Bitcoin breaks $50,000 for the first time

The world’s most popular crypto asset, Bitcoin has officially reached a new all-time high of $50,000.

This follows a week of exciting news including the world’s most valuable car maker Tesla accepting Bitcoin for future payments, and MicroStrategy planning to raise another $600 million to buy the flagship crypto.

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Bitcoin held onto these gains, in the past week and has since rallied to a new all-time high of $50,00 after tagging an intra-day low of $43,909 a few days ago.

There is no doubt, 2021 continues to shape up as a very exciting year for Bitcoin.

The flagship crypto has gotten more credibility in recent days from blue-chip companies like Mastercard and  America’s oldest bank, BNY Mellon showing support for Bitcoin. Mastercard had earlier disclosed it would open up its network to some cryptocurrencies including Bitcoin.

PayPal and the world’s largest asset fund manager BlackRock have also made big moves to support crypto.

However, at the time of writing this report Bitcoin was trading at around $49,562.08 with a 24-hour trading volume of $78 billion and is up 3.50% for the day. It presently has a market value of $923 billion.

Recall some months ago, as the fastest ever-changing financial asset continued to gain traction at the speed of light, renowned financial data media company, Bloomberg Intelligence gave critical insights on why bitcoin, in just about five years’ time, could hit a valuation of $100,000.

“Bitcoin’s foundation is firming for further price advances if its history is a guide. Since initially reaching $10,000 in 2017, the benchmark crypto corrected about 70% and remains in an extended period of consolidation around that level.”

It would be recalled that in 2013, Bitcoin was trading barely at a price of about a thousand dollars. It corrected about 80% and consolidated in 20 17, after initially reaching $1,000, it added a zero.

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