Bitcoin price continues to rise by nearly 5% to over $ 59,000, pulling many other cryptocurrencies in the market

Bitcoin price continues to increase by nearly 5% to close to $ 59,000, pulling many altcoins in the market to surge, pushing the total capitalization to exceed $ 1,790 billion. Statistics show that, in the last 24 hours, Bitcoin was trading as low as $ 54,201 and highest at $ 58,923. Market capitalization reached $ 1,092 billion, trading volume at $ 59.3 billion.


BTC/USD 4-hour chart | Source: TradingView

Bitcoin price returned to the track, many Altcoins increased shock

Many altcoins have also risen with Bitcoin. Specifically, Cardano increased 12.04% to $ 1.38, Binance Coin increased 5.3% to $ 270.8, Polkadot increased by 2.8% to $ 36.1, Uniswap increased by 7% to $ 31.4, Chainlink increased 11.2% to $ 30.8.

The total market cap is currently recorded at $ 1,790 billion, up 3.74% from the previous 24 hours. However, the trading volume decreased by 3.1% to $ 138.4 billion.

Bitcoin price has been continuously volatile since the beginning of the year. Last weekend, Bitcoin suddenly crashed all records when reaching the $ 64,000 threshold. According to many professional traders, Bitcoin’s price is being supported by institutional investors.

The world’s most popular cryptocurrency has been getting the attention of large corporations lately. Square settlement company recently continued to spend $ 170 million to buy 3,318 Bitcoins, adding to the amount of 4,709 Bitcoins the company bought for $ 50 million from October 2020; or electric car company Tesla last month announced a purchase of $ 1.5 billion in Bitcoin.

On March 12, MicroStrategy also announced that the company bought about 262 more BTC with an average price per BTC of $ 57,146, which is only about $ 1,000 below its all-time high. of this cryptocurrency. The latest transaction brings the total number of Bitcoins held by MicroStrategy of the company to about 91,326 BTC.

Besides, financial institutions such as BNY Mellon and Mastercard also joined. However, Bitcoin is still controversial about its true value. Most governments do not see Bitcoin as a legitimate means of payment.

You can see the BTC price here.

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