Bitcoin has risen above 48,000 U.S dollars, reaching its highest level since December of last year.
The largest cryptocurrency by market value rose nearly 5 percent to 48,215 U.S. dollars. Bitcoin is now at its highest level of the year and the latest rally brings its year-to-date gains to nearly 5 percent.
Bitcoin has now gained 17 percent over the past week but still remains about 30 percent below the record high of 69,000 U.S. dollars reached last November.
Ether, crypto’s second-largest in terms of market capitalization, is up to $3,388.
“Bitcoin hitting its 3-month high, signals an expected and much-awaited market recovery,” said Raj Karkara, COO, ZebPay. “With a number of countries indicating plans for positive regulation around crypto, investor sentiment seems to be surging, resulting in some of the highest 24-hour trading volumes we’ve seen in the last quarter. Many experts consider this to be the beginning of a strong bull market, however, time will tell to what extent they are right,”