Bitcoin (BTC) broke the $ 60,000 barrier for the first time and reached the new ATH. It seems that the long-awaited continuation of the bull market has started.
Bitcoin paints new ATH
Bitcoin has experienced a spike in the last few months. However, it only intensified in December, when the original cryptocurrency exceeded $ 20,000. This milestone came three years after hitting the $ 19,600 peak. The event was heavily commented around the world, making all eyes turn to cryptocurrencies again.
On March 13th last year #Bitcoin dropped 40% and hit a low of $ 3.8k.
– Binance (@binance) March 13, 2021
In less than four weeks, the price doubled, which led to a sustained increase in prices throughout the cryptocurrency market. On February 16, BTC broke the psychological resistance of $ 50,000. Various analysts have pointed to the six-digit number as another milestone. Many of them note the value of Bitcoin as “digital gold”. Gold market capitalization today is around $ 10 trillion, and Bitcoin is already over $ 1 trillion.
Institutions as a driving force
This growing interest among institutional investors partially fueled the gains. MicroStrategy, Tesla, MassMutual and other corporate giants recently put huge amounts of money into the market. Most of them treat investment in BTC as a hedge against inflation.
Bitcoin is currently the sixth largest asset in the world, second only to Apple, Saudi Aramco, Microsoft, Amazon and Alphabet. If he cost $ 100,000, he would be third on the leaderboard. As of this writing, BTC has dropped slightly below $ 60,000 and is trading at $ 59,700. Its market capitalization is approximately $ 1.12 trillion.
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