Bitcoin continued to rise, surpassing $ 51.259 thousand yesterday for the first time, with a growth of 4.2 percent, according to coinmarketcap, adding strength to the rally fueled by signs that the world’s largest cryptocurrency is gaining acceptance among investors and major companies.
Bitcoin has risen to new record levels, by more than 70 percent since the beginning of this year. Most of the gains came after the electric car maker Tesla reported that it had bought $ 1.5 billion worth of Bitcoin.
The move by Tesla to accept Bitcoin as a payment method was the latest in a series of large investments that jumped the cryptocurrency from the financing margin to the company’s balance sheets, as US companies and traditional money managers began buying the currency.
For his part, the investment bank, JP Morgan, explained that the sharp fluctuations in the price of Bitcoin should decrease significantly, so that the cryptocurrency can maintain its current price levels.
The bank’s team of researchers pointed out that the market value of Bitcoin rose by $ 700 billion in the last five months, despite the fact that the total institutional investments during the period did not exceed $ 11 billion, indicating the speculative nature of Bitcoin.