After statements from Ark Investment Management LLC’s Cathie Wood and Tesla Chief Executive Officer (CEO) Elon Musk, cryptocurrency prices continued to rise, with the world’s largest crypto edging closer to the $40,000 mark.
According to CoinDesk, bitcoin prices have risen by as much as 15% to $39,544 in the last 24 hours. Over the weekend, the token surpassed its 50-day moving average.
Ether, the second-largest cryptocurrency, increased by nearly 7% to a high of $2,330. Dogecoin has increased by nearly 9% to $0.20. Other digital tokens such as XRP, Cardano, Uniswap, and Litecoin have all gained over 8% in the last 24 hours.
After falling below $30,000 last week, Bitcoin appeared to be in danger of further falls, a level commonly seen by strategists as a potential catalyst for future dips.
Tesla halted Bitcoin purchases in May due to concerns about the usage of fossil fuels in mining, causing the digital currency to plummet. Since mid-May, the market value of cryptocurrencies has dropped by $1.3 trillion.
Bitcoin has encountered a number of challenges, including increased governmental attention in China, Europe, and the United States, as well as concerns about the amount of energy required by the computers that power it.