Bitcoin (BTC) has gained more than 1200% per year since the fall of Covid on March 12, 2020

It’s been exactly a year since Bitcoin (BTC) faced one of the biggest declines in its history, plummeting 50% on that same day, March 12, 2020. Fears of the COVID-19 pandemic have caused nervousness in the global stock markets, as well as in the encryption market.

Then Bitcoin (BTC) hit an hourly low of $ 4,130 on March 12, 2020, dropping from $ 7,900 + levels in a single day. That day goes into Bitcoin’s history books as a black Thursday. Although some cryptographers have also called it the death of Bitcoin (BTC), it emerged much stronger a year later. BTC is now the first trillion cryptocurrencies and is among the ten most valuable assets in the world.

Since the low levels, Bitcoin has gone up a massive 1200% so far and is currently trading near its highest level of $ 58,000. So far, BTC is trading at US $ 57.041, with a market value of US $ 1.064 billion.

Institutional and corporate support of Bitcoin

Last year’s Bitcoin (BTC) phenomenal journey was supported by a strong institutional and corporate interest in Bitcoin, increasing in recent months. Of course, we cannot forget those retail players who went through the good times and the bad of that journey. But the huge institutional and corporate capital helped to catapult things to the next level.

The business intelligence company MicroStrategy has been one of the main motivators for raising the institutional standard of BTC. On Friday, it announced a new purchase of another $ 15 million in Bitcoins. So far, MicroStrategy has poured more than 2 billion into Bitcoin investments.

MicroStrategy purchased ~ 262 additional bitcoins for ~ $ 15.0 million in cash at an average price of ~ $ 57,146 per #bitcoin. As of 12/03/2021, we #hodl ~ 91,326 bitcoins acquired for ~ $ 2.211 billion at an average price of ~ $ 24.214 per bitcoin. $ MSTRhttps://t.co/QIQP30rv2q

– Michael Saylor (@michael_saylor) March 12, 2021

Last month, automotive and electric vehicle giant Tesla announced that it bought $ 1.5 billion in Bitcoin, exposing nearly 8% of its cash reserves to BTC. Post that several large companies in Asia and Europe joined the movement. Commenting on Bitcoin’s recent price movement, Matt Blom, global head of sales talks at EQUOS, told Bloomberg:

“The bears’ last resistance is the $ 57,800 level, and it looks like we might see that battle unfold before the end of the week. On the downside, continuing to sell above $ 57,000 will bring us down to $ 56,620 and potentially $ 55,000. Any movement below here will be supported by shopping bulls below and shopping bears below it. “