10:52 GMT27 February 2021
Listen Live
    Business
    Get short URL
    by
    2119
    Subscribe

    The cryptocurrency, which has been on the rise since the end of 2020, continues to grow, especially since Tesla confirmed that it had invested $1.5 billion in Bitcoin in January.

    Bitcoin has set yet another all-time record, reaching just over $49,000, according to the portal Coindesk. The average price of the cryptocurrency, combined from 20 different trading platforms is at $49,143, per data from around 6:00 am GMT. Bitcoin gained at least 3.33 percent on the major platform Binance, reaching $49,300.

    Bloomberg previously cited experts from the cryptocurrency exchange Luno and the brokerage OSL, predicting that Bitcoin may hit $50,000 in the long-term, as it appears set to take on gold in competition for supremacy and best investment haven.

    A representation of virtual currency Bitcoin is seen in front of a stock graph in this illustration taken January 8, 2021. REUTERS/Dado Ruvic/File Photo
    © REUTERS / Dado Ruvic
    A representation of virtual currency Bitcoin is seen in front of a stock graph in this illustration taken January 8, 2021. REUTERS/Dado Ruvic/File Photo

    Earlier this year, the value of the cryptocurrency market topped a record $1 trillion. In total, Bitcoin grew 340 percent over the year, as currencies are weakening amid the coronavirus pandemic and economic crisis caused by the lockdowns.

    Tags:
    cryptocurrencies, cryptocurrency, bitcoin, bitcoin, bitcoin, Bitcoin, Bitcoin, bitcoin, Bitcoin
    Community standardsDiscussion