The price of Bitcoin (BTC) briefly moved back above $25,000 U.S. per coin, its highest level in two months.
The world’s largest cryptocurrency by market value climbed above $25,000 U.S. late Sunday (August 14) for the first time since mid-June, according to data from CoinDesk.
Bitcoin was trading right around $24,000 U.S. earlier today (August 15), down about 2% over the past 24 hours.
Cryptocurrencies have rebounded over the past month, mirroring a rise in U.S. stocks. Digital currencies such as Bitcoin have been closely correlated to the price movements in stocks, notably the tech-laden NASDAQ index, which has gained 12% since mid-July.
The price of Bitcoin has risen 15% over the past month but is still down nearly 50% this year. It has been a difficult time for cryptocurrencies in recent months, with bankruptcies and liquidity crises hitting the sector.
Bitcoin has been trading in a range of $20,000 U.S. to $24,000 U.S. since June of this year. While it has made several attempts to move above $25,000 U.S., Bitcoin has struggled to make a sustained breakout.
