Bitcoin rose 5% to $50,942.58 on Wednesday, up $2,426.23 from the previous trading day.
Bitcoin, the world’s largest and most well-known cryptocurrency, is up 83.7% from its annual low of $27,734 on January 4.
Bitcoin has fallen 12.7% from its year high of $58,354.14 on February 21.
Bitcoin’s price soared this year as major firms, such as BNY Mellon, asset manager BlackRock Inc, credit card giant Mastercard Inc, backed cryptocurrencies, while those such as Tesla Inc Square Inc and MicroStrategy Inc invested in bitcoin.
Ether, the coin linked to the Ethereum blockchain network, rose 7.18% to 1,595.64 US dollars on Wednesday, an increase of 106.84 US dollars from the previous closing price.