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Bitcoin Tops $50,000 for the First Time

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Tue, 02/16/2021 - 04:29
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Alex Dovbnya
Bitcoin is up nearly 30 percent since Tesla announced its $1.5 billion purchase last week
Bitcoin Tops $50,000 for the First Time
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Bitcoin has just made history. 

The largest cryptocurrency hit $50,000 for the first time in its 12-year existence at 4:16 a.m. UTC on the Binance exchange after breaking through a massive sell wall. It is now officially halfway to a six-digit price tag.   

Bitcoin
Image by tradingview.com

Bitcoin's market cap is now inching closer to $1 trillion, with its dominance sitting just below 61 percent.       

The pie-in-the-sky target was accurately called by Bloomberg Intelligence analyst Mike McGlone back in early January.

Related
Bitcoin on Track for $100,000, Says Bloomberg Intelligence Analyst Mike McGlone
It took the flagship cryptocurrency 39 days to finally reach $50,000 after tapping $40,000 for the first time on Jan. 7. The road to this major milestone was quite thorny since Bitcoin had to endure a couple of painful corrections in January.  

The cryptocurrency has been logging new all-time highs on an almost daily basis after e-car giant Tesla announced its groundbreaking $1.5 billion purchase on Feb. 8.         

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.