COST OF A SINGLE BITCOIN EXCEEDS $50,000 FOR FIRST TIME

The seemingly unstoppable rise of Bitcoin continued with the cost of a single unit of the digital currency rising above $50,000 for the first time.

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The price of Bitcoin has risen almost 200% in the last three months and its volatility was on display Tuesday. After rising above $50,600. At that price, with about 18.6 million Bitcoins in circulation, Bitcoin has a market value of nearly $907 billion.

Bitcoin is rallying as more companies signal the digital currency could eventually gain widespread acceptance as a means of payment. The vast majority of those who have acquired Bitcoin have treated it as a commodity, like gold, with few places accepting it in exchange for goods or services.

Companies have been leery because of Bitcoin’s volatility and its use by parties who want to avoid the traditional banking system for a myriad of reasons.

Last week, however, the electric car company Tesla sent a tremor through the digital currency markets, saying that it was buying $1.5 billion in Bitcoin as part of a new investment strategy, and that it would soon be accepting Bitcoin as payment for its cars.

BNY Mellon, the oldest bank in the U.S., saying it would include digital currencies in the services it provides to clients. Mastercard said it would start supporting “select crypto currencies” on its network. And Blue Ridge Bank of Charlottesville, Virginia, said it would allow cardholders to purchase and redeem Bitcoin at 19 of its ATMs.

As its price keeps rising, here’s a brief look at the bitcoin frenzy:

HOW BITCOINS WORK