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Bitcoin hit $50,000 on Sunday to reach a more than 3-month high, as the cryptocurrency continues to rebound.

The digital coin rose above that level around 10:40 p.m. ET on Sunday, according to data from Coin Metrics. It last traded at $49,471.77 at 4:55 p.m. ET on Monday.

Bitcoin hit an all-time high over $64,000 in April but sold off heavily in June and July, even dipping below $30,000. One of the major reasons was renewed regulatory scrutiny from Chinese authorities which has forced bitcoin mining operations to shut downand move elsewhere.

But since mid-July, bitcoin has been on a steady rise.

In the last few days, two key announcements have been positive for the cryptocurrency space. Last week, Coinbase said it would buy $500 million in crypto on its balance sheet and allocate 10% of profits into a crypto assets portfolio.

Vijay Ayyar, head of business development at cryptocurrency exchange Luno, said there was a lot of buying around the $29,000 to $30,000 level when bitcoin was roughly at a 50% discount to April's all-time high.

"Lots of large players took advantage of those prices," Ayyar said, adding that bitcoin could move "to test all-time highs again."

The value of the entire cryptocurrency market stood above $2.16 trillion on Sunday, according to data from Coinmarketcap. It crossed the $2 trillion mark for the first time since May earlier this month.

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Bitcoin tops $50,000, hitting a more than 3-month high - CNBC