Bitcoin hit $50,000 on Sunday to reach a more than 3-month high, as the cryptocurrency continues to rebound.
The digital coin rose above that stage around 10: 40 p.m. ET on Sunday, according to data from CoinDesk. It was trading at around $50,095 at 2: 45 a.m. ET on Monday.
Bitcoin hit an all-time high over $64,000 in April but supplied off heavily in June and July, even dipping beneath $30,000. One among the major reasons was renewed regulatory scrutiny from Chinese authorities which has compelled bitcoin mining operations to shut down and transfer in other places.
Nonetheless since mid-July, bitcoin has been on a steady upward thrust.
Within the last few days, two key announcements have been particular for the cryptocurrency space. Last week, Coinbase said it may well purchase $500 million in crypto on its balance sheet and allocate 10% of earnings into a crypto assets portfolio.
Meanwhile, other digital coins were also higher. Ether was trading higher by about 1.8% at $3,302.59 early Monday morning. Ethereum, the blockchain network powered by ether, activated a key upgrade earlier this month which helped take hold of the pricetag.
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Vijay Ayyar, head of enterprise pattern at cryptocurrency exchange Luno, said there was a lot of buying around the $29,000 to $30,000 stage when bitcoin was roughly at a 50% decrease price to April’s all-time high.
“Hundreds large players took advantage of those prices,” Ayyar said, adding that bitcoin may well transfer “to take a look at all-time highs again.”
The value of your entire cryptocurrency market stood above $2.14 trillion on Sunday, according to data from Coinmarketcap.