Bitcoin price today: Cryptocurrency rises to $50,562; has gained 82% since hitting low of $27,700

Bitcoin’s price surged past $50,000 on Monday for the first time since May, but the rebound from a months-long slump later ran out of steam.

The world’s largest cryptocurrency was last down 0.2% at $49,201. It had risen as high as $50,562 as investors bet that the prospect of more U.S. stimulus spending would lead to further gains, and more mainstream financial services firms made moves in the nascent asset class.

The price retreat was predominately driven by profit taking, according to Edward Moya, senior market analyst at OANDA in New York, who also pointed to a report that some bitcoin mining from China might abruptly go offline on Tuesday.

Meanwhile, the price of rival cryptocurrency ether was last up 1.97% at $3,305. The virtual coin has risen 91% since slumping to below $1,740 last month.