Bitcoin Price Continues to Reach All-Time Highs, Now at $47,000


As the cryptocurrency Bitcoin continues its incredible blast-off amid a pandemic and market uncertainty, some experts believe that its price could reach as high as $50,000.

Bitcoin, the world’s most popular cryptocurrency, reached the $47,000 mark on Monday, according to data from Coindesk news outlet.

Continuing its rapid increase, the price soared over the last few hours over $7,000, for the third time in several hours breaking a historical record.

As of 23:00 GTM the cryptocurrency had risen to $45,000, and then, in less than an hour, Bitcoin appreciated by another $1,000 in about 15 minutes.

A massive leap in the value of Bitcoin was indicated after Tesla confirmed that it had invested $1.5 billion in the cryptocurrency in January. Trading at about $33,000 at the beginning of February, Bitcoin reached $40,000 on Monday.

As experts from the cryptocurrency exchange Luno and the brokerage OSL, cited by Bloomberg, noted earlier, Bitcoin’s cost may hit $50,000 in the long-term, as the currency appears set to take on gold in the competition for supremacy and best investment.


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