Bitcoin has once again given its investors and traders another reason to smile as the digital asset has once again shown why it is still regarded as the king of cryptocurrencies. Topping well above a new price of $49,000, Bitcoin has created a new all-time high record for yet another time this year.
This is coming off the back of a recent all-time high of $48,000 that the digital asset created in the last few weeks. Despite touching the high price record, the digital asset has since seen a price decline to stay close to the $48,574 price mark. This recent move shows that Bitcoin has recorded just a 3.71% in under a day.
Several entities are adopting Bitcoin
The bull run started in the early parts of last week after the asset reacted to the recent purchase made by famous vehicle maker Tesla on Monday. The car-making company, headed by famous Bitcoin Proponent, Elon Musk announced that it had invested $1.5 billion info the asset. With the investment, Bitcoin saw a massive $8,000 increase to set a massive $48,000 record all-time high to end Tuesday.
Even though Bitcoin is showing a little decline in price, one can agree that the price has once again been triggered, and it is currently rising. This recent all-time high is coming off the back of the recent investment made by traditional finance, as some analysts have pointed at the investment as the major trigger of the all-time surge.
Also, entities are now adopting Bitcoin, which can be seen in the case of BNY Mellon. In the past few days, the bank announced that it would henceforth help its clients who want to enter into the crypto sector manage their assets. Experts have also pointed at this move as another bullish trigger for Bitcoin, which would be seen in the coming days.
Altcoins are also doing well in the market
The digital asset has also been doing well in the market as several entities are now starting to embrace it and add it as a payment option to their platforms. Venmo, PayPal, and Apple Pay are small out of a huge list of companies that have made announcements to add the digital asset as a payment option in the coming months.
This shows that Bitcoin is not entirely useless like some antagonists of the coin have made the financial market population believe. Bitcoin is not the only asset that has seen a surge in the past week, as other stablecoins have also posted greens to wrap up the week. Exchanges have noted that they have seen an influx of USDC into their platforms, showing that people are buying a huge amount of the dollar-pegged stablecoin.
According to previous records, this year has seen almost 900 million stablecoins make their way into the confines of several exchanges and show that investors are hungry for more stablecoins. Buying stablecoins also means that you would not need to change your assets to other currencies as they are currently backed by the dollar.