Bitcoin reached a new historical level last week, increasing its current value. Its new value saw the online currency pass its market capitalization of $1 trillion.
Bitcoin is the world's most popular cryptocurrency, and its 20% weekly gain has increased its value to $57,553 after the coin surpassed $50,000 a few months prior.
Bitcoin's current value is proof of its increasing mainstream acceptance
Bitcoin's steady increase in value is seen by investors as proof of its slow but steady acceptance. Companies such as Tesla Inc, Mastercard Inc, BNY Mellon, etc have bought and invested in digital currency. It has also been reported that more people are buying cryptocurrencies on exchanges such as Binance and Luno.
Etherum also hit a new record value of $2,040.62, which is an estimated 12% weekly gain.
It is the second most popular cryptocurrency after Bitcoin, and it is usually used in the absence of Bitcoin. Ethereum was announced on derivatives exchange CME as a validated form of exchange.
Elon Musk defends Tesla's decision to invest in cryptocurrency
Elon Musk, the second richest man in the world and the founder of the self-driving company Tesla, defended him and his company's decision to invest in Bitcoin. Tesla purchased about $1.5 billion of bitcoin, which ignited a new interest in the digital currency.
When replying to a tweet from a user that said gold was a safer alternative to Bitcoin and physical cash, he said "the price of Bitcoin and Ethereum seems high."
Elon Musk is a very outspoken supporter of Bitcoin, and his tweets have played a huge part in the current Bitcoin craze. His recent weeks about $DOGE drove up the value of the currency.
Musk admitted in a tweet that a company investing in Bitcoin is "adventurous" but that “Money is just data that allows us to avoid the inconvenience of barter."