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.