The price of Bitcoin rose to around $50,000 on Sunday evening after a week of languishing in the mid $40,000s range.
Similarly, trading volume on major centralized exchanges remained modest, significantly below the high level seen a week before.
Recall that the Bitcoin fell to as low as $42,333 on December 4 and the low trading volume, indicating that the price rebound could be short-lived. Prices for alternative cryptocurrencies also rose – Etherurum rose to trade at $4,137.
The rally came just two days after the S&P 500 finished near its all-time high on Friday.
According to CNBC, the US stock market surged on Friday after the Labor Department’s inflation data was not as high as many investors had expected.
Some were surprised by Bitcoin’s flash crash last weekend, which occurred in part due to high leverage trading. In under an hour,$1.79 billion in Bitcoin was liquidated sending its value down to around $47,000 on Friday.
