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Bitcoin tops $39,000 for the first time in nearly 6 weeks, adding $114 billion to the crypto market

An illustration showing the cryptocurrency bitcoin with a price chart in the background

26 July 2021 18:48 (UTC +04:00)

Bitcoin surged Sunday evening topping $39,000 for the first time since mid-June as sentiment turned bullish following a recent sell-off, APA reports citing CNBC.

The cryptocurrency was trading at around $38,059.84 at 11:05 p.m. ET, according to CoinDesk data, up nearly 11% from the same time 24-hours prior. Bitcoin had previously hit a 24-hour high of $39,544.29, the highest level since June 16.

Bitcoin’s rally lifted other cryptocurrencies with ether up 5.9% above $2,299.55. The entire cryptocurrency market added over $114 billion in value in 24 hours as of 11:05 p.m. ET, according to data from Coinmarketcap.com.

The rally comes after bitcoin recently fell below $30,000 after a global sell-off in stocks, sparking fears that it could plunge even further.

“I think we saw an accumulation period around 29-30K, indicating bullishness and a potential move towards $40K for Bitcoin,” said Vijay Ayyar, head of business development at cryptocurrency exchange Luno.