The price of Bitcoin, the world’s most popular cryptocurrency, appreciated by 16.06 per cent in the last 24 hours, touching $40,000 mark after experiencing a sharp fall in the past 30 days due to market sentiments.
The currency is exchanged for $39,771.38 per BTC at 08.52 PM Nigerian time, data from coinmarketcap.com showed.
According to data posted, the digital currency has experienced an intraday low of $34,312.83 and a high of $40,499.68 in the past 24-hour period.
The price of the digital currency plummeted by 38.68 per cent after touching an all-time high of $64,863.10 on April 14, three months ago.
The unusual price swings of Bitcoin, noticed since the beginning of the year, have also prompted critics to suggest it is not suitable to be an effective and sustainable currency for adoption as a fiat due to it’s high volatility and anonymous mode of transactions.
A string of positive reports in recent days has helped the currency regain some momentum for the first time since May.
Last week, Tesla boss Elon Musk said the carmarker would likely resume accepting bitcoin once it conducts due diligence on its energy use. Tesla suspended the payments in May, according to Reuters.
Jack Dorsey also said that Bitcoin is a “big part” of Twitter’s future. On Sunday, London’s City A.M. newspaper reported, citing sources, that Amazon is looking to accept bitcoin payments by year’s end.