Bitcoin (BTC) has gained more than 1200% per year since the Covid crash on March 12, 2020

It is exactly one year since Bitcoin (BTC) faced one of the biggest crashes in history on March 12, 2020, falling by 50%. The fears of the COVID-19 pandemic have sent riots across the global stock markets as well as the crypto. market.

Following this, Bitcoin (BTC) hit an hourly low of $ 4,130 on March 12, 2020, crashing to $ 7,900 + levels in one day. The day is included in the history books of Bitcoin as a Black Thursday. While some crypto-critics also call it the death of Bitcoin (BTC), it emerged much stronger a year later. BTC is now the first billion cryptocurrencies and one of the top ten assets in the world.

Since the low levels, Bitcoin has risen by 1200% so far and is currently trading near its overall high of $ 58,000. At press time, BTC is trading at $ 57,041 with a market capitalization of $ 1,064 billion.

Bitcoin’s institutional and corporate support

The phenomenal Bitcoin (BTC) journey of last year is supported by strong institutional and corporate interest in Bitcoin that has increased over the past few months. Of course, we can not forget the retail players who have been through the thin and thin. But large institutional and corporate capital has helped bring things to the next level.

Business intelligence firm MicroStrategy was one of the key drivers to raise the institutional benchmark for BTC. On Friday, he announced a new purchase of another $ 15 million for Bitcoins. To date, MicroStrategy has invested more than 2% in Bitcoin investments.

MicroStrategy bought another ~ 262 bitcoins for ~ $ 15.0 million in cash at an average price of ~ $ 57,146 per #bitcoin. From 3/12/2021 we have #hodl ~ 91 326 bitcoins acquired for ~ $ 2 211 billion at an average price of $ 24 214 per bitcoin. $ MSTRhttps://t.co/QIQP30rv2q

– Michael Saylor (@michael_saylor) 12 March 2021

Last month, Tesla for electric vehicles and automobiles announced that it had bought $ 1.5 billion worth of Bitcoin, exposing nearly 8% of its cash reserves to BTC. Post that a number of large companies from Asia and Europe have joined the wagon. Matt Blom, global head of sales trading at EQUOS, commented on the recent price movement for Bitcoin:

“The bear’s last point is the level of $ 57,800, and it looks like we can see the fight play out before the week is over. On the downside, our continued sales of more than $ 57,000 will bring us back to $ 56,620 and possibly $ 55,000. Any move below will be supported by dip head bulls and dip head bears. “