Bitcoin jumped above $50,000 on Monday for the first time in three months as investors piled back into the cryptocurrency on bargain-buying.
The world’s largest cryptocurrency by market value is up 2.5% over a 24-hour period as of report time, changing hands for around $50,254, its highest point since May 15. Bitcoin’s year-to-date returns now stand at 72.74% according to data from CoinDesk.
Daily trading volume remains relatively flat and has continued to decline from days prior, though price action remains above a key indicator used to gauge the momentum of a given trend.
Bitcoin reached a low of $29,000 in May after tumbling on a range of issues including China’s crackdown on cryptocurrencies and Tesla boss Elon Musk’s decision to stop accepting it on concerns about the environmental impact of mining.
The electric car giant has since indicated its support for bitcoin, while several other high-profile investors including Twitter founder Jack Dorsey have also flagged their interest.
Other cryptos in the top 20 by market capitalization also rallied on bitcoin’s move with cardano, litecoin, and uniswap clocking the highest gains between 2%-12%.
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