World's largest cryptocurrency bitcoin zoomed past the $56,000 mark for the first time in over five months today. The rise in bitcoin price comes a day after the cryptocurrency sailed above $50,000 for the first time in four weeks.
The cryptocurrency rose 8.8% to 57,600 today amid reports that billionaire investor George Soros' family office, Soros Fund Management, has invested in bitcoin.
Market cap of the cryptocurrency reached $1,029.11 billion. Currently, the global crypto market cap stands at $2.30 trillion, a rise of 2.30% against the previous day.
Ethereum gained 0.99% to $3,527 but Dogecoin slipped 8.25% to $0.2439. Digital token Stellar was up 10.71% to $0.3579 and XRP climbed 0.47% to $1.07. Litecoin gained 2.76% to $178.25 and Uniswap was trading 0.38% lower at $25.01.
Of late, crypto prices have risen on the back of comments from billionaire Elon Musk and Ark Investment Management LLC's Cathie Wood. In late July, Elon Musk said Tesla was "most likely" to start accepting bitcoin as payment again. The comment helped the cryptocurrency race past the $30,000 level.
The electric carmaker said in May that it would no longer accept the cryptocurrency for purchases. It's been a wild ride for bitcoin the last three years. The digital currency made its big Wall Street debut in December 2017, when the major futures exchanges rolled out bitcoin futures. The attention drove Bitcoin to roughly $19,300, a then-unheard of price for the currency.
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