Bitcoin Price Hits All Time Highs Over $60k - Market Cap $1.12 Trillion.

Bitcoin Price Hits All Time Highs Over $60k - Market Cap $1.12 Trillion.

2021-03-13 | Eddy Morgan

Bitcoin Price Hits All Time Highs Over $60k - Market Cap $1.12 Trillion.

After a recent period of drops & consolidation since Mid February this year, Bitcoin has found its charm again and soared to new all-time highs. Within a sudden move starting just after 10:00 UTC earlier today on Saturday, the leading cryptocurrency by market cap rose to over $60k, consistent with the CoinMarketCap. "Bitcoin is testing the sonic barrier at $60k, and institutional investment continues to create momentum with Chinese internet firm Meitu the newest to execute a Bitcoin treasury strategy, " consistent with Jehan Chu, co-founder and managing partner of Kinetic, a Hong Kong-based trading firm.
"Moreover, Beeple's $69 Mln NFT record demonstrates the true power of cryptocurrencies, adding curiosity and fuel to the retail fire. Expect volatility but a landing of $100k levels by Q3," he explained.
The move passes the previous all-time record of over $58,330 USD assails 21st Feb. Since then Bitcoin [BTC] had seen a get back as low as $43k, amid uncertainty within the traditional markets over stimulus expectations and their positive effects on United States bond yields. Both stocks and crypto assets across the board saw losses and sideways trading within the last several weeks, prior to rising again within the past 8 days. The new high comes two days after President Joe Biden signed a huge $1.9 trillion stimulus program into law which will transfer checks for $1.4k to the United States citizens. U.S. Treasury yields have climbed back to over 12-month highs within the wake of Biden's fresh stimulus. At the present time, however, bitcoin is showing resilience - contrary to last week of February when prices fell by 20% amid rising yields. Bitcoin's quick rise caused the liquidation of over $100 Mln briefly positions within a few minutes, consistent with a tweet from Glassnode co-founder and CTO Rafael Schultze-Kraft. The move to $60k brings bitcoin's market cap to $1.12 trillion – not thus far below the $1.385 trillion value of Google, consistent with CoinMarketCap.

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