The largest cryptocurrency chain, Bitcoin had an all-time highest as the prices surge to a reported $50,000. Bitcoin is still the go-to cryptocurrency for leading investors all around the world.
The jump was about 4% more than the previous amount taking the overall tally to exactly $50,548. The close competitor, Ether, however saw an increase of 140% year-to-date.
The surge in prices was highly under the influence of high-profile endorsements like – Elon Musk, Paul Tudor Jone, and Stran Druckenmiller. The end of last year saw a surge of $29,000 (roughly 140%).
It only took 6 weeks from the fourth-quarter high last year to hit a new record price. A decade ago this was traded for a few cents.
On February 8, the prices went up by 16% when Tesla Inc investor $1.5 billion in Bitcoins, this was the biggest one-day gain in the history of the crypto market. This was further elated by the endorsement of popular companies like Mastercard Inc and Bank of New York Mellon Corp that made users the flexibility in using cryptocurrencies.
Whether it’s Musk, Mastercard, or Morgan Stanley, the mood, music, and momentum is impossible to ignore, To the annoyance of many, the Bitcoin express has left the station.”Antoni Trenchev, managing partner and co-founder of Nexo in London