The price of Bitcoin soared above $50,000 Monday for the first time in three months as investors returned to buying the cryptocurrency.

The price of Bitcoin rose about two percent to reach $ 50,249.15, its highest level since mid-May, when its price began to decline due to a combination of factors, including China's campaign to regulate the cryptocurrency market and the decision of Tesla Chairman Elon Musk to stop accepting it due to concerns on the environmental impact of mining operations.

Since then, Musk has expressed his support for Bitcoin, while many other prominent investors, including Twitter founder Jack Dorsey, have also expressed interest.

Its price has now risen by more than 70 percent from its six-month low (less than $29,000) hit in June, while speculation is growing that its price may reach $100,000.

The cryptocurrency is "close to the upper end of what I would expect as a new trading range of between $40,000 and $50,000," Rick Bensignor of Pensignor Investment Strategies said Monday.

Bitcoin is still a long way from the record price of $64,870 in April.