Bitcoin recovers, climbs 7.6% to pass $20,400

Update on bitcoin price

Bitcoin on Sunday rose around 7.6% to $20,404 from its previous close, signaling a recovery from a sharp drop on Saturday, Qazet.az reports.

Andrew Brenner, head of international fixed income at National Alliance Securities, on Sunday said the rise in Bitcoin was likely the result of retail investors buying up the digital currency over the weekend, when few professional traders are working.

"Some buyers think now is a good time to get in because Bitcoin got down to a level which shows some near-term attractiveness," Brenner said. He added that Bitcoin and other digital currencies remained extremely volatile.

Ether , the coin linked to the ethereum blockchain network, on Sunday rose more than 13% to $1,131 from its previous close on Saturday, which at $993 marked Ether's lowest price since the beginning of this year.