The cryptocurrency market turned bullish on Monday, with the market capitalisation increasing by 2.2 percent to $2.23 trillion and bitcoin topping the $50,000 mark for the first time in three months. As of 1125 hours GMT, the price of bitcoin (BTC), the largest cryptocurrency, topped the closely watched $50,000 level for the first time in three months, gaining on positive news about crypto adoption. The price of bitcoin reached $50,251 after gaining 2.11 percent. With this increase in price, the market capitalisation of the BTC has reached $944 billion. Likewise, ethereum (ETH) price gained 2.38 percent to reach $3,336. With this increase in price, the market capitalisation of ETH has reached $390.6 billion. On the other hand, XRP gained 2.79 percent to reach $1.28. The market capitalisation of XRP stands at $128.1 billion after this increase. Similarly, the price of Cardano (ADA) reached $2.83 with a 7.89 percent increase. Its market capitalisation has reached $91.4 billion after this increase. Similarly, Dogecoin (Doge) price went up by 0.96 percent to reach $0.323. With this increase in price, the market capitalisation of Doge has reached $42.2 billion. Bitcoin has edged above $50,000 for the first time since mid-May. The world’s largest cryptocurrency reached an all-time high of nearly $65,000 in April, but a heavy selloff in June and July plunged bitcoin to below $30,000. Since then, the cryptocurrency has shown strong growth. The drop in the first two months of summer was mainly triggered by renewed regulatory steps taken by China, which shut down mining operations in the country. More pressure followed after the US Senate passed an infrastructure bill that included a crypto tax to cover some of the expenditures under the programme. The cryptocurrency market continued to rebound after US-based crypto exchange Coinbase announced plans to purchase $500 million in digital currencies on its balance sheet and allocate 10 percent of profits into a crypto assets portfolio. Last week, PayPal said it had let its British customers buy, hold and sell digital currencies, marking the first international expansion of the service outside the US, where it was launched last October. The revival in digital currencies has excited animal spirits again among the cryptocurrency faithful, putting longer term predictions of $100,000 or more for Bitcoin back in vogue. Others see the speculative, volatile asset carving out a wider trading range for now.