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Bitcoin hits new all-time high above $68,000 as cryptocurrencies rally

Bitcoin, the world’s largest cryptocurrency by market capitalisation, has surged to a fresh record high of $68,000.

The price of the cryptocurrency traded 4.1 percent higher on Tuesday afternoon, reaching $68,013 by 3:41 p.m., according to data obtained from coinmarketcap.com.

The last record set by Bitcoin was in October at $67,000 mark.

The cryptocurrency has continued to gain acceptance worldwide as an alternative mode of payment to fiat currency.

It has received endorsements from Elon Musk, the world’s richest man and Tesla CEO; Mastercard, among others.

The Bank of New York Mellon Corp., an American investment banking services holding company, had announced that it would hold, transfer and issue Bitcoin and other cryptocurrencies for institutional customers.

Since the start of October, Bitcoin has seen a bullish run, with the crypto market in total adding nearly $1 trillion to its total value in one month.

The total market capitalisation of the crypto market currently stands at $2.94 trillion.

Ethereum, the second-largest cryptocurrency by market capitalisation, also reached a record high of $4,833, surpassing the $4,800 level for the first time.

In Nigeria, the Central Bank of Nigeria (CBN) had warned citizens against trading in cryptocurrencies.

The apex bank, in February, directed banks to close accounts of persons or entities involved in cryptocurrency transactions.

It warned that cryptocurrencies pose the risk of loss of investments, money laundering, terrorism financing, illicit fund flows and other criminal activities.

The apex bank has, however, launched its own digital currency, eNaira.

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