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.