The price of bitcoin rallied over the weekend, trading above its 50-day moving average for the first time since early May.
Bitcoin
BTCUSD,
surged Saturday and into Sunday, recently trading at $34,614. according to CoinDesk, after recovering from its dive below the $30,000 level on Tuesday. Bitcoin is up more than 8% over the past five days.
The weekend gain — hitting $34,800 at one point Sunday — put bitcoin above its 50-day moving average for the first time since May 9, according to CoinDesk data.
The world’s largest cryptocurrency got a boost from some influential names last week, after positive comments by Tesla CEO Elon Musk, Twitter CEO Jack Dorsey and ARK Invest’s Cathie Wood.
The price of ethereum
ETHUSD,
also saw a weekend surge, and is up more than 11% over the past five days. Dogecoin
DOGEUSD,
is up a more modest 3% over that time.
Bitcoin is up 10% over the past month, and is nearly 20% higher year to date, though about 50% off its April high.
Read more:Bitcoin rallies, tops key technical level for first time since early May
