Bitcoin Hits a Record of Almost $50,000 on Valentine’s Day

It may have been a day for love, but it was also a day of big gains for digital asset Bitcoin who hit nearly $50,000 on Sunday.

The cryptocurrency soared over 5% to an all-time high of $49,716 on Valentine’s Day according to data from industry website CoinDesk.

Though Bitcoin experienced the big gains, the digital asset also saw a reversal to sink 2.4% in the last 24 hours to a price of $47,925.

The rally on Valentine’s Day was thanks in part to big firms such as Tesla and Mastercard jumping onto the crypto bandwagon.

Earlier this month electric vehicle giant Tesla had revealed that it bought $1.5 billion worth of bitcoin in a filing and that the company would begin to accept payments in the digital coin.

Mastercard said last week that it would support certain cryptocurrencies later this year.

BNY Mellon also announced last week that it would open up its custody services to digital assets.

Last year Bitcoin saw its price more than quadruple and is now up over 60% since the start of 2021.

In a report calling Bitcoin “gold of the 21st century,” CitiBank MD, and former FX technician, Tom Fitzpatrick, has said that the digital asset could vault to $318,000 in just over a year.

Disclaimer: We have no position in any of the companies mentioned and have not been compensated for this article.