Bitcoin has recently rose to another all-time high. Today’s new Bitcoin’s all-time high is $64,854 — 2.5% above the previous all-time high reached in March. Since the beginning of the year, the largest cryptocurrency by market cap has seen a price increase of more than 110%. So (fortunately) there is no sign of slowing growth.
Analysts believe that huge amounts of funding from both central banks and governments fueled the rapid growth of Bitcoin. In the past year, the cryptocurrency rose more than 800%.
In the last few months, the acceptance of Bitcoin as well as of the crypto world in general has increased. This was made possible by a large number of big players in the institutional investment sector.
Big Players Have Fueled Bitcoin’s All-Time High
Tesla, BNY Mellon, VISA and Mastercard, BlackRock, and JPMorgan are just a few of the companies involved in the development of Bitcoin. Institutional investors, in particular, followed the example of Michael Saylor and MicroStrategy by making Bitcoin a part of their corporate finances.
Saylor pays his chairmen, who aren’t directly employed by the company, in Bitcoin from now on. This was announced in a report from MicroStrategy on April 12th.
Matt Blom, head of sales at Diginex, said publicly that $70,000 is the new target for the bulls. He then also added: ‘Every month this year has been hit a new all-time high’.
Coinbase Goes Public
In addition, the eyes of Bitcoin investors are on the recent listing of the trading platform Coinbase on the Nasdaq. It’s the first listing of a major crypto company. Coinbase generated around $1.8 billion in sales in the first quarter of 2021. The company now has over 56 million verified users.
Coinbase announced back in March that the company had a valuation of $68 billion ahead of its planned direct listing based on recent private-sector deals.
The increased valuation shows how much the company has gained in value from Bitcoin’s price rally. The company said its shares are traded in the private market at an average price of $343.58 each in the first quarter of 2021. That means a massive increase to the $28.83 apiece in the third quarter of 2020.
Conclusion: New BTC All-Time High of $100K Is Coming?
Bitcoin has hit another new all-time high. From the last high of $64,854, the Bitcoin price has now ranged from 62,000 to a little over 63,000 US dollars.
A new all-time high also means a new pricing phase for Bitcoin. Analysts and traders are predicting a new price of $70,000 as the next milestone. Others, on the other hand, are a little more skeptical about the latest developments. What will ultimately happen remains unclear.