BUSINESS

Bitcoin Breaks All-Time Record Shooting Past $50,000

The latest surges in the price of the world’s most popular cryptocurrency come after Elon Musk’s Tesla revealed last week that it had invested $1.5 billion in the blockchain driven currency. The cryptocurrency’s record-breaking rally is also said to be driven by a global shift in investor and public attitudes towards crypto assets.

According to the CoinMarketCap portal, Bitcoin’s value increased by 5.61 percent to $50,576.33 on Tuesday – marking another record for the cryptocurrency.

As of 12:30 GMT, Binance data also showed that Bitcoin reached an all-time high of $50,100 going up by 5.3 percent.

Its price, however, continues to fluctuate after reaching another record breaking high. Several minutes after breezing past the $50,000 mark, it fell again to around $49,800 at 12:48 GMT.

Bitcoin stalled short of the $50,000 mark last week, with its price surging past $49,700. However, on Monday, it slipped to $45,914 in Asian trading hours. 

Earlier this month, Bitcoin’s price soared as Elon Musk’s electrice vehicle company Tesla confirmed a $1.5 billion investment in the cryptocurrency in January.

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