Bitcoin topped $48,000 on the weekend, its peak level since mid-May.
According to Coindesk data, the bitcoin attained a top of $48,126.47 on Saturday, its peak level since 17th May.
Following a record high of over $64,000 in April, the bitcoin price was reached below $30,000 in the months of June and July.
“I do believe this (bitcoin’s rise) is the result of massive accumulation when bitcoin was trading around $29,000 to $30,000,” says Vijay Ayyar, the Head of Business Development at cryptocurrency exchange Luno.
According to CoinMarketCap, the rise of the digital coin helped push the value of the whole cryptocurrency market over $2 trillion on Saturday for first time in last three months.
The cryptocurrency market has experienced a lot of headwinds over the summer.
Luno’s Ayyar expressed that the digital coin is approaching resistance levels of between $48,000 and $50,000.
Ayyar said, “I wouldn’t expect bitcoin to run through in one shot, if it does break that level of support, then the digital coin is definitely looking to go back to all-time highs.”