Bitcoin is approaching $ 50,000 after months of weak spot

An illustration showing physical bitcoins next to binary code displayed on a laptop.

Jakub Porzycki | NurPhoto via Getty Images

Bitcoin approached $ 50,000 as it continues to recover 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 Coinbase. It traded at 10 a.m. ET on Sunday at a price of $ 48,876.

The rebound 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 connected to the Ethereum blockchain network, also rose recently, reaching $ 3,295 early Saturday, according to Coinbase.

According to Chainalysis, a blockchain data company, the global acceptance of cryptocurrencies among retail investors has increased significantly in the past year. Worldwide acceptance of crypto has increased by around 881% in the last year.

According to data from CoinGecko.com, the global cryptocurrency market cap was $ 2.16 trillion on Sunday and the cryptocurrency trading volume was $ 109 billion on the last day.