Bitcoin strikes a historic ATH of $49.7K

Bitcoin puts $50k within a salient distance
  • The value of bitcoin (BTC) hit a new all-time high (ATH) with the price of $49,716 this Sunday morning 
  • It exceeded the existing level of just above $49,000 created this past Thursday
  • The interest of institutional investors is developing at a very surprising pace for Bitcoin

The value of bitcoin (BTC) surged significantly this Sunday morning. It hit a new all-time high with the price of $49,716. The surge happened after a week of positive advancements associated with increased Wall Street undertaking of the leading crypto asset.

Bitcoin’s new record high 

Bitcoin hit a fresh high-water mark with the value of $49,716.44. It topped the existing level of just above $49,000 created this past Thursday. At press time, BTC fell backward, shifting hands at $49,539, up 6.2% above a day and 69% year-to-date.

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There doesn’t seem to be any particular reason for the shift of this morning. However, the record emerged as traders analysts explained how the interest of institutional investors is developing in Bitcoin at a very surprising speed.

Yesterday, the respective narrative was further verified when Bloomberg referred to people familiar with the context. One of the instances that were highlighted was Morgan Stanley’s investment unit of $150 billion. Counterpoint Global is planning to invest a stake in the cryptocurrency.

Recent significant investments in Bitcoin

Just before this news, revealed that Deutsche Bank is all set to offer crypto custody to hedge funds that will enter the space of crypto asset class with investments. Moreover, even Ark Investment Management enhanced its subjection to Bitcoin in the fourth quarter. And BNY Mellon is also planning to launch its digital custody unit. 

All of this, however, came days after the most significant news of the year for the leading crypto asset, that electric carmaker Tesla made a historic investment worth of  $1.5 billion in the same asset.

The other digital asset also observed significant rises this Sunday. LINK (-8.7%), the domestic cryptocurrency of Oracle supplier Chainlink, reached a new all-time high of $35.73 previously this morning. However, coins like bitcoin cash and ethereum classic are all overseeing a per-day benefit of above 20%.

A cryptocurrency is a form of digital money, traded peer-to-peer, wherein no intermediaries are involved. The professionals claim that bitcoin reached the level of most popular cryptocurrency. It stands valid as the best producing asset of the last year. 

The market witnessed a whopping 1000 percent return on Bitcoin. However, the rewards might be fascinating while entering the space of Bitcoin but the risk is equally crucial.

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Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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