(Reuters) – Bitcoin rose 5% on Wednesday to $ 50,942.58, adding $ 2,426.23 to its previous close.
Bitcoin, the world’s largest and best-known cryptocurrency, has risen 83.7% from a low of $ 27,734 a year on Jan. 4.
Bitcoin has fallen 12.7% from a year-long high of $ 58,354.14 on February 21st.
The price of Bitcoin skyrocketed this year as major companies such as BNY Mellon, asset manager BlackRock Inc, credit card giant Mastercard Inc, backed cryptocurrencies, while those like Tesla Inc. Square Inc. and MicroStrategy Inc. invested in bitcoin.
Ether, the currency linked to the etherum blockchain network, rose 7.18% to $ 1,595.64 on Wednesday, adding $ 106.84 to its previous close.
Reports from Bhargav Acharya to Bengaluru; Editing by Chris Reese