The price of bitcoin climbed back above $50,000 on Sunday, according to foreign media reports. The cryptocurrency rose 0.49% to $50,188.4 on the day.
Bitcoin is the most valuable and popular of all cryptocurrencies and is known for its wild price swings. Bitcoin peaked at just under $65,000 in mid-April.
Since mid-May, however, the price of bitcoin has hovered between $30,000 and $40,000. Bitcoin prices plunged in June and July, even briefly falling below the $30,000 mark on June 22.
Bitcoin last crossed the $50,000 mark on August 23, the first time the cryptocurrency has crossed the $50,000 mark since May.
Bitcoin is a cryptocurrency that uses blockchain as a payment system. It was invented by Satoshi Nakamoto in 2009 based on a borderless peer-to-peer network with consensus initiative open source software. Through cryptographic digital signature, it can solve problems such as multi-payment with one coin and transaction security of electronic currency without any third-party credit agency.