Bitcoin went above the $50,000 mark Tuesday for the first time, giving it a market capitalization of nearly 925 billion US Dollars, according to trading data.
As of 12:30 GMT, Binance data showed that Bitcoin reached an all-time high of $50,100 before retreating to $49,400 with a sell-off.
The world's biggest coin market value saw its price rise 72.8% since Jan. 1, when it was $28,933. It had increased 593% since the beginning of 2020 when it was just $7,208.
The recent price surge looks different than a rally in 2017 when Bitcoin hit $20,000 before plummeting 80% the following year when most investors saw it as a bubble.
The latest feat comes as major US companies have recently announced shifting assets to Bitcoin to diversify portfolios and warm to cryptocurrencies.
Source: MAP
