Bitcoin it looks like it will exceed the $ 60,000 threshold for the fourth time this year. The currency grew by almost a percentage overnight to settle at a figure of $ 59.1k from noon UTC.
It’s still noticeable off last weekend’s ATH of $ 61.7,000, but Bitcoin fans have become accustomed to declining in value over the course of its phenomenal bullopery.
Back in February, when Tesla announced that it was so$ 1.5 billion Bitcoin bought, the price rose from $ 38,903 to $ 46,196, a surge of almost 18%.
The price of Bitcoin is being held up by the retail and institutional hype, and continued to rise throughout the month until the price retreated from a high of $ 58,330 on February 22 and plunged to $ 48,967 within 24 hours.
This is a 16% drop, proving that Newton’s third law applies to fleeting action on every action that has an equal and opposite response. crypto markets.
A brief accident
Bitcoin crashed earlier this week. On March 15, the price dropped from $ 60k to $ 55k, but it recovered quickly.
The institutional interest in the currency is still high. On March 19, Anthony Scaramucci, former director of the White House, announces the hedge fund SkyBridge Capital filed for a Bitcoin ETF.
The SkyBridge application is a good sign for the wider acceptance of Bitcoin in the traditional financial world. With an exchange traded fund, people can invest in Bitcoin through a traditional, reviewable, financial instrument.
Regulators in Canada approved two ETFs last month. The first, Purpose’s Bitcoin ETF (traded under the ticker BTCC), started explosively,To raise $ 421 million in assets in its first weekend since it started trading. Bloomberg ETF analyst Eric Balchunastell Decipher at that point, “It was arguably the most successful ETF launch of all time, proportionally speaking.”
In addition to the institutional importance, the entire Bitcoin network is in a robust state. On Thursday, Bitcoin miners earn a record $ 64 million in one day. On the same day, the market capitalization of the entire crypto market $ 2 trillion earned. According to Deutsche Bank, this makes Bitcoin theworld’s third most valuable currency by market capitalization.
The altcoin report.
Ethereum is still struggling to reach its previous $ 2000 ATH launched on February 20th. It is currently valued at $ 1,845, up 1.71% from yesterday, but still shy of its $ 1,937 high from last weekend.
There are also small increases in the top 20, with the most notable Polkadot and Exchange. Polkadot’s DOT coin is valued at $ 39.32 today. That’s 5% more than it was worth yesterday. UNI had the largest increase. It grew 6.65% overnight to settle at $ 32.76.
Cardano is not going well today. Despite a 20% surge following the news this week listed on Coinbase Pro, the ADA currency fell 2.2% overnight, making its current value $ 1.26.
Like most weeks, the crypto market is more or less keeping up with the performance of Bitcoin. For crypto fans, this is a small relief this weekend.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment or other advice.