The hash rate -- a measure of the computational power being put toward the Bitcoin network -- has also rebounded from early-July lows, in a sign that the sector is adjusting after disruptions caused by China’s clampdown.
Bitcoin is “getting nearer the higher end of what I expect as a new trading range in the low-$40,000s to low-$50,000s,” Rick Bensignor, chief executive officer at Bensignor Investment Strategies, wrote in a note Monday.
Ether has also been climbing, boosted by an upgrade to its underlying network that signals a more constrained supply of the token. The ADA coin linked to the Cardano blockchain has surged of late into third spot on technological enhancements that may make the network more useful.
--With assistance from Akshay Chinchalkar and Yakob Peterseil.
This article was provided by Bloomberg News.