KEY POINTS
- Bitcoin reached $50,000 on Sunday, a more than three-month high, as the cryptocurrency continues to recover.
- Bitcoin reached an all-time high of more over $64,000 in April, but then plummeted in June and July, falling below $30,000. However, bitcoin has been steadily rising since mid-July.
- Other digital currencies were also rising in value. Monday morning, ether was trading approximately 2% higher at $3,330.
Bitcoin reached $50,000 on Sunday, a more than three-month high, as the cryptocurrency continues to recover.
According to Coin Metrics statistics, the digital coin surpassed that threshold about 10:40 p.m. ET on Sunday. At 10:25 a.m. ET on Monday, it was trading at $50,293.04.
Bitcoin reached an all-time high of moreover $64,000 in April but then plummeted in June and July, falling below $30,000. One of the primary causes has been increasing regulatory attention from Chinese authorities, which has pushed bitcoin mining companies to close and relocate.
However, bitcoin has been steadily rising since mid-July.
Two significant developments in the previous few days have been favourable for the bitcoin sector. Coinbase said last week that it will purchase $500 million in cryptocurrency on its balance sheet and dedicate 10% of revenues to a crypto assets portfolio.
PayPal announced on Monday that it will introduce a service in the United Kingdom that would allow individuals to purchase, hold, and sell digital currencies.
Other digital currencies were also rising in value. Monday morning, ether was trading at $3,330, up roughly 2%. Earlier this month, Ethereum, the blockchain network backed by ether, implemented a crucial update, which helped boost the price.
According to Coinmarketcap data, the total value of the cryptocurrency market was more than $2.16 trillion on Sunday. It surpassed the $2 trillion barrier earlier this month for the first time since May.
