Bitcoin jumps to a new high above $51,700, extending its year-to-date rally to 78%
Bitcoin Keeps Hitting New Highs as Crypto Mania Accelerates Bitcoin has surged to yet another record high, a day after the virtual currency vaulted to the $US50,000 ($A64,601) hurdle, even as analysts warned against the sustainability of such prices amid elevated volatility. The world’s biggest digital currency, with a market capitalisation of over $US900 billion ($A1.2 trillion), hit a record of $US52,577.50 ($A67,930.90) on Wednesday, fuelled by signs it is winning acceptance among mainstream investors and companies, such as Tesla, Mastercard and BNY Mellon. Bitcoin was last up 6.3 per cent at $US52,233 ($A67,486). Despite the flurry of mainstream acceptance this year, some analysts warned that bitcoin was still far from becoming a widely used form of payment. “Bitcoin presently is not an efficient manner for high-volume transacting, and it is certainly not a store of value as its price volatility at 80 per cent is a dozen times higher than the euro and sevenfold of the Russian rou