Bitcoin (BTC) price rebounded late Sunday to hit $ 50,000 for the first time since May, signaling that the bull market is quickly approaching a second part.

Bitstamp’s BTC price peaked at $ 50,270.0, up 3% on the day, in accordance with Cointelegraph Markets Pro. The largest cryptocurrency has a complete market capitalization of $ 943 billion.

Online indices have lately indicated {that a} provide scarcity could possibly be imminent as long-term owners and establishments high up their BTC holdings whereas the price stays at a reduction. A sequence of upper lows and constructive every day closing costs have given BTC momentum since trading in the low of $ 30,000.

In the meantime, the Bitcoin Fear & Greed Index, primarily based on a multifactor sentiment evaluation, has gone from “extreme fear” to “extreme greed” in lower than a month.

According to Coingecko, the crypto market seems to have rotated this month, with the mixed crypto cap presently at round $ 2.2 trillion. In distinction, the mixed crypto cap fell under $ 1.3 trillion throughout the depth of the bear market motion in July.

Related: Crypto market cap returns to 2t for the first time since May

While Bitcoin led the crypto market rally earlier this month, many altcoins have rallied since then. As of press time, Cardano (ADA), Polkadot (DOT) and Solana (SOL) all had double-digit positive factors for the week.