An illustration showing physical bitcoins next to 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 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, hitting $ 3,295 early Saturday. according to Coinbase.

The worldwide acceptance of cryptocurrencies among private investors has increased significantly in the past year, so Chain analysis, a blockchain data company. 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.