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Bitcoin nears $50,000, reinforcing confidence amongst institutional investors

Photo by Dmitry Demidko on Unsplash

Bitcoin yet again breaks records as it reaches the new all-time high price of $49,487,  surpassing its previous records set only a few days ago of $48,000. The cryptocurrency’s price has since dropped to $48,574. However, that suggests Bitcoin’s price is still higher by 3.71% in the past 24 hours. Bitcoin’s bull run last week started in full swing on Monday. The electric vehicle manufacturer, Tesla, revealed that it had acquired $1.5 billion into Bitcoin. This announcement escalated the price by more than $8,000 in a single day.

However, the dropping Bitcoin price is now back on the rise. Bitcoin’s most advanced all-time-high occurs after institutions from conventional finance hoarded the coin. Prominently BNY Mellon, America’s oldest bank, declared intentions to control Bitcoin investment on its clients. Digital payment services Apple Pay, Venmo, and PayPal (UK) also introduced plans to include a Bitcoin payment option. This decision promotes Bitcoin adoption, subduing the general analysis that Bitcoin is worthless. 

Amidst Bitcoin’s rising prices altcoins take a dip?

Observing the Bitcoin’s new all-time high, the next target for the primary crypto seems to be $50,000 mark. One should note that the latest surge accompanies the news that the financial services mogul, Morgan Stanley. It aims to decide whether Bitcoin is a proper bet for its investors in one of its investment arms, recently managing upwards of $150 billion in assets. As it’s witnessed previously when Bitcoin’s price begins rising, altcoins tend to get left behind, and it seems that this is what’s occurring now.

Nevertheless, most large-cap cryptos have charted huge gains over seven days, in the past 24 hours, some of them are mapping some mild losses. Cardano is down around 4.81%, Polkadot’s DOT is down approximately 3.5%, while BNB is down 1%. ETH is trading where it was 24 hours ago, while Litecoin and Chainlink appear to be profiting as both cryptocurrencies are up more than 12% at the time of this writing. However, Bitcoin Cash (BCH) saw a massive 22% increase in the past 24 hours, and its price recently hovers above $700.

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