Bitcoin (BTC) began to transit the last days of March with an important recovery that brings it closer to its all-time high above 61K. The crypto currency surpassed $ 55,000 over the weekend. However, this morning it grew more than 3%, and as of press time, the price of BTC is $ 57,879.
A few hours ago, BTC touched a new weekly high above $ 58,300. Exactly one year ago, on March 29, 2020, the flagship crypto currency was trading at $ 5,890. That is, in 12 months Bitcoin multiplied its price tenfold.
This unprecedented growth in the world’s largest digital asset was due to various factors, but primarily institutional adoption. Large companies entered the crypto market in different ways, and the role of BTC in investment portfolios began to play a growing role.
Through investments or new crypto services, companies modernized their trading platforms and strategies, and the weight of BTC in the financial system grew considerably. Today’s daily jump, precisely, is also due to an institutional factor.
Digital payments company Visa announced that it will allow the use of crypto currencies to settle transactions on its payment network. It will be a pilot test through which users will be able to use the stable coins USD Coin (USDC) to settle their operations on the Ethereum network.
Jack Forestell, Visa Executive Vice President and Chief Product Officer, welcomed the news, saying it “marks an important milestone in the company’s ability to address the needs of investors managing their stable coin or crypto currency business.”
On the other hand, the entire altcoin market also started the week with green numbers. Ethereum (ETH) hit $ 1,780 after a 4% jump, while Binance Coin (BNB) climbed $ 1 to $ 272 after less than 1% growth.
Cardano (ADA) and XRP were up just over 1.2% and were back at $ 1.20 and $ 0.55, respectively. Polkadot (DOT) and Litecoin (LTC) grew more than 5% and climbed to $ 34.23 and $ 194.