Bitcoin Sets All-Time High As The Cryptocurrency Shoots Past $57,000

Bitcoin Sets All-Time High As The Cryptocurrency Shoots Past $57,000.

The price of the world’s most valued digital asset has surged past $57,000 (€47,036), breaking it’s own previously set record in less than 12 hours. Bitcoin has demonstrated a nearly nine-per cent day-by-day increase, according to CoinDesk.

The cryptocurrency rose to a record $56,600 (€46,706) on Friday, Feb. 19, taking its weekly gain to 18 per cent. So far this year, the cryptocurrency has surged more than 92 per cent, with Friday’s rise pushing its market valuation to $1 (€0.8) trillion.

The enormous inflows of the past week have seen the market capitalization of bitcoin soar above that of some of the world’s corporate majors, including China’s largest enterprise. Globally, the world’s digital premier is now the sixth-most valuable asset, just one rank below Google’s Alphabet.

Bitcoin’s impressive rally has been fueled by signs it is gaining acceptance among mainstream investors and companies. Earlier this month, Tesla revealed that it had made a $1.5 billion (€1,23bn) investment into the cryptocurrency.

Bank of New York Mellon, the world’s largest custodian bank and the US’ oldest, said it would be soon providing its clientele with an opportunity to store bitcoin and other cryptocurrencies.

US asset manager BlackRock and payments company Square have also announced plans to back digital currencies, with credit card major Mastercard announcing it would support the use of some cryptocurrencies on its network as earlier as this year.

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