Bitcoin Retested $50K Milestone For The Second Time In 2 Weeks

Bitcoin retested $50K milestone level again as the broader market turns green and this is the second time BTC did this in less than two weeks as we are reading more in our latest Bitcoin news today.

Bitcoin as the world’s biggest cryptocurrency is back above $50K and has reached the same level since two weeks ago before pulling back. Bitcoin retested $50K and is up 5.5% in the past 24 hours as per the data from CoinGEcko and peaked at the local high of $50,171 with a market cap of $941 billion and BTC dominating 40% of the market. While this can be considered as a positive start to the new month, September has always been a difficult month for the Bitcoin bulls, especially as now it reached a milestone level again.

Data from bybit shows that the investors suffered losses in September previously for the past four years in a row with a maximum monthly return of 6%. Ethereum as the second biggest cryptocurrency is up 5.8% over the past day after it retested levels above $3800 so at press time, ETH is changing hands at $3742 while Cardano’s ADA managed to break the $3 level for the first time ever as the network prepares for the Alonzo hard fork which was a highly anticipated upgrade that brings smart contract functionality.

So there we have it. Since c. 20:20 UTC today, the #Cardano Testnet now officially supports #Plutus #smartcontracts. Final testing & integrations ahead. SPOs will now upgrade their mainnet nodes. Then next stop… mainnet upgrade. Still on track for 12 September. Onward! $ADA pic.twitter.com/Wl5CUpRB4L

— Input Output (@InputOutputHK) September 1, 2021

Smart contracts are bits of code that self-execute commands and instructions under set circumstances and as revealed by IOHK, the company that develops Cardano, smart contracts go live on the network’s testnet with the mainnet rollout scheduled for September 12. Other top gainers on the day include Vechain that I sup 9.2% over the past 24 hours, Chainlink that increased 7.7%, and Dogecoin that increased 7.1%.

As recently reported, China’s crackdown on BTC mining operations caused plenty of disruptions on the BTC network as the miners were forced to shut down the machines and leave teh region to continue their business. The ban on mining had its bad aftermath and with more than half of the BTC miners residing in China at that time, the BTC hash rate dropped by more than 60% to a one-year low in June but two months later with the situation changed and the hash rate increased by about 100%. The hash rate is a critical security metric on the BTC blockchain and the increasing hash rate means greater security so the network is more resilient to attacks and vice versa. The reports showed that the miners triggered four consecutive mining negative readjustments for the first time in 10 years.