Bitcoin hits $ 60,000 as price rises 24% in a week

End of weeks of downtime, Bitcoin today the price skyrocketed and reached the new highs of $ 60,000 of all time.

That’s about $ 1,750 higher than Bitcoin’s previous overall high, $ 58,258, which set the coin up on Sunday, February 21st. Following the record, Bitcoin plunged to a low of $ 46,437 on February 23rd and then to $ 43,527 on February 28th.

Then Bitcoin came swinging back. The market capitalization of $ 60,000 reached $ 1.1 billion. The price of the currency has risen by 23% in the past week and by 5% in the last 24 hours.

Bitcoin also brought other coins along for the ride to the top. Ethereum is worth $ 1,843, up 17% over the past week. Binance coin, of BNB, rose 21.8% last week. And Polkadot is up 12%.

Why has the price of Bitcoin risen?

A few things could have spurred this latest run.

Digital artist Beeple made up when he created a collection of NFT art for $ 69.5 million to a pseudonym crypto collector named Metakovan. NFT’s are cryptocurrencies that function as digital collectibles; each sign is demonstrably unique and serves as a kind of certificate of authenticity.

Beeple’s auction, by the centuries-old British auction house Christie’s, is the largest of the foaming NFT industry and the third largest private art sale to date. Cameron and Tyler Winklevoss-backed Nifty Gateway – the NFT market made Beeple’s art debut in October–could be worth $ 1.2 billion, according to the crypto-market analysis firm Messari.

US President Joe Biden then signed the law a $ 1.9 billion stimulus package It puts $ 1,400 in the pockets of Americans to help them endure the pandemic. Many proponents of Bitcoin, including crypto VC Meltem Demirors, believe that the pressure of US dollars to save the economy will devalue the currency – and that Bitcoin is a safe choice against the collapse of the dollar.

And big business has invested in crypto. Gray scales parent company, Digital Currency Group, announced plans to buy up to $ 250 million in shares Gray scale Bitcoin Trust, a close, publicly traded trust that invests in Bitcoin.

In Canada, a third Bitcoin ETF received approval from Canada’s security regulators. CI Global Asset Management will compete with Evolve and Purpose, which was launched late last month. Bloomberg’s ETF reporter Mike Balchunas said Purpose’s launch, which traded $ 165 million in shares on the first day and $ 80 million in the first hour, was the most successful ETF launch in history.

“It was arguably the most successful ETF launch of all time, proportionally speaking,” he said. Decipher. “But that’s how big the waiting list was: it was like feeding a bunch of hungry birds – they were right there.”