Bitcoin nears $50,000 after months of weakness

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An illustration showing physical bitcoins alongside binary code displayed on a laptop.
Jakub Porzycki | NurPhoto via Getty Images

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. It was trading at a price of $48,876 as of 10 a.m. ET on Sunday.

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The recovery comes after Bitcoin was trading at a price between roughly $30,000 and $40,000 over the last several months. It had dropped from a record of almost $65,000 in 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 rose roughly 881% in the last year.

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

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