Roaringback: Bitcoin tops $50,000 for the first time in a month

The latest rally brings prices of the world’s largest cryptocurrency to their highest levels since early September when El Salvador rolled out Bitcoin as legal tender.

Bitcoin rallied above $50,000 as Bank of America Corp. strategists threw their weight behind crypto as a new asset class.

The rally brings prices to the highest since early September, when El Salvador rolled out the cryptocurrency as legal tender. Bitcoin was up 2.5% in early New York trading, and earlier touched $50,307.

The universe of digital assets is “too large to ignore,” wrote strategists including Alkesh Shah and Jessica Reif Ehrlich. “Our view is that there could be more opportunity than skeptics expect.”