The price of Bitcoin, the world’s most popular cryptocurrency, appreciated by 10.43 per cent in the last 24 hours, touching $55,000 mark after experiencing a sharp fall in the past five months due to market sentiments.

The coin hit an intraday low of $49,740.12 and oscillated to a high of $55,172.68 at 05:07 PM Nigerian time, according to Coinmarketcap, amid series of small developments in Washington, D.C. that have provided some comfort to institutional investors.

CNBC reported that on Tuesday, the U.S. Securities and Exchange Commission chairman, Gary Gensler, said in a hearing of the House Financial Services Committee that he has no plans to ban cryptocurrency, and that a ban would be up to Congress.

According to data posted, the trading volume of the digital currency skyrocketed by 42.58 per cent, while its market capitalization was upped by 10.22 per cent as of 05:16 PM Nigerian Time.

READ ALSO: Bitcoin hits $60,000 record price

The currency last touched an all-time high of $64,863.10 on April 14, six months ago, before it suddenly dropped.

The unusual price swings of Bitcoin, noticed since then have also prompted critics to suggest it is not suitable to be an effective and sustainable currency for adoption as a fiat due to it’s high volatility and anonymous mode of transactions.

A string of positive reports in recent days has helped the currency regain some momentum for the first time in months.

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