Bitcoin has reached a new all-time high of more than $50,000 amid growing global adoption among individual and institutional investors. On the 16th of February, the king coin surged to $50,341.10 before correcting shortly after.
At the time of writing, Bitcoin is up 1.73% to $48,628.49, according to CoinMarketCap data.
Over the past week, Bitcoin had been moving towards the $50,000 milestone. The asset spiked 13% in reaction to Tesla’s announcement of a $1.5 billion BTC investment. At the time, the automaker also added that it may begin to accept Bitcoin payments in exchange for its products.
Also, Bitcoin recorded gains after MicroStrategy revealed plans to raise $600 million to purchase more Bitcoin.
The leading coin also spiked as BNY Mellon announced its new Digital Assets unit on the 11th of February. At the time, BTC reached a new high of about $48,600. Analysts at derivatives platform Deribit commented on BNY Mellon’s new support for crypto. The analysts believed that the announcement had shaped investors’ perspectives on BTC.
Speaking to Cointelegraph,“…I expect demand to surge and see Bitcoin prices hitting at least $70,000 by the end of this year.”