Bitcoin Falls Sharply After Hitting an All-Time High of $58,000

Bitcoin was recently accepted as an official means of payment by major companies including Tesla and a few others. This has resulted in the cryptocurrency hitting a record high-value last week and exceeding expectations once again on Sunday.

It reached $50,000 last week, only to set new records once again on Sunday, reaching an all-time high of $58,000. Bitcoin is continuing its strong momentum this year and has risen more than 90% since the start of January. It has pushed its total market value beyond $1 trillion in the said time period.

Currently, its value is below $58,000 is continuing to decline.

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This recent surge in value was fueled by major companies including Tesla accepting it as an official payment method. However, Bitcoin still has a track record of going through wild price swings over the years. It has fallen sharply several times since it was created in 2009.

According to stats taken from the cryptocurrency news site CoinDesk, Bitcoin started off at around $28,900 in 2021. Soon after its first surge to reach $40,000 in January, it suffered a decline and reached $30,000 by the end of January. However, once it passed $50,000 on February 16, it has continued to climb over the next few days to reach $58,000 on Sunday.