On Tuesday, the price of bitcoin jumped above 50,000 for the first time, bringing its gain since the start of the year to 74%. Recent interest from Wall Street companies has fueled this momentum.
Bitcoin rose 4.9% to ،50,547.70. The cryptocurrency then took a slight edge, trading at 48,853.99 at 9 a.m.ET.
Elon Musk's Tesla sparked the latest hike by announcing on February 8 that he had bought 1.5 billion bitcoin in January and intended to start accepting the coin as a form of payment.
Interest from large financial firms, including BNY Mellon and MasterCard, helped prop up the rally by adding legitimacy to its assets.
“Increasing corporate support for cryptocurrencies has become a very different market than in 2017,” said Neil Wilson, chief market analyst at the Market.com trading platform, citing the ups and downs of this year.
A report published Thursday in the Wall Street Journal indicates that BNY Mellon plans to issue, intercept and transfer clients' bitcoins. It will be the first World Bank to provide integrated digital asset services to its clients.
MasterCard said on Wednesday that it would begin allowing users to use "certain cryptocurrencies" on its network later this year.
Bloomberg reported on Saturday that Morgan Stanley's $ 150 billion investment was considering betting on bitcoin. Morgan Stanley declined to comment.
JPMorgan co-chairman Daniel Pinto told CNBC on Friday he was confident more customers would be involved due to customer demand. “The request hasn't happened yet, but I'm sure it will one day,” Pinto said.
The interest of major players has reinforced the claim that institutional investors are increasingly interested in bitcoin. This belief has been a major driver of the astonishing rally in the price of bitcoin: from 0004,000 last March to 00050,000 on Tuesday.
It has also helped other cryptocurrencies, such as Ether, coins on the Ethereum network. Its price on Tuesday was almost flat at $ 1,793, after hitting a record high of 1,870 over the weekend.
“It's been an incredible two weeks for the cryptocurrency space, with several big names making announcements on Bitcoin,” said Craig Irm, senior market analyst for the Rwanda currency platform.
"The question now is how far it can go and how fast it can go," he said.
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