It finally happened. After several weeks of trying, Bitcoin (BTC) managed to forcefully break the barrier of $ 60,000 and set a new all-time high above 64K. As of press time, the price of BTC is $ 64,565. In an unforgettable day, several altcoins reached their all time high.
In less than three and a half months so far in 2021, the leading crypto currency has already doubled in value and once again generated euphoria among its investors. The growing financial services focused on BTC and the innumerable wave of institutional investments shows once again immediate effects on the price of the asset. In the last two weeks, several finance companies announced new crypto tools and submitted applications to create the first ETFs in the United States.
In addition, another reason for the jump of BTC is the entry of the Coinbase exchange to the stock market, which will become official tomorrow. The main North American exchange will make its debut on Wall Street, which will represent a milestone in the influx of traditional markets and crypto trading.
The specialists were waiting for this moment. The 18% correction in mid-March and the construction of supports above USD 55K, suggested that a new rally above 5% was imminent leading the price of BTC to break its high.
“Bitcoin has been testing resistance levels for a few weeks; bouncing each time, but immediately coming back undeterred. Today’s all-time high was therefore almost inevitable. Market momentum, investor sentiment and accelerating rate of development act as primary drivers,” explained Jason Deane, Bitcoin analyst at Quantum Economics.
The altcoin market also posted strong gains. Ethereum (ETH), the second largest crypto currency on the market, grew by more than 7% and surpassed $ 2,290. With a similar jump, Cardano (ADA) hit $ 1.38.
The great protagonist of the alternative crypto currency market was XRP, which in just 24 hours grew by almost a third of its size. Ripple’s token was up more than 30% and reached $ 1.78.
Litecoin (LTC), meanwhile, rose 10% and reached USD 270, while Polkadot (DOT) grew just over 3% and touched 41.06. Binance Coin (BNB), which has stood out throughout the year for its big jumps, was the only one that did not rise on the day and remains below $ 560.