Bitcoin has set a new all-time high at over $50,000. The world’s largest cryptocurrency by market cap broke the $50k psychological barrier on Tuesday, eventually reaching a high of $50,600.
Shortly after hitting $50k, Bitcoin retraced to the $48k region. As of press time, the digital asset was exchanging hands at $49,400. With a new ATH in sight, Bitcoin’s market cap is closer to toppling one trillion; about $80 billion shy of the benchmark.
Although $50k seems like such a big deal, Bitcoin needed to rise by only 3.2% to hit the benchmark. For the past few days, prices have been moving sideways with a general upward bias.
The legacy currency surpassed $40k for the first time on January 7. It took a little over a month to surpass $50,000. With $50k in its coffers, $65k could be the next stop.
Meanwhile, the rise to $50k may not be unconnected with MicroStrategy’s announcement of an upcoming $690 million purchase from the sales of senior convertible notes.
While Bitcoin is setting new highs, Ethereum is struggling to keep up. Although the second-largest digital asset has had an amazing year, Bitcoin is clearly leading for now. Bitcoin is enjoying wider adoption from corporates and even city governments like Miami.