Bitcoin tops $39,000 for the first time in nearly 6 weeks, adding $114 billion to the crypto market

Bitcoin tops $39,000 for the first time in nearly 6 weeks, adding $114 billion to the crypto market

Surged Sunday evening topping $39,000 for the first time since mid-June as sentiment turned bullish following a recent sell-off. The cryptocurrency was trading at around $38,059.84 at 11:05 p.m. ET, according to CoinDesk data, up nearly 11% from the same time 24-hours prior. Bitcoin had previously hit a 24-hour high of $39,544.29, the highest level since June 16. Bitcoin's rally lifted other cryptocurrencies with up 5.9% above $2,299.55. The entire cryptocurrency market added over $114 billion in value in 24 hours as of 11:05 p.m. ET, according to data from Coinmarketcap.com. The rally comes after after a global sell-off in stocks, sparking fears that it could plunge even further. "I think we saw an accumulation period around 29-30K, indicating bullishness and a potential move towards $40K for Bitcoin," said Vijay Ayyar, head of business development at cryptocurrency exchange Luno. Musk, Dorsey, Wood in focus Twitter CEO , Tesla CEO Elon Musk and ARK Invest CEO Cathie Wood all recently spoke during a closely watched bitcoin conference called "The B-Word." Musk said that Tesla would as a greater share of bitcoin mining switches to renewable energy. In May, Tesla suspended vehicle purchases using the cryptocurrency out of concern over the Bitcoin