Bitcoin it looks like it will exceed the $ 60,000 limit for the fourth time this year. The price of the currency grew by almost one percent overnight to reach $ 59,100 at the UTC lunchtime.
It is still visibly turned off $ 61.7k last weekend ATH, but Bitcoin fans have grown accustomed to the ups and downs of their value throughout their phenomenal bull run.
In February, when Tesla revealed that it hadbought $ 1.5 billion Bitcoin, the price rose from $ 38,903 to $ 46,196, an increase of almost 18%.
Sustained by both retail and institutional hype, the price of Bitcoin continued to rise continuously throughout the month until, on February 22, the price retreated from a height of $ 58,330, falling to $ 48,967 within 24 hours.
This is a drop of 16%, proving that Newton’s third law on each stock having an equal and opposite reaction applies even to volatiles crypto markets.
A brief accident
Bitcoin fell earlier this week. On March 15, the price dropped from $ 60k to $ 55k, but he recovered quickly from that drop.
Institutional interest in the currency remains high. On March 19, former White House Communications Director Anthony Scaramucci’s SkyBridge Capital hedge fund announced that it had filed for Bitcoin ETF.
The SkyBridge app is a good sign of Bitcoin’s broader acceptance in the traditional financial world. An Exchange Traded Fund allows people to invest in Bitcoins through a traditional, auditable financial instrument.
Canadian regulatory authorities approved two ETFs last month. The first, on purpose Bitcoin ETF (trading under the BTCC ticker), had an explosive start,accumulating $ 421 million in assets on his first weekend since he started trading. Bloomberg ETF Analyst Eric Balchunassaid Decrypt at the time, “It was undoubtedly the most successful ETF launch of all time, proportionally speaking.”
In addition to institutional interest, the entire Bitcoin network is in a robust state. On Thursday, Bitcoin miners set a record $ 64 million in one day. On the same day, the market capitalization of the entire crypto market reached $ 2 trillion. According to Deutsche Bank, this makes Bitcoin thethird most valuable currency in the world by market capitalization.
The altcoin report.
Ethereum is still struggling to reach its previous $ 2,000 ATH set on February 20. It is currently valued at $ 1,845, an increase of 1.71% over yesterday, but it is still far from its peak of $ 1,937 last weekend.
There are also small increases in the top 20, the most notable being Polka dot and Uniswap. Polkadot’s DOT currency is valued at $ 39.32 today. That’s 5% more than it was yesterday. UNI had the biggest increase. It grew 6.65% overnight to close at $ 32.76.
Cardano is not doing well today. Despite a 20% increase after this week’s news that it would be listed on Coinbase Pro, the ADA currency fell 2.2% overnight, making its current value $ 1.26.
As in most weeks, the crypto market is more or less tracking Bitcoin’s performance. For crypto fans, this is a small relief this weekend.
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