An illustration showing the cryptocurrency bitcoin with a price chart in the background.

STR | NurPhoto via Getty Images

Bitcoin surged Sunday evening topping $39,000 for the first time since mid-June as sentiment turned bullish following a recent sell-off.

The cryptocurrency was trading at around $38,059.84 at 11:05 p.m. ET, according to CoinDesk data, up nearly 11% from the same time 24-hours prior. Bitcoin had previously hit a 24-hour high of $39,544.29, the highest level since June 16.

Bitcoin’s rally lifted other cryptocurrencies with ether up 5.9% above $2,299.55. The entire cryptocurrency market added over $114 billion in value in 24 hours as of 11:05 p.m. ET, according to data from

The rally comes after bitcoin recently fell below $30,000 after a global sell-off in stocks, sparking fears that it could plunge even further.

“I think we saw an accumulation period around 29-30K, indicating bullishness and a potential move towards $40K for Bitcoin,” said Vijay Ayyar, head of business development at cryptocurrency exchange Luno.

Musk, Dorsey, Wood in focus

Twitter CEO Jack Dorsey, Tesla CEO Elon Musk and ARK Invest CEO Cathie Wood all recently spoke during a closely watched bitcoin conference called “The B-Word.”

Musk said that Tesla would likely start accepting bitcoin for vehicle purchases again as a greater share of bitcoin mining switches to renewable energy. In May, Tesla suspended vehicle purchases using the cryptocurrency out of concern over the “rapidly increasing use of