By Diksha Madhok, CNN Business

Bitcoin has surged above the $50,000 mark, as the virtual currency continues to climb out of a months-long slump.

It’s the first time bitcoin has reached that milestone since May 15. Bitcoin’s peers also advanced: Ethereum was up more than 3%, while dogecoin rose nearly 2%.

Bitcoin had been inching near that mark all weekend before finally crossing it during Sunday evening hours Eastern Time, according to data from CoinDesk.

The cryptocurrency is also getting a lift after PayPal announced that it will allow people to buy, hold and sell four types of cryptocurrencies — bitcoin, ethereum, litecoin, and bitcoin cash — in the United Kingdom. Source Bitcoin’s price rises above $50,000 for the first time since May – WRCBtv.com | Chattanooga News, Weather & Sports

By block head

Block Head is a blockchain journalist.