Bitcoin rises 5% to $50,942.58

Bitcoin rose 5% to $50,942.58 on Wednesday, adding $2,426.23 to its previous close.

Bitcoin, the world’s biggest and best-known crypto-currency, has risen 83.7% from the year’s low of $27,734 on January 4.

Bitcoin has fallen 12.7% from the year’s high of $58,354.14 on February 21.

Bitcoin’s price soared this year as major firms, such as BNY Mellon, asset manager BlackRock Inc, credit card giant Mastercard Inc, backed crypto-currencies, while those such as Tesla Inc Square Inc and MicroStrategy Inc invested in Bitcoin.

Ether, the coin linked to the Ethereum blockchain network, rose 7.18 % to $1,595.64 on Wednesday, adding $106.84 to its previous close.