Bitcoin has hit a record high, scaling past the $50,000 barrier for the first time after a jump of $2,000 today. The original cryptocurrency has now quadrupled in the last six months.
And has recorded gains of more than 70% just in 2021.
An increasing number of corporate heavyweights are now backing the world’s most popular virtual currency. Institutional traders, in particular, have been all over it. Many crypto investors now believe that this current bull run is different to the previous bubbles — particularly the late 2017 one.
Launched in 2009, Bitcoin made headlines in 2017 after it soared from less than $1,000 in January to almost $20,000 in December of that same year.
Bitcoin has been on another meteoric rise since this past March, when it stood at $5,000.
So, what’s different this time?
Spurred by interest from companies like PayPal that said it would allow account holders to use cryptocurrency, and Tesla that unveiled plans to accept the cryptocurrency from customers buying its vehicles.
Alongside that, there is also strengthening corporate support for Bitcoin that has transformed the outlook of the cryptocurrency this time around. This growing corporate support makes this a very different market than what it was a few years back.
Analysts believe that this rally still has a lot of power left, and the move is going to continue towards the actual target of $100,000.
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