Bitcoin is at a defining moment in history, according to analysis from American investment bank Citigroup.

The world’s largest cryptocurrency by market capitalisation is currently at a “tipping point” say Citi analysts.

According to a Reuters report on Monday, Bitcoin is on the verge of going mainstream. The cryptocurrency’s potential has been fuelled recently by Bitcoin-related moves by firms such as Tesla and Mastercard.

Citi analysts stated: “There are a host of risks and obstacles that stand in the way of Bitcoin progress. But weighing these potential hurdles against the opportunities leads to the conclusion that Bitcoin is at a tipping point.”

They added that the digital currency’s mainstream adoption could be bolstered by developments in central bank digital currencies and fiat-pegged stablecoins, Cointelegraph reports.

The news follows a major correction in the crypto market, as Bitcoin dropped under the $43,000 mark on Sunday after hitting a record high over $58,000 last month.

At that time, deVere CEO and founder Nigel Green stated: “The Bitcoin price has soared by almost 500% over the last 12 months, partly fuelled by endorsements made by Tesla billionaire Elon Musk, amongst others, and growing interest from institutional investors.
 
“This hugely impressive run has captured the attention of people around the world – and not just so called digital native younger generations, as is typically, and somewhat patronisingly, portrayed.

“Boomers and Gen X, it seems, are just as excited about digital currencies. They too recognise that digital, borderless money is the way forward,” he added.

At the time of writing, Bitcoin is trading at $47,646, up over 4.5% in 24 hours.