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An illustration showing physical bitcoins alongside binary code displayed on a laptop computer.
Jakub Porzycki | NurPhoto via Getty Images
Bitcoin Close To $ 50,000 As It Continues To Bounce Back From Months Of Weakness
The world’s largest digital currency by market value rose to $ 49,821 on Saturday afternoon in New York City, according to data from Coinbase. It was trading at a price of $ 48,876 at 10 a.m.ET on Sunday.
The rally comes after Bitcoin has been trading at a price between around $ 30,000 and $ 40,000 in recent months. It had fallen from a record high of nearly $ 65,000 in mid-April.
Ether, the coin linked to the ethereum blockchain network, has also risen recently, reaching $ 3,295 early Saturday, according to Coinbase.
Global cryptocurrency adoption among individual investors has increased dramatically over the past year, according to Chainalysis, a blockchain data company. Global crypto adoption has grown by around 881% over the past year.
The global cryptocurrency market cap was $ 2.16 trillion on Sunday, according to data from CoinGecko.com, and the volume of cryptocurrency trading in the last day was $ 109 billion.
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