Bitcoin soared on Tuesday to carve a new record high of $63,171 apiece, according to a report by CNBC.
- Bitcoin’s price climbed 5% in the last 24 hours before easing slightly to $62,653.
- Bitcoin has more than doubled in price since the start of 2021, as mainstream investors joined the cryptocurrency frenzy.
- Bulls view the cryptocurrency as a store of value like gold, to diversify investment portfolios in times of economic crisis.
- Skeptics view the cryptocurrency as extremely volatile and a vehicle for illegal transactions.
- The surge comes ahead of the direct Coinbase listing on Wednesday that could value the platform at $100 billion, making it the largest US cryptocurrency exchange .
- Coinbase reported estimated revenues of $1.8 billion in the first quarter, a nine-fold growth from the same period in 2020. Profits rose between $730 million and $800 million.
- Ether, the second-most valuable digital coin, also set a fresh record of $2,222.