Bitcoin Maintains Large Gains Near $48,000

Bitcoin surged on Thursday to a new all-time high, supported by increased demand from institutional investors.

The world’s largest cryptocurrency rose earlier today above the $48,000 level for the very first time, setting a new record near $48,300.

Now, the digital currency is trading at $47,933, up by about 6.4% over the past 24 hours, extending its gains over the past seven days to about 28.6%.

A recent report by Ark Invest noted that Bitcoin could go as high as $535,000 if corporate buyers convert 10% of their cash reserves to the biggest cryptocurrency in terms of market cap.

Tesla, the leading manufacturer of electric cars, owned by billionaire Elon Musk, recently invested $1.5 billion in Bitcoin.