The world’s most valuable cryptocurrency continues to rise dramatically to more than $ 59,000, bringing its capitalization to more than $ 1,099 billion. At press time, Bitcoin price is trading around $ 59,036. increased by more than 3% in the last 24 hours. Over the past 24 hours, Bitcoin has touched $ 59,379 – close to a new record of $ 60,000 set on March 13.
BTC/USD 4-hour chart | Source: TradingView
Could Bitcoin price cross its historical peak in the coming week?
Data from CoinMarketCap shows that the volume of Bitcoin transactions over that period was $ 53.7 billion, the market cap was recorded at $ 1,099 billion, up to $ 20 billion.
Many of the top cryptocurrencies also skyrocketed with Bitcoin. Specifically, Binance Coin increased by 12.8% to $ 309, Ethereum increased by 1.68% to $ 1,846, Cardano increased by 1.27% to $ 1.22, Bitcoin Cash increased by 1.43% to $ 527. Some other Altcoin also saw growth but less like XRP, Litecoin, … an increase of less than 1%.
Total market capitalization recorded USD 1,860 billion, up 2.03%.
Despite the legal controversy, but according to many professional traders and analysts, the bullish force of Bitcoin and the virtual currency market comes from market demand, especially the participation of investors. investment. In which payment company Square, electric car company Tesla, even Tesla CEO Elon Musk, and Square founder Jack Dorsey have also voiced support for the digital currency. Several financial institutions such as BNY Mellon and Mastercard have joined in.
Bitcoin’s current rally can be largely attributed to institutional demand. But as institutional inflows begin to slow down, there’s a growing need for another influx of institutional buyers. Enter governments. Earlier this month, Temasek, Singapore’s $306 billion sovereign wealth fund revealed that they had been investing in Bitcoin since 2018. Likewise, one of New Zealand’s major pension funds disclosed that its traditionally conservative retirement portfolio was now 5% Bitcoin.
It’s likely that there are more to follow. The CEO of New York Digital Investment Group (NYDIG), Robert Gutmann, stated that more governments may look to invest in Bitcoin through their sovereign wealth funds. Allegedly, NYDIG had been advising several sovereign wealth funds on potential Bitcoin investments.
Regardless of Bitcoin’s recent price action, it’s clear that the digital currency is becoming more and more accepted throughout the world from all forms of entities — ranging from banks, fintech giants to sovereign wealth funds.
Read more:
- Bitcoin Price And A Series Of Cryptocurrencies Simultaneously Surged In The Past 24 Hours
- PayPal Customers Can Now Use Bitcoin To Pay For Goods And Services Online, BTC Price Is Up Over $ 59,000