Bitcoin Crosses $50,000 For The First Time Ever

Bitcoin (BTC), the world’s apex cryptocurrency, hit a new all-time high above the $50,000 mark, late Monday.

The coin hit a new height of $50,210.66, as per data from Messari, and had retreated to $49,402 as of press time, up 5.69% over 24 hours.

Several altcoins are posting gains too, with Ethereum (ETH) trading above the $1,800 mark, up 5%, at press time. Cardano (ADA) traded 11.9% higher at $0.876 and Polkadot (DOT) was up 10% at $28.33.

Bitcoin had dropped as low as $46,414.51 earlier in the day amid a panic sell-off. Six cryptocurrencies posted over 100% gains in the last week.

The apex cryptocurrency crossing the crucial landmark comes amid a string of positive news over the week, including a $1.5 billion investment from Tesla Inc. TSLA. At $921 billion, Bitcoin has a higher market valuation than the electric vehicle maker.

Jack Dorsey, who heads Twitter Inc. TWTR and Square Inc. SQ, also announced that he was donating 500 BTC towards making Bitcoin the “internet’s currency,” alongside rap star Jay-Z.

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[Update] Author's Note: Messari calculates the cryptocurrency prices based on volume-weighted average of major exchanges. Different market trackers could have different methodologies that could lead to them showing a (typically, insignificantly) different Bitcoin price at any given point. In this particular case, Messari data reflected Bitcoin hitting $50,000 earlier than most other market trackers.