The price of bitcoin rose above $48,000 on Thursday, marking a 10 per cent increase since the start of the week.
Other leading cryptocurrencies also saw gains, spurred on by positive news in the crypto space.
Cinema chain AMC announced that it would accept Ethereum (ether), bitcoin cash and litecoin alongside bitcoin payments for tickets, in what is the latest demonstration of growing mainstream acceptance of cryptocurrencies.
The overall crypto market grew by more than 2.3 per cent over the last 24 hours, taking it back above $2.19 trillion. Analysts remain divided over the long-term trajectory of the market.
British banking giant Standard Chartered noted recently that bitcoin’s value could hit new all-time highs around late 2021 or early 2022, but other forecasts say current trends could result in lows below $20k by the end of the year.
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