Bitcoin surpassed $50,000 for the first time on Tuesday as institutional investors and companies fueled a historic rally that has sent the digital currency up more than 70 percent this year.
The largest cryptocurrency by market value, Bitcoin hit a high of $50,584.85 before retreating. That’s more than double the price since the trading frenzy in late 2017, when bitcoin broke into the broader public and attracted widespread attention.
Bitcoin has gotten a boost from news of big companies like Tesla, Mastercard and BNY Mellon warming up to cryptocurrencies. Tesla most recently revealed that it has purchased $1.5 billion worth of Bitcoin and plans to accept the digital coin as payment for its products, while Mastercard said it will open its network to some digital currencies. PayPal and BNY Mellon have also made big moves to support crypto.
Several prominent companies have recently announced significant bitcoin purchases or plans to integrate it into their platforms. Mastercard has said it will support bitcoin and other cryptocurrencies on its payments network later this year.
Early 2021 saw a number of all-time highs for a number of cryptocurrencies, which in turn led to a number of positive predictions for 2021. According to Stock-to-Flow (S2F), a bitcoin price prediction system, BTC/USD will reach $100,000 by December 2021.
We will see.