Bitcoin reached $50,000 on Sunday, a record for the cryptocurrency. This is a sign that Bitcoin continues its rebound.
Around 10:40 p.m., the digital coin rose above this level. According to Coin Metrics data, the digital coin rose above that level around 10:40 p.m. ET on Sunday. It was last traded at $49.471.77 at 4:55 p.m. ET on Monday.
Bitcoin reached an all-time high of $64,000 in April, but it fell sharply in June and July. It even dropped below $30,000. Recurrent Chinese regulatory scrutiny has led to bitcoin mining operations being forced to close down and relocate elsewhere. Since mid-July, however, bitcoin has been steadily rising.
Two key announcements in the cryptocurrency space have made headlines over the past few days. Coinbase announced last week that it would purchase $500 million worth of crypto from its balance sheet and invest 10% in a portfolio of crypto assets.
PayPal announced Monday that it will launch its digital currency service in the U.K. to allow people to buy, hold, and sell digital currencies.
Other digital coins traded higher, however. Ether traded at $3,330 Monday morning, up 2%. Ethereum, the blockchain network powered with ether, activated an upgrade earlier in the month that helped to lift the price.
Vijay Ayyar is the head of business development for cryptocurrency exchange Luno. He said that there was a lot buying at the $29,000-$30,000 level when bitcoin was at roughly a half-off to April’s all-time high.
Ayyar stated that “lots of large players” took advantage of the prices and added that bitcoin could “test all-time highs once again.”
According to Coinmarketcap data, the total value of the cryptocurrency market was over $2.16 trillion as of Sunday. It has crossed the $2 trillion thresholds for the first time since May, earlier this month.