Bitcoin neared $50,000 as it continues to rebound after months of weakness
The world’s largest digital currency by market value rose to $49,821 on Saturday afternoon in New York, according to data from Coinbase. As of 10:01 AM, it was trading at $48,876. ET on Sunday.
After Bitcoin traded at an average price of $30,000 to $40,000 in the past several months, this recovery is possible. It was at an all-time low of $65,000 by mid-April.
Ether, the coin linked to the ethereum blockchain network, also rose recently, reaching $3,295 early Saturday, according to Coinbase.
Global cryptocurrency adoption among individual investors has risen significantly over the past year, according to Chainalysis, a blockchain data firm. Global crypto adoption grew by approximately 881% over the past year.
According to CoinGecko.com data, the global cryptocurrency market was valued at $2.16 trillion as of Sunday. The cryptocurrency trading volume for the last day was $109 billion.
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