Bitcoin powers to record high, nears record high

bitcoin

After a period of drops and consolidation since Mid-February, Bitcoin has found its mojo again and soared to new all-time highs.

At just after 10:00 UTC Saturday, the top cryptocurrency by market cap rose to $59,864.83 in a matter of minutes, according to the CoinDesk 20.

“Bitcoin is testing the sound barrier at $60k, and institutional investment continues to build momentum with Chinese internet firm Meitu the latest to execute a Bitcoin treasury strategy, ” according to Jehan Chu, co-founder and managing partner of Kenetic, a Hong Kong-based trading firm.

“Further, Beeple’s $69mil NFT record demonstrates the true power of crypto, adding curiosity and fuel to the retail fire. Expect volatility but a landing of $100k levels by Q3,” he said.

The move passes the previous all-time record of around $58,330 set on Feb. 21.

Since then bitcoin had seen a retreat to as low as $43,000, amid uncertainty in the traditional markets over stimulus expectations and their positive affects on U.S. bond yields.

Both stocks and cryptocurrencies across the board saw losses and sideways trading in the last several weeks, before rising again in the last 8 days.

The new high comes two days after President Joe Biden signed a massive $1.9 trillion stimulus program into law that will send checks for $1,400 to U.S. citizens.

U.S. Treasury yields have climbed back to over 12-month highs in the wake of Biden’s fresh stimulus. This time, however, bitcoin is showing resilience – contrary to last week of Feb when prices fell by 20% amid rising yields.

The move to near $60,000 brings bitcoin’s market cap to $1.12 trillion.

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