Wow oh wow.
Today, Bitcoin hit an all-time high of 50,000 dollars for one Bitcoin.
Bitcoin’s price broke above $50,000 for the first time in history Tuesday, continuing its blistering rally as major companies appear to be warming to cryptocurrencies.
The world’s largest digital currency by market value rose more than 3% to an all-time high of $50,487 at about 7:30 a.m. ET, according to data from Coin Metrics. It later fell below the mark, trading 0.6% higher at a price of $48,952.
This marks yet another record-breaking day in the life of the world’s leading Cryptocurrency as major Fortune 500 companies showed support for digital currencies.
There was speculation that the most recent source of the large cash infusion came from large firms like Tesla, Mastercard, and BNY Mellon getting attracted to cryptocurrencies.
Battery-powered automobile powerhouse Tesla recently revealed it had bought $1.5 billion worth of bitcoin in a filing last week and says it will soon accept payments in the digital coin.
Bitcoin’s price quadrupled in 2020 and is up more than 60% since the start of this year.
As bitcoin surges to all-time highs, big, name-brand investors are stockpiling it, and huge consumer companies are embracing it, aiding in bitcoin’s soaring valuation.
In addition, I personally believe that the recent debacle over Wall Street Bets has sent consumer investment money into Cryptocurrency as members of the public have started to realize that traditional markets are rigged with the odds against them.
Even though this very incredible milestone has been reached, investing in Bitcoin is absolutely not for the faint of heart. It requires the ability to stand fast through potentially crazy market dips but personally, I love this and it only confirms BTC’s status as the King of the tokens.
Stay tuned for more news about BTC.
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