The value of bitcoin surpassed the $50,000 threshold on Monday for the first time since May. Since hitting an annual low of $27,700 in January, the cryptocurrency is up 81%. The market capitalization of bitcoin has exceeded $940 billion. The recovery of cryptocurrency is facilitated by the actions of financial companies expanding access to cryptocurrencies. For example, PayPal Holdings Inc announced today that starting this week it will open up the ability for UK customers to buy, sell and store bitcoins, just like other digital currencies. Moreover, investors are betting that the prospect of an increase in US government spending will lead to further growth in cryptocurrency, which affects the dynamics of bitcoin. Many traders are of the opinion that the current rally is not over yet, as the bitcoin market has yet to see the full return from private investors. Ethereum rose 2.97% to $3,337.72. The virtual coin has risen 91% since July, when it dropped below $1,740.
