Bitcoin Shoots Above $60,000 Despite Volatility

Bitcoin has posted remarkable highs in the last few days as it has once again cemented its place at the top of the crypto market. Ending what would best be described as weeks of upward and downward movement triggered by volatility, Bitcoin has again created another all-time high, breaking past $60,000.

Before this, the digital asset set its last all-time high figure back earlier this year when it claimed a figure above $58,000 in February. The digital asset saw the bears take over weeks later after it crashed down to sell at $46,000 before going on to hit the lows of $43,000 some days later.

The previous all-time high was above $58,000

Following the drop, Bitcoin traded up in some days and crashed in the other days as it traded within a cycle at a price below the all-time high. With this rise, Bitcoin has seen a surge in its market cap, the figure now above $1.1 trillion and has gained 23% in the last week while boasting of a 5% gain in the last one day. As it is in the crypto market, Bitcoin rarely makes a surge without dragging other coins along to the top.

This time around, Ethereum has seen the most gains after Bitcoin as the asset now safely trades above $1,800 while posting a figure of 17% in the last week. Binance coin has also seen remarkable progress to register a 21.8% profit in the last few weeks. Coming behind the coin is Polkadot, which also saw about 12% profit in the last one week. Analysts have argued and pointed out a few things that have triggered this bullish run that has seen the asset touch a new high.

Analysts name factors responsible for the rise

Asides from Bitcoin, NFTs are making the headlines for the past few days, with the recent one is the sale of art made by Beeple, a digital artist. A pseudonymous Bitcoin trader that goes by the name, Metakovan was said to have bought the art for a figure close to $69 million. NFT is a kind of digital asset that is bought and owned by entities.

With each NFT unique, buying it would mean that they have the full right to it, ensuring its authenticity. This recent sale which was conducted in the famous British house, Christie holds the record for the largest ever sale conducted in the market. Asides from that, the signing of the recent stimulus checks worth $1.9 billion, which were recently signed into law, is seen as another factor.

Americans are now in line to receive stimulus checks worth $1,400 per person as the country continues to take measures to help its citizens cushion the pandemic’s effects. Analysts have made an outcry for the state of the dollar if the stimulus checks get rolled into the economy, and most of them have advised people to take to Bitcoin as a hedge. The last is the investment made by institutional firms and investors in Bitcoin as they continue to take their holding of the asset up a notch.