Bitcoin has returned to the psychologically significant level of $50,000 as analysts at Bank of America talk up the prospects of cryptocurrency.
Bitcoin was up 4.8% to $50,056 by Tuesday afternoon. The world’s biggest cryptocurrency was changing hands at levels not seen in a month. Bitcoin has been rising steadily since the start of the month, leading some adherents to adopt the moniker ‘Uptober’.
The broader market is also gaining ground. The market value of all cryptocurrencies in circulation was up 3.6% to $2.2 trillion, according to industry data source CoinMarketCap.com.