Bitcoin Hits New Record High, Exceeding $52,000

Bitcoin expanded its gains by more than 7% during trading on Wednesday, to hit a new record high of $52,000.

The world's largest cryptocurrency continues its sharp rise after it crossed the $50,000 mark yesterday for the first time ever, with the support of increasing investment in it.

Business-intelligence firm and Bitcoin supporter MicroStrategy announced that it plans to borrow $600 million to buy more from digital currency.

By the end of trading, Bitcoin had risen by about 7.1% to $52.253, the highest level in the history of the cryptocurrency, according to CoinMarketCap.

Ethereum, the second largest cryptocurrency rose 4.3% to $1,833.

During the same period, the market value of cryptocurrencies increased to $1.569 trillion, up 6.5% over the past 24 hours, with the market value of Bitcoin approaching the $1 trillion mark, as it currently stands at about $970 billion.