(Reuters) – Bitcoin rose 5% to $ 50,942.58 on Wednesday, adding $ 2,426.23 to the previous close.
Bitcoin, the largest and best-known cryptocurrency in the world, increased 83.7% from the year low of $ 27,734 on January 4.
Bitcoin fell 12.7% from the year high of $ 58,354.14 on February 21.
Bitcoin’s price soared this year as big companies like BNY Mellon, asset manager BlackRock Inc, credit card giant Mastercard Inc, financed cryptocurrencies, while companies like Tesla Inc Square Inc and MicroStrategy Inc invested in bitcoin.
Ether, the currency linked to the ethereum blockchain network, rose 7.18% to $ 1,595.64 on Wednesday, adding $ 106.84 to its previous close.
Reporting by Bhargav Acharya in Bengaluru; Chris Reese’s Edition