Bitcoin records a new high of over $56,000

World's largest cryptocurrency Bitcoin's price surged to a fresh record high of $56,563.72 on Saturday amid a rally fuelled by increasing acceptance amongst mainstream investors, as per the data from CoinDesk .

On Friday, Bitcoin's market capitalisation touched $1 trillion. Meanwhile, Ethereum, the second-largest cryptocurrency, hit a record high of $2,036.55. It has jumped over 170% so far in 2021.

Bitcoin’s gains have been fuelled by evidence it is gaining acceptance among mainstream investors and companies, such as Tesla Inc, Mastercard Inc and BNY Mellon.

At the same time, Ether, the second-largest cryptocurrency by market capitalization and daily volume, hit a record $2,040.62, for a weekly gain of about 12%. Ether is the digital currency or token that facilitates transactions on the ethereum blockchain.

Money is just data that allows us to avoid the inconvenience of barter,” tweeted Musk, a major proponent of digital currencies. “That data, like all data, is subject to latency & error. The system will evolve to that which minimizes both.

The cryptocurrency was trading above $57,000 on Saturday. The price of bitcoin has gained roughly 350% during the past six months.