Bitcoin, the world’s biggest cryptocurrency by market value, rose above $50k yesterday after a few weeks of making gains. At the start of this month, it was around $44k so there’s been a substantial increase in just a few weeks.
The cryptocurrency fell below that level amid a broader selloff in shares of cryptocurrency and blockchain-related firms on September 7. Bitcoin’s value was on the decline for September with a low of $40,596. With Tuesday’s growth, it rose up to $50,398.
On Tuesday, Bitcoin prices increased by as much as 2.35% and reached $50,398.10
Cryptocurrency investment products have been in the media limelight for a while now. Investors who see potential in this form of trading keep investing their money. The trend has only increased with regulatory authorities making supportive statements, according to CoinShares data.
Disclaimer: The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for investment advice.