Bitcoin has crossed the $50,000 level again after analysts declared that cryptocurrencies have become “too large to ignore”.
The world’s largest digital currency has rallied by a fifth over the past week as more Wall Street institutions immersed themselves in the wider crypto-space. Smaller assets, including ethereum, binance and dogecoin, have also risen sharply.
Heightened interest lifted bitcoin by 3.9 per cent to a four-week high of $50,940.36, its latest recovery in the midst of a turbulent year of trading which has highlighted its volatility.
Bitcoin was created in 2008 as strings of computer code with no physical form by a software developer using the name Satoshi Nakamoto. Intended as an alternative means of payment for goods and services, its main use so far has