The rise of Bitcoin is driven by Apple’s move

The price of the dominant cryptocurrency, Bitcoin, once again approached the $50,000 level. It touched a new all-time high of $49,950.93 on February 16. Apple’s move drove the rise as it became the latest major company to allow Bitcoin dealings on its network.

According to the latest news, users can use Bitcoin and a few other popular cryptocurrencies for payments using the Apple Pay app.

During the last 24 hours, Bitcoin traded in a range of $47,088.84-49,950.93, giving it a market valuation of $930 billion at its peak. On Sunday, the largest cryptocurrency in the world had reached a high of $49,695. Meanwhile, on Tuesday, Bitcoin stood at $49,032, up 4%.

Bitcoin has a circulating supply of 18,630,131. The cryptocurrency will hit a $1 trillion market capitalization at around $53,650 levels.

Significantly, according to Monday’s data, the largest company in the world, Apple, commands a market valuation of over $2.20 trillion, followed by Saudi Aramco with 2.03 trillion, Microsoft with $1.80 trillion, and Amazon 1.60 trillion market valuation.

During the past 14 days, Bitcoin boosted by around 50%

Another essential thing to mention is that during the past 14 days, digital currency boosted by around 50%. After some of the major financial institutions, including Mastercard, BlackRock, BNY Mellon, revealed their plans to enter the cryptocurrency arena.

Moreover, the giant company Tesla invested $1.5 billion in Bitcoin, which lifted prices around 18% in a day.

According to the co-founder and CEO of Unocoin, a crypto exchange, Sathvik Vishwanath, in the past 24 hours, we witnessed the new lifetime high in the price of the dominant cryptocurrency.

Furthermore, the world’s second-largest cryptocurrency boosted by 9% and settled at $1,660 within 10 hours.

Analysts say that if the bulls can sustain the buying pressure and lift Bitcoin’s price over $50,000. The BTC/USD pair is likely to see a short squeeze that could swiftly propel the price to $60,974.43.