Bitcoin, the most popular cryptocurrency, extended gains on Tuesday as investors took opportunity of the last week’s dip in prices to pile up their digital currency assets. The price of bitcoin climbed as high as US$55,514. The market capitalization of the world’s largest cryptocurrency surged to reclaim the US$1 trillion-mark after almost a week – and stood at US$1.03 trillion. According to Coin desk, the rise in the crypto price was also fueled by news that JP Morgan Chase is planning to introduce an actively managed Bitcoin fund for some of its customers by this summer.
The digital currency was trading 17% lower than its all-time high of US$64,870 on April 28. The Bitcoin price had hit record high on 14 April 2021, on the day of Coinbase Global Inc. share listing on the US Stock Exchange. Last month, Bitcoin price had crossed $60,000 after Elon Musk’s Tesla announced to buy $1.5 billion of the digital currency for its balance sheet. Given the growing popularity of Bitcoin among large investors and companies, the digital currency is expected to become a mainstream payment method.