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

Bitcoin’s (”>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”>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” data-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:

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:” data-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 (”>ADA), Polkadot’s DOT and” data-amp=””>Solana (SOL) were all boasting double-digit gains for the week.