(Reuters) – Bitcoin rose 5% on Wednesday to $ 50,942.58, adding $ 2,426.23 to its previous close.
Bitcoin, the largest and best-known cryptocurrency in the world, rose 83.7% from the year’s low of $ 27,734 on January 4th.
Bitcoin fell 12.7% from its annual high of $ 58,354.14 on February 21st.
Bitcoin’s price has risen this year as large companies such as BNY Mellon, asset manager BlackRock Inc, credit card giant Mastercard Inc, support cryptocurrencies, while those such as Tesla Inc Square Inc and MicroStrategy Inc have invested in bitcoin.
Ether, the currency linked to the ethereum blockchain network, rose 7.18% to $ 1,595.64 on Wednesday, adding $ 106.84 to its previous close.
Reporting by Bhargav Acharya in Bengaluru; Edited by Chris Reese