Bitcoin (BTC) broke the $ 60,000 barrier this Saturday, March 13, setting a new all-time high, three weeks after reaching its previous high of $ 58,300.
The The first of the cryptocurrencies reached the milestone, just one year after the so-called “Black Thursday”, the day it fell to USD 4,000, losing more than 40% of its value as a result of the global declaration of a coronavirus pandemic. Since then, it has recovered by 1,350%.
At the time of writing this note, BTC is trading for around USD 59,600 on the main platforms.
After touching the green candles for seven consecutive days, the price of BTC increased 10% in one day and 22% in the last week . This is an astonishing achievement considering that, during the final days of February, it had lost 25% of its value, amid the most recent price correction.
The market capitalization of bitcoin currently exceeds a trillion dollars, according to data from CoinMarkerCap, marking a market dominance above 62%.
Precisely the rest of the assets, are also in green today, with Ethereum spreading its gains by 8% , when it is listed to $ 1,888. While other crypto assets that are in the club of the top 10, by market capitalization, have advanced between 6 and 8%.
Among the crucial events that could be catapulting the price of bitcoin is the institutional investment that has skyrocketed recently. A week ago, MicroStrategy acquired another 205 bitcoins for $ 10 million in cash . While Chinese mobile app company Meitu bought $ 40 million worth of bitcoin and ether, as reported by CriptoNoticias.
As these large acquisitions occur, cryptocurrency becomes scarcer and therefore gains value.
On the other hand, the new record comes several days after the president of the United States Joe Biden enacted a stimulus program massive, for USD 1.9 trillion. It is a financial aid plan that will send checks for USD 1,400 to the citizens of that country, incurring a new issue of money that implies a risk of inflation in the medium and long term.
Many Of these announcements from the Federal Reserve related to stimulus packages, have been favorable, directly or indirectly, to the current bull cycle of bitcoin. In fact, last week, after the passage of the law, the price of bitcoin began to gradually rise, from USD 47,000, to surpass USD 50,000.