Bitcoin’s price has jumped above $50,000 for the first time, pushing the network’s market capitalization a step closer towards the $1 trillion mark.
The price of bitcoin set new record highs above $50,000 around 12:30 UTC on Tuesday on Coinbase Pro after a 4.5% 24-hour increase. It’s now changing hands at $50,100 as of writing.
With the price movements, the market capitalization of the world’s largest cryptocurrency is around $927 billion, according to data from CoinGecko.
At bitcoin’s current circulating supply, it would take a price above $53,600 for bitcoin’s market capitalization to cross the milestone of $1 trillion.
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