Bitcoin surges past $50,000 for first time

The cryptocurrency’s value has jumped by nearly 75% since the start of this year as more companies, including Tesla, have lent their support. The surge also coincides with volatility on the markets during the pandemic.


Bitcoin cracked the $50,000 (€41,100) threshold on Tuesday in midday European trading.

Bitcoin surges past $50,000 for first time

At about 1235 UTC, the popular cryptocurrency rose to its all-time high of $50,547.70 — jumping up 4.4% since Monday.

Why is the price going up?

Bitcoin’s value has surged almost 75% this calendar year alone as the digital currency gains more mainstream support.Its lowest ebb in the last 52 weeks is a little over $4,000, more than 12 times less than its current price.

Moreover, crypto offers a high degree of accessibility, allowing anyone to send and receive them in a permissionless way. Bitcoin is emerging as a store of value for people around the world. It’s already popular in countries like Venezuela, Argentina with rampant hyper-inflation.

What is Bitcoin?

Bitcoin is one of the world’s most popular digital currencies.

It was launched online in 2009, but made headlines in 2017 after its price soared from under $1,000 in January to almost $20,000 in December that year.
The virtual Bitcoin bubble later burst, but growing corporate support has changed the currency’s outlook this time.

Bitcoins are traded online via blockchain, a decentralized registry system that requires large amounts of computer processing power to manage transactions.