By Mike Murphy
The price of bitcoin rallied over the weekend, trading above its 50-day moving average for the first time since early May.
Bitcoin /zigman2/quotes/31322028/realtime BTCUSD -0.75% surged Saturday and Sunday and into Monday, recently trading at $38,924. according to CoinDesk, after recovering from its dive below the $30,000 level on Tuesday. Bitcoin is up 26% over the past five days.
The weekend gain put bitcoin above its 50-day moving average for the first time since May 9, according to CoinDesk data.
Gains were also attributed to a job vacancy advertised by Amazon /zigman2/quotes/210331248/composite AMZN -0.74% last week — Digital Currency and Blockchain Product Lead — that led some to believe the ecommerce giant could be nearing acceptance of cryptocurrencies as payment.
The price of ethereum /zigman2/quotes/108573964/realtime ETHUSD +1.69% also saw a weekend surge, and is up more than 17% over the past five days. Dogecoin /zigman2/quotes/226077044/realtime DOGEUSD -0.54% is up a more modest 8% over that time.
Bitcoin is up 21% over the past month, and is 30% higher year to date, though more than 40% off its April high.