Bitcoin seemed to have been gaining momentum once again, trading past the $60,000 mark for the first time on Saturday as analysts continued to air their optimism that the world’s biggest name in cryptocurrency will achieve wider adoption.
The cryptocurrency hit an all-time high of $60,012 at 1149 GMT on Saturday, according to the website CoinMarketCap, bouncing back from a rout at the end of February following a previous peak set that month.
BTC had earlier climbed to as high as $59,473.16, bouncing back from a rout at the end of February following a previous peak that was set that month. It’s benefiting from optimism in financial markets after U.S President Joe Biden signed the $1.9 trillion pandemic-relief bill into law.
BTC has been on a meteoric rise since March last year, when it stood at $5,000, spurred initially by the online payments giant PayPal saying it would allow account holders to use cryptocurrency.
BTC has in the past month soared past $55,000 in February but slid back to as low as $41,000 before resuming its upward run. Bitcoin is up about 1,000% in the past year amid signs of increasing institutional interest as well as speculative demand
Bitcoin’s climb is coming on the backdrop of renown global firms flocking into Bitcoin, some of these firms followed the move by payment firms, Mastercard and Visa announcing they will work towards accepting payment of cryptocurrencies with most of their vendors.
Some of the the account credible institutional investors that had invested in BTC include Tesla Inc, BlackRock to Square and in recent times, MicroStrategy which moved a portion of cash reserves into cryptocurrencies as digital assets become more mainstream.
The latest rally of BTC up at $60,000 lifts bitcoin’s market cap to $1.12 trillion, not so far below the $1.385 trillion value of Alphabet (Google), according to CompaniesMarketCap.com.