Bitcoin crosses $50,000 for the first time as record rally continues

Bitcoin crossed the level of $50,000 for the first time in its history on Tuesday as it increased 5% in value within a single day. Its total market capitalization is at $958.44 billion at the time of the reporting, potentially soon to reach $1 Trillion.

Zoom Out: Bitcoin recently started to gain trust and widespread acceptance as a means of payment in the market. A week ago, Mastercard announced that it will start cryptocurrency payments later this year, which means that most retailers will also be able to accept cryptocurrency payments. Shortly before this development, Tesla had also announced that it bought $1.5 billion of Bitcoin as part of a new investment strategy of its cash reserves, as well as stating that it will start accepting Bitcoin as a form of payment in the near future.