Bitcoin has reclaimed $50,000 for the first time since early September, piercing through the level that was seen by many analysts as a strong resistance.
The cryptocurrency last went past $50,000 after El Salvador accepted it as legal tender, even as glitches with Bitcoin following the announcement led to a sharp 20 percent decline.
The surge in Bitcoin was accompanied by a surge in other cryptocurrencies. The rise was led by Shiba Inu, a meme currency promoted by Elon Musk, after the maverick billionaire put out a tweet.
Shiba Inu is up 95 percent over the past 24 hours and 180 percent over the past one week.
Other popular crypto tokens were more of a mixed bag. Ethereum’s price had a small hike, trading at $3,393.3 whereas Cardano's price dipped by 1 percent to $2.20. Dogecoin rose 8 percent, trading at $0.24.
Bitcoin’s price rise has surprised some experts who had expected some volatility as China has enacted its latest ban on bitcoin trading and mining.
While it was predicted that China's ban on the world's most popular crypto would cause volatility in the price, there have been a few bright spots for Bitcoin. Continued support from regions like El Salvador and Miami has encouraged investors to invest in bitcoin and other cryptos.
Tesla CEO Musk has continued his effort of speaking out for bitcoin and other cryptocurrencies. Last week, Musk said, "that while the advancement of cryptocurrencies can be slowed down, these digital assets cannot be destroyed now."
(Edited by : Kanishka Sarkar)