Bitcoin has risen more than 100% this year, while ethereum has gained nearly 190%
LONDON:
Bitcoin hit a record of $62,575 on Tuesday, extending its 2021 rally to new heights. The world’s biggest cryptocurrency has more than doubled in price this year amid growing mainstream acceptance as an investment and a means of payment, and as investors seek high-yielding assets amid low-interest rates.
Major firms such as BNY Mellon, asset manager BlackRock Inc and credit card giant Mastercard Inc have backed cryptocurrencies. Tesla Inc, Square, and MicroStrategy Inc have invested in bitcoin. Earlier this month, the cryptocurrency market capitalization hit an all-time peak of $2 trillion, according to data and market trackers CoinGecko and Blockfolio, as gains over the last several months attracted demand from both institutional and retail investors.
