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Bitcoin rises 5% to $50,942.58

Bitcoin rose 5 percent to $50,942.58 on Wednesday, adding $2,426.23 to its previous close.

Bitcoin, the world’s biggest and best-known cryptocurrency, has risen 83.7 percent from the year’s low of $27,734 on January 4.

Bitcoin has fallen 12.7 percent from the year’s 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 percent to $1,595.64 on Wednesday, adding $106.84 to its previous close.

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