Bitcoin, the most widely traded cryptocurrency in the world, increased by roughly 2.5 percent surpassing the $50,000 milestone. For the first time since b>May of this year, the cryptocurrency has reached a significant milestone.

The price of bitcoin went up 2.46 percent to $50,043 on Coinmarketcap. The cryptocurrency's market capitalization increased to $942.638 billion.

The cryptocurrency hit a bit more than 3.5 percent indicating a rise of about 50,093 while others such as Ether and Cardano’s ADA also seem to be performing equally better in the race. With Ethereum going from 3.12 percent to $3,331 while Dogecoin increased 2.9 percent to $0.3199.

Stellar, a digital token, rose 2.23 percent to $0.3784, while XRP gained 1.68 percent to $1.25. Uniswap rose 3.44 percent to $29.20, while Litecoin rose 3.48 percent to $188.62.

However, further criticism surfaced, particularly concerns about the environmental impact of the energy used by the computers that underlie Bitcoin. The mood was also sullied by China's escalating cryptocurrency crackdown. After the May crash, Bitcoin went below $30,000 for the first time.

Earlier CIO Insider reported that Elon Musk, Tesla's CEO and product architect, stated that the electric carmaker will most certainly resume taking Bitcoin as payment if it reaches $ 30,000. The next-generation electric carmaker had previously refused to take it as payment, citing concerns about the environmental impact of Bitcoin mining, which resulted in massive electricity depletion.

This issue brought attention to the ecologically beneficial electric automobiles that can be purchased with a cryptocurrency that consumes a lot of energy. Given the massive amount of electricity necessary for Bitcoin mining, it's been questioned whether the energy comes from fossil fuels or renewable sources.

Fast forwarding to the present, Mr. Musk mentioned how Bitcoin looks to be trending toward renewables, and that a number of heavy-duty coal-fired power plants that were once operational, particularly in China, have been shut down.

However, the value of over 9,000 digital tokens tracked by CoinGecko has increased to almost $2.2 trillion, up from $1.2 trillion a month earlier.

The resurgence of virtual currencies has reawakened animal spirits among crypto enthusiasts, reviving long-term predictions of $100,000 or more for Bitcoin. Others believe the speculative, volatile asset will continue to trade in a wider range for the time being.