Bitcoin, the most widely traded cryptocurrency in the world, increased by over 2.5 percent today, passing the $50,000 milestone. For the first time since May of this year, the cryptocurrency has reached a significant milestone. The price of bitcoin went up 2.46 percent to $50,043 on the Coin market cap. The cryptocurrency's market capitalization increased to $942.638 billion.

Since the beginning of the year, Bitcoin has increased by 71.13 percent. The worldwide crypto market value is currently $2.15 trillion, up 2.95 percent from the previous day.

Today, a number of other cryptocurrencies were trading in the green. Ethereum increased 3.12% to $3,331 while Dogecoin increased 2.9% to $0.3199.

Stellar, a digital coin, 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.

Cryptocurrency prices have recently increased as a result of remarks from billionaire Elon Musk and Cathie Wood of Ark Investment Management LLC.

Elon Musk indicated in late July that Tesla was "very likely" to resume taking bitcoin as payment. The remark aided the cryptocurrency's ascent beyond the $30,000 mark. In May, the electric vehicle manufacturer announced that it will no longer accept bitcoin as payment.