Bitcoin, which fell below $ 30,000, slowly bounced back to $ 32,000 and is now making its way towards the $ 40,000 mark. This rise comes after Cathie Wood, Ark Investment Management LLC and Elon Musk, CEO, Tesla, who helped power up its pace.

Other cryptocurrencies have also taken the highway, with Doge at 9.29 percent, Matic Network 6.15 percent, Wazir Token at 3.58 percent, WINK at 28.03 percent, Ethereum at 3.98 percent, Enjin at 7.38 percent. XRP, Cardano, Uniswap, Litecoin gained eight percent within the recent 24 hours.

However, Bitcoin’s rise seems to be the most remarkable one, as it rose to 15 percent to $39,544 in the last 24 hours. Over the weekend, the token surpassed its 50-day transferable common, according to CoinDesk.

Bitcoin appeared to be in danger of more dips after falling below $30,000 last week, a level that strategists predicted would likely lead to further drops. It got a boost last week when Elon Musk said at the 'The B Phrase' conference that he wants Bitcoin to flourish and that his space-exploration company SpaceX Inc., owned some. Star investor Cathie Wooden suggested that businesses consider adding Bitcoin to their balance sheets, while Sq. Inc. CEO Jack Dorsey stated that the coin is resilient.

Elon Musk recently expressed his support for Bitcoin and other cryptocurrencies by stating that Tesla may resume accepting Bitcoin as payment for its vehicles.

Bitcoin is going toward renewable energy, according to Musk, but Tesla will ensure that its environmental goals are accomplished before Bitcoin can be used to purchase Tesla vehicles.

Musk has also stated that he owns Bitcoin, Dogecoin, and Ethereum personally. However, Musk's remark bolstered Dogecoin, which attempted to settle over $0.21 but lost steam and retreated to $0.19.

Tesla halted Bitcoin purchases in May due to concerns about the usage of fossil fuels in mining, causing the digital currency to plummet.

Since mid-Could, the market value of cryptocurrencies has dropped by $1.3 trillion. Bitcoin has faced a number of challenges, including increased regulatory attention in China, Europe, and the United States, as well as concerns about the amount of power required by the computer systems that back it.