Bitcoin price surged insanely, recording a 17% increase over the past seven days

Over the past 24 hours, Bitcoin price has reached a high of $ 58,332, further consolidating its position as one of the most valuable assets on the planet. Bitcoin has fluctuated between $ 55,448 and $ 58,332 as the lows and highs.


BTC/USD 4-hour chart | Source: TradingView

Bitcoin price surged insanely, setting a new record at $ 58,000

According to statistics from CoinMarketCap, Bitcoin transactions during the period above were $ 52.6 billion, a recorded capitalization of $ 1,071 billion – on par with large organizations like Amazon, Apple, and Google.

Earlier in January 2021, Bloomberg analyst Mike McGlone predicted Bitcoin’s price to reach $ 50,000. At the time, Bitcoin was priced hovering above $ 30,000 and the $ 50,000 mark was far from coming. Less than a month later, however, Bitcoin not only crossed this mark but rose to over $ 58,000.

Bitcoin’s bullish momentum comes after the American automaker Tesla says it will buy $ 1.5 billion BTCF and will accept payments in Bitcoin.

Not only Bitcoin, but many of the top altcoins have also achieved impressive growth over the past 24 hours. A typical example is Binance Coin with a 22.2% increase to $ 294.7. Other Altcoins such as Ethereum, XRP, Litecoin … though not spike, are covered in green.

Thanks to the strong rise of this large-cap cryptocurrency group, the total market value this morning reached over $ 1,740 billion, up 2.71%.

Some have argued that the dizzying rise is due to massive demand from buyers seeking to hedge inflation as governments continue to spend and central banks continue to print money in a desperate attempt to keep their economies on hold during pandemic times.

However, despite the printing and spending of fiat money, the main metrics do not reflect inflation.

John Willock, chief executive at digital asset exchange Blocktane said:

“Through insatiable buyer pressure from exchange-traded fund (ETF) issuers. BTC’s current bull run was triggered by Tesla earlier this month, as the electric car maker said.” they bought $ 1.5 billion in cryptocurrency for their treasury.”

Investment funds poured money into BTC helped focus Wall Street investors’ attention on this area.

Some have speculated that a series of all-time highs reached over the past few days is at least partly attributable to MicroStrategy for BTC, which on Friday morning said it raised more than $ 1 billion in debt to devote. buy more cryptocurrency. The price of BTC has risen by more than $ 5,000 since the company announced.

You can see the BTC price here.

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