Bitcoin is nearing $50,000, as it continues its rebound after months of weakness
According to Coinbase data, the world's most valuable digital currency rose to $49821, a record that was reached in New York on Saturday afternoon. As of 10 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.
Coinbase reports that Ether, the cryptocurrency linked to the Ethereum blockchain network, rose to $3,295 on Saturday.
Chainalysis, a blockchain data company, reports that global cryptocurrency adoption has increased significantly in the last year. 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.
