Bitcoin climbed up to $48,048 early Monday, the highest level since May 17, CoinDesk data shows.

The world's largest cryptocurrency by market cap is joined by ether and cardano, which have surged 11% and 53% in the last seven days respectively.

The crypto market cap sank as low as $1.19 trillion on July 20, according to data from CoinMarketCap, meaning the sector has almost doubled in value in less than a month.

After a touching a peak of more than $2.5 trillion on May 12, crypto pulled back and saw a couple of months of downward pressure as the mining crackdown in China took hold.