Crypto currency is making hits presence in a financial market that is strapped by a continuing health pandemic. People are looking for different ways to invest their money and ways that the government can’t regulate to the highest degree. The appeal of crypto has drawn in the masses as Bitcoin, the most popular digital currency, has reached $50,000 for the first time.
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.
Bitcoin has gotten a boost from news of large firms like Tesla and Mastercard showing support for crypto. Tesla last week revealed it had bought $1.5 billion worth of bitcoin and plans to accept the digital coin as payment for its products, while Mastercard said it will open up its network to some digital currencies. PayPal and BNY Mellon have also made big moves to support crypto.
The popularity of alternative currencies is driving volatile investing. The market is wide open to this new endeavor and people are taking advantage of its popularity.