Cryptocurrency prices rose sharply on Wednesday after rebounding for the past couple of days, indicating that the virtual coin market is gradually gaining momentum.

Bitcoin, the world’s largest cryptocurrency, hit a four-week high earlier in the day and was trading at $51,418.29 at 12:50 pm, up over 3.65 per cent compared to its price 24 hours ago. Bitcoin’s market capitalisation has increased to $968.51 billion and the trading volume over the past 24 hours improved to $1.64 billion.

The most popular altcoin Ether was trading at $3,474.85, up nearly 3 per cent compared to its price 24 hours ago. Its market capitalisation has crossed $400 billion and the 24-hour trading volume remains steady at $892.50 million.

While XRP, Dogecoin, Stellar and Litecoin rose, a majority of altcoins were trading lower than their price 24 hours ago. This indicates that smaller cryptocurrencies are still experiencing volatility.

Commenting on the cryptocurrency market momentum, Edul Patel, CEO and Co-founder of Mudrex, a global algorithm based crypto investment platform, said, “The largest cryptocurrency by market capitalisation, Bitcoin, broke past the psychological resistance level of $50,000 yesterday. The rally hasn’t yet subsided.”

“BTC now stands over $51,500 after rising almost 5 per cent over the past 24 hours. Dogecoin and Shiba Inu also posted mammoth gains following Elon Musk’s tweet,” he added.

“The sentiment across the crypto market is bullish following Bitcoin’s unhindered rally.”

Here are the latest prices and trends of popular cryptocurrencies:

DISCLAIMER: The cryptocurrency prices have been updated as of 1:10 pm and will change as the day progresses. The list is intended to give a rough idea about popular cryptocurrency trends and will be updated daily.