Bitcoin’s price has surged above $50,000 for the first time since May and the rebound continues after the fall the cryptocurrency experienced for months. The largest currency in the world has grown up to $50,62, which was last down at $49,201.
Since January 2021, Bitcoin has risen by 82$ as it hit the low of $27,700 at the beginning of the year. On the other hand, the price of Ether (the rival of cryptocurrency) has risen by 2.71% i.e. $3,329 and the virtual coin price has increased by 91% since its last fall that was below $1,740.
According to Edward Moya the senior market analyst at OANDA in New York, the price retreat was due to profit-taking. The recovery of the world’s largest currency happened as some recognized financial services companies had offered their customers access to virtual coins.
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