For the first time since mid-May, the price of Bitcoin surpassed $50,000. It has risen by 2.6 percent in the last 24 hours and by 55 percent in less than a month. For the world's largest cryptocurrency market cap, many traders believe $50k to be a psychological sign of success. Bitcoin reached $50,000 in mid-May, shortly after Tesla CEO Elon Musk said that his business would no longer accept Bitcoin as payment for its vehicles owing to environmental concerns.