The bitcoin price has made its hit near the record high, which is just $2 away from the mark of $50000 on Tuesday. The interest from the Wall Avenue establishments has added this momentum to this rally.
Bitcoin has risen up to $49998 on the Binance exchange. It has seen most of the volume from the last 24 hours before slipping itself back. It has opted for touching the high of $49873 on the Coinbase exchange.
The price of bitcoin was up by 2.9% to $49107 at 4.15 am ET on Binance.
Tesla of Elon Musk has already triggered the latest climbing higher on February 8 as it revealed that it bought $1.5 billion cryptocurrencies in January. It also said that it is thinking to start accepting the coin as a mode of payment.
From then, the interest of the major financial firms, including BNY Mellon and MasterCard, is helping in supporting the rally while adding more legitimacy to this asset.
BNY Mellon is also planning for issuing, holding, and transferring bitcoin, as it announced on February 11. It is going to be the first global bank who is going to provide an integrated digital asset service to the customers.
MasterCard is going to begin allowing customers to use the selected cryptocurrencies on its network from this year, which it has announced on February 10. Reports also say that the $150 billion investment arm of Morgan Stanley is going to consider betting on bitcoin. However, Morgan Stanley has declined to comment.
The interest from the big players is supporting the narrative that the institutional investors are more interested in bitcoin. This belief is working as the key driver for this astounding rally in the price of bitcoin from below $4000 in March 2020 to $50000.
It is also helping other cryptocurrencies like ether on the Ethereum network. The price of ether was up by 2.3% to $1801 on the morning of Tuesday, after hitting its record high near $1870 over this weekend.
“It’s been a fantastic couple of weeks for the cryptocurrency space, with numerous big names making bitcoin-related announcements,” said Craig Erlam, the senior market analyst at currency platform Oanda.
According to him, a break of $50000 also feels inevitable during this point. It’s more like a question of how further and fast it can go.