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Bitcoin Crosses $50,000 For The First Time Ever

February 16, 2021 12:12 am
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Bitcoin Crosses $50,000 For The First Time Ever

Bitcoin (BTC), the world’s apex cryptocurrency, hit a new all-time high above the $50,000 mark, late Monday.

The coin hit a new height of $50,210.66, as per data from Messari, and had retreated to $49,402 as of press time, up 5.69% over 24 hours.

Several altcoins are posting gains too, with Ethereum (ETH) trading above the $1,800 mark, up 5%, at press time. Cardano (ADA) traded 11.9% higher at $0.876 and Polkadot (DOT) was up 10% at $28.33.

Bitcoin had dropped as low as $46,414.51 earlier in the day amid a panic sell-off. Six cryptocurrencies posted over 100% gains in the last week.

The apex cryptocurrency crossing the crucial landmark comes amid a string of positive news over the week, including a $1.5 billion investment from Tesla Inc. (NASDAQ:TSLA). At $921 billion, Bitcoin has a higher market valuation than the electric vehicle maker.

Jack Dorsey, who heads Twitter Inc. (NYSE:TWTR) and Square Inc. (NYSE:SQ), also announced that he was donating 500 BTC towards making Bitcoin the “internet’s currency,” alongside rap star Jay-Z.

Read Next: Elon Musk Asks 'Major Dogecoin Holders' To Sell Most Of Their Coins

[Update] Author's Note: Messari calculates the cryptocurrency prices based on volume-weighted average of major exchanges. Different market trackers could have different methodologies that could lead to them showing a (typically, insignificantly) different Bitcoin price at any given point. In this particular case, Messari data reflected Bitcoin hitting $50,000 earlier than most other market trackers.


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