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Bitcoin, the most widely used cryptocurrency, has marked a new all-time high above $51,000 this Wednesday, after surpassing the $50,000 border yesterday. The cryptocurrency reached $51,719, although it has then retreated and now hovers around $51,151.
The cryptocurrency maintains the upward trend it started last week following the decision by U.S. electric vehicle manufacturer Tesla to invest 1.5 billion dollars in this cryptocurrency. That momentum gained strength after the payment methods company Mastercard and the bank BNY Mellon announced that they will allow the use of cryptocurrencies in their services.
So far, in February, bitcoin has risen almost $17,000. For Eric Demuth, CEO and co-founder of the cryptocurrency trading platform Bitpanda, 2021 is being the best year since the creation of the cryptocurrency. According to the expert, the causes that have led to the increase in bitcoin’s value are several, but among them stand out the greater influx of unbacked fiat money and the increased interest on the part of the media, a factor that, in his opinion, has connected the cryptocurrency with the general public.
As for the outlook for the cryptocurrency, the Bitpanda executive is optimistic, stating that “it is only a matter of time before this asset becomes the new gold and joins the balance sheets of central banks.” Ether, the second most widely used cryptocurrency, is hovering around $1,800, far from the record high of $1,861 it reached last Friday.
