El Salvador buys 420 bitcoins, bringing the price of bitcoin back above $60,000.

The largest cryptocurrency rallied back after a recent collapse, as the Central American country bought the dip.

Bitcoin is making a comeback, trading at over $61,000, up 4% in the last 24 hours. The government of El Salvador made a statement on Wednesday that it had bought more bitcoin for its official account.

El Salvador’s President, Nayib Bukele, tweeted on Wednesday that his government had “purchased the dip,” adding an additional 420 BTC, or about $25 million. As per a article of Reuters, El Salvador’s current treasury holds 1,120 bitcoin as estimated.

“News of more state-level purchases from El Salvador today boosted the markets, indicating the country’s plans to continue acquiring,” said Jason Deane, analyst at Quantum Economics.

According to Deane, the underlying sentiment for the top cryptos, particularly bitcoin, remains extremely favourable.

On Oct. 20, about $66,900, the world’s largest cryptocurrency hit an all-time high, a day after the first bitcoin futures exchange-traded-fund (ETF) in the United States debuted on the New York Stock Exchange. Bitcoin fell below the $60,000 barrier a week later, before regaining the milestone early Thursday.

“We are seeing some relief and a bounce off initial $58,000 support after a famous sell-down that was primarily in cryptocurrencies,” said Matthew Dibb, chief operating officer at Stack Funds.

“ The next day will likely continue to be volatile,” Dibb said, “with a major options expiry happening tomorrow.”

Within the next several weeks, Dibb expects bitcoin and ether will eclipse recent all-time highs.

On Oct. 21, Ether (ETH), the Ethereum blockchain’s native cryptocurrency, hit an all-time high of $4,359. ETH was trading at $4,186 at press time, up 4.1 percent in the last 24 hours.

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