plunging to the $29,000 range in late June, Bitcoin’s price has recovered more than 72%.

Bitcoin’s (cryptoprimacy.com/bitcoin-price”>BTC) price was back on the offensive late Sunday, touching $50,000 for the first time since May and signaling that the bull market was fast approaching its second leg. 

BTC’s price peaked at $50,270.00 on Bitstamp, having gained 3% on the day, according to cryptoprimacy.com/sign-up/”>Cointelegraph Markets Pro. The largest cryptocurrency has a total market capitalization of $943 billion.

Bitcoin’s price briefly wicks above $50,000 on Bitstamp : Cointelegraph Markets Pro

On-chain metrics recently suggested that a supply squeeze may be imminent, with long-term holders and institutions bolstering their BTC holdings, while prices remained at a discount. A series of higher lows and a cryptoprimacy.com/news/bitcoin-attacks-last-resistance-before-50k-with-btc-price-daily-close-now-crucial” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/cryptoprimacy.com/news/bitcoin-attacks-last-resistance-before-50k-with-btc-price-daily-close-now-crucial/amp”>positive daily close signal have carried the momentum for BTC since trading in the low $30,000 range.

Meanwhile, the Bitcoin Fear & Greed Index, which is based on a multifactorial sentiment analysis, has flipped from “extreme fear” to “extreme greed” in less than a month.

Bitcoin sentiment has flipped positive this month. Source: Alternative.me

The cryptocurrency market appears to have turned a corner this month, with the combined crypto capitalization currently hovering at roughly $2.2 trillion, according to CoinGecko. By contrast, the combined crypto capitalization dropped below $1.3 trillion during the depths of July’s bearish market action.

Related: cryptoprimacy.com/news/crypto-market-cap-returns-to-2t-for-the-first-time-since-may” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/cryptoprimacy.com/news/crypto-market-cap-returns-to-2t-for-the-first-time-since-may/amp”>Crypto market cap returns to $2T for the first time since May

While Bitcoin initially led the crypto market recovery earlier this month, many altcoins have since surged. At the time of writing, Cardano (cryptoprimacy.com/ada-price-index”>ADA), Polkadot’s DOT and cryptoprimacy.com/news/solana-is-now-in-price-discovery-as-sol-shows-strength-below-70-all-time-highs” data-amp=”https://cointelegraph-com.cdn.ampproject.org/c/s/cryptoprimacy.com/news/solana-is-now-in-price-discovery-as-sol-shows-strength-below-70-all-time-highs/amp”>Solana (SOL) were all boasting double-digit gains for the week.