Bitcoin surged on Sunday topping $39,000 for the first time since mid-June as sentiment turned bullish following a recent sell-off.
Experts attributed the moves to a number of factors including recent bullish comments from Twitter CEO Jack Dorsey and Tesla CEO Elon Musk.
Some of the concerns over the environmental impact of bitcoin mining and China’s regulatory crackdown, have also begun to wear off, the experts added.
Bitcoin surged Sunday evening topping $39,000 for the first time since mid-June as sentiment turned bullish following a recent sell-off.
The cryptocurrency was trading at around $38,059.84 at 11:05 p.m. ET, according to CoinDesk data, up nearly 11% from the same time 24-hours prior. Bitcoin had previously hit a 24-hour high of $39,544.29, the highest level since June 16.
Bitcoin’s rally lifted other cryptocurrencies with ether up 5.9% above $2,299.55. The entire cryptocurrency market added over $114 billion in value in 24 hours as of 11:05 p.m. ET, according to data from Coinmarketcap.com.
The rally comes after bitcoin recently fell below $30,000 after a global sell-off in stocks, sparking fears that it could plunge even further, CNBC reported.
Bitcoin mining is the energy-intensive process of creating new coins, which involves solving complex math problems. The computational power required to do so also consumes a lot of energy.