Bitcoin rebounded above the $50,000 mark in Asian trading on Thursday, recovering some of the 17% loss it experienced following Elon Musk's tweet stating that Tesla would stop accepting the cryptocurrency as payment for its cars. The price of the world's largest cryptocurrency fell from around $54,819 to $45,700, its lowest level since early March, less than two hours after the tweet, which was sent out at 22:00 GMT. It nearly recovered half of those losses in early Asian trading, reaching $51,099 in the latest transactions.
Ethereum, the second-largest cryptocurrency in the world, followed a similar path, dropping 14% to a low of $3,550 before climbing back above the $4,000 mark. According to the latest data published by Coinmarketcap yesterday, Ethereum now has a market capitalization exceeding $500 billion, making it the second cryptocurrency in the world to reach this valuation. Ethereum is now more valuable than the world’s leading investment bank, JPMorgan, which currently has a market capitalization of about $480 billion.
Ethereum has seen significant growth since the beginning of 2021, surpassing the market capitalizations of Bank of America and PayPal earlier this year. Currently, Ethereum holds a 19.6% share of the cryptocurrency market, marking its highest level ever.
