TL;DR Breakdown
- The leading cryptocurrency, Bitcoin, has crossed another ATH at over $60,000.
- It’s currently over 1,000 percent up compared to the value over the past 12 months.
It’s another exciting day for Bitcoin (BTC) supporters, as the leading cryptocurrency reached another all-time high (ATH), above $60,000. The cryptocurrency entered a major correction phase after hitting the previous ATH around $58,000 towards the end of February. Over $10,000 was wiped-off from the cryptocurrency, causing a drop to around $43,000.
After wallowing below $50,000, it notably began increasing this week, as price steady around $54,000, leading up to the ATH on Saturday.
Bitcoin touched high above $60,000
The largest cryptocurrency reached an all-time high of $60,310 on the 13th February, according to the market information provided by Coinmarketcap. However, the price has slightly dropped to $59,746 during press time, although it still represents a six percent increase over the past 24 hours. With about 18.6 million BTC (89 percent of BTC maximum supply – 21 million), Bitcoin currently has a market capitalization of $1.117 billion.
Additionally, the increase today raises its market dominance to about 61.75 per Coinmarketcap. For the record, BTC is currently up by 1,000 percent when compared to the market value over the past 12 months. Going by the numbers, it will be easier for the cryptocurrency to reach $100,000 than dropping down to zero. In fact, many prominent industry players think BTC will only get better in market value.
Anthony Pompliano tweeted that it’s all going to be fun, as the United States government is looking to release stimulus checks this weekend. Some of these funds might end up in Bitcoin, as seen last year.
Can you recall BTC trading below $5,000 in 2020?
By this time last year (March 12 actually), BTC faced its worst dip, as the price dropped to about $5,000 following the outbreak of the coronavirus pandemic. Some people panic-sold their cryptocurrencies amid the drop, but Bitcoin wasn’t the only asset affected by COVID-19. Some people saw it as an opportunity, buying some of the cryptocurrency as an inflation hedge asset. This same reason attracted the biggest corporate Bitcoin investor, MicroStrategy, after the market recovered.
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