Bitcoin (BTC) Hits $60K, Continues to Hit ATHs at Weekends
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Bitcoin (BTC) Hits $60K, Continues to Hit ATHs at Weekends

March 13, 2021      Varinder Singh

Bitcoin, the world’s biggest cryptocurrency, on Saturday, reached a record high, trading up to $60,082 with a market cap of $1,118,187,217,456.41, as per data by CoinMarketCap. Bitcoin’s previous all-time high of $58,258 was set on Sunday, February 21, and later it crashed to lows of $46,527 on February 28.

Bitcoin Surpasses $60,000 After the March Madness 

With Bitcoin surpassing another psychological level, the rally is expected to continue till it reaches $75,000. Interestingly, these ATHs records are mostly set on weekends.

The current mark is about $1,754 higher than Bitcoin’s previous all-time high of $58,258 set on Sunday, February 21. Following that record, Bitcoin crashed to lows of $46,437 on February 23 and then to $43,527 on February 28.  

The coin’s price has increased by 23% in the past week and 5.47% in the past 24 hours.

Also, Bitcoin has brought altcoins along for its ride to the top. Ethereum is worth $1,843, up 17% in the past week. Binance Coin, or BNB, is up 21.8% in the past week. And Polkadot is up by 12%.

Here’s What Led the Bullish Jump this Weekend

The week, especially, the weekend has so much related to Bitcoin. Grayscale’s parent company, Digital Currency Group, announced plans to buy up to $250 million in shares in the Grayscale Bitcoin Trust. On Friday, MicroStrategy announced the purchase of 262 more bitcoins worth  $15 million.

Digital artist Beeple made headlines when he sold a collection of NFT art for $69.5 million to a pseudonymous crypto collector Metakovan.

Google Trends showing “Bitcoin” is now searched twice as much as Covid-19. Moreover, a Bitcoin whale has drained out its BTC wallet containing 8,648 BTC worth nearly $500 million as detected by ledger tracker BTC Block Bot.

Recently, U.S. President Joe Biden signed into law a $1.9 trillion stimulus package that puts $1,400 in the pockets of Americans to help them weather the pandemic and unemployment. However, printing US dollars to save the economy will devalue the currency, and Bitcoin becoming a favorite safe haven among many may soon hit $75,000.

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Varinder Singh
Varinder Singh

Varinder is a technical writer, technology enthusiast, and analytical thinker. Fascinated by disruptive technologies, he has shared his knowledge about blockchain, cryptocurrencies, artificial intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period, and is currently covering all the latest updates and developments in the crypto industry.