Bitcoin hit $ 50,000 on Sunday, hitting a more than 3-month high as the cryptocurrency continued to recover.
According to data from CoinDesk, the digital coin rose above that level at around 10:40 p.m. ET on Sunday.
Bitcoin hit an all-time high of over $ 64,000 in April, but sold out heavily in June and July, even dropping below $ 30,000. One of the main reasons was a new regulatory review by the Chinese authorities, which forced the Bitcoin mining operation to cease operations and relocate to another location.
But Bitcoin has been rising steadily since mid-July.
In the past few days, two major announcements have been positive for the cryptocurrency space. Last week, Coinbase announced it would buy $ 500 million in crypto on its balance sheet and invest 10% of the profits in a crypto asset portfolio.
On Monday, PayPal announced it was rolling out its service to allow people in the UK to buy, hold and sell digital currency
Meanwhile, other digital coins were also higher. Ether was trading around 2% at $ 3,302.59. Ethereum, the blockchain network operated by Ether, activated a major upgrade earlier this month that helped raise the price.
Vijay Ayyar, head of business development at the Luno cryptocurrency exchange, said there were many purchases between $ 29,000 and $ 30,000 when Bitcoin was about a 50% discount from April’s all-time high.
“Many big players have taken advantage of these prizes,” Ayyar said, adding that Bitcoin could move “to test all-time highs again.”
The value of the entire cryptocurrency market was over $ 2.14 trillion on Sunday, according to data from Coinmarketcap.