The price of Bitcoin surged to a three-month high of $50,000 per coin on Monday.
Meanwhile, rivals Ethereum and Dogecoin are trading at around $3,300 per coin and 32 cents per coin, respectively, according to real-time price tracking by Coindesk.
Bitcoin's move back toward April's all-time high of $64,000 per coin comes after the world's largest cryptocurrency experienced extreme volatility in June and July, plunging below $30,000 at one point.
Reasons for Bitcoin's fall over the past few months include a regulatory crackdown in China, negative comments from Tesla CEO Elon Musk on the digital currency's environmental impact, and the United States government mulling its own regulatory scrutiny, such as increasing reporting requirements on cryptocurrency transactions.
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However, Bitcoin is now back on the rise, boosted by an announcement by PayPal on Monday that it will allow customers in the United Kingdom to buy, sell and hold Bitcoin, Ethereum, Litecoin and Bitcoin Cash in its digital wallets beginning this week, marking the company's first international expansion of its cryptocurrency service.
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Coinbase, which became the first cryptocurrency exchange to go public earlier this year, also recently announced that it has added $500 million worth of crypto on its balance sheet and will be investing 10% of its overall profit in crypto going forward.
"I expect this percentage to keep growing over time as the cryptoeconomy matures," Coinbase CEO Brian Armstrong said.
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Other moves made toward the widespread adoption of cryptocurrencies include retail giants Amazon and Walmart launching searches for their own cryptocurrency product leads and meme stock AMC Entertainment announcing it will accept Bitcoin for movie ticket and concessions purchases made online.
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Robinhood Markets, which reported earnings last week for the first time since going public, said over 60% of its customers traded cryptocurrencies, beating out its share of customers trading equities for the first time.
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A whopping 62% of crypto trading volume was in Dogecoin.
Dailyfx.com analyst Daniela Hathorn warned Bitcoin may now see a pullback after hitting a "key psychological level."
"A pullback toward the $48,000 area would be the first sign of trouble but the positive trend isn’t in any trouble as long as Bitcoin stays above its 200-day moving average at $45,750," Hathorn explained. "Looking ahead, the key challenge for buyers will be to cement further gains toward $55,000 without losing momentum along the way."
According to CoinMarketCap, the global cryptocurrency market is worth $2.16 trillion as of Monday, up 3.48% from the previous day.