Bitcoin Breaks Above $39,000 as Crypto Market Gains $114 billion
Bitcoin climbed above $39,000 on Monday morning, the highest point reached by the flagship cryptocurrency since the middle of June
Experts have attributed the spike in the value of the cryptocurrency to the wearing off of concerns above the environmental impact of the cryptocurrency
Meanwhile, other cryptocurrencies have also gained hugely, with Ethereum, BNB, and Cardano moving above $2300, $225, and $1.39 respectively
Following a recent sell-off that pushed the value of Bitcoin below $30,000, the flagship cryptocurrency has bounced back to climb above $39,000.
In the early hours of Monday, the world’s number one cryptocurrency gained 13%, pushing it to its highest point since mid-June.
The strong rally also affected other cryptocurrencies, as $114 billion was gained by the entire crypto market.
Ether gained more than 8%, pushing the cryptocurrency of the Ethereum blockchain to $2,386.
Other cryptocurrencies such as Cardano, Binance Coin, and Dogecoin went as high as $1.39, $328 and $0.23 respectively.
Altogether, the crypto market has gained $114 billion and the market cap stands at $1.5 Trillion.
Positive sentiment in the crypto space has been on the rise, following news that Tesla may start accepting Bitcoin for payment.
Twitter CEO Jack Dorsey also revealed that the microblogging platform is set to integrate cryptocurrency into its business.
Meanwhile, the crypto market has also benefitted from the reduced momentum of a crypto crackdown in China.