The cryptocurrencies were boosted by news from El Salvador that BTC will officially be recognised as legal tender, allowing people to use it to pay for goods and services in the Central American country.
Bitcoin’s price immediately shot up by 5 per cent following the announcement, while other leading cryptos also rose by a couple of points.
The uptick pushed the overall market cap for all cryptocurrencies combined back above $1.5 trillion and has -for the moment at least – halted a price slide that began in mid April.
Bitcoin has stubbornly refused to drop below $30,000 throughout the downturn, with some analysts seeing this mark as a point of no return and the final signal that it has entered a bear market.
You can follow all the latest news from the crypto market right here.