After weeks of stagnation in the price of Bitcoin, today it recorded a high above $60,000.
This is approximately $2,000 more than the Bitcoin price of $58,000 that fell on Sunday, February 21st, after that record high, Bitcoin hit a low of $46,437 on February 23rd and $43,527 on February 28th.
Then bitcoin spiked above $60,000 with a market cap of $1.1 billion. The price of the coin has lost 23% in the last week and 5% in the last 24 hours.
BTC/USDT Daily Chart. Source: Binance
Bitcoin also push other coins to the top. Ethereum, valued at $1.843, was heard down 17% over the past week. Binance Coin (BNB) is up 21.8% in the past week.
What Caused the Price of Bitcoin to Rise?
Some things that stimulate this latest bull market.
Digital artist Beeple made headlines when he sold a collection of NFT artwork for $69.5 million to an anonymous cryptocurrency investor named Metakovan. NFTs are cryptocurrencies that function as digital collectibles; each token is provably unique and serves as a kind of certificate of authenticity.
Beeple’s sale, through the centuries-old British auction house Christie’s, is the largest to surface from the frothy NFT industry and the third-largest private art sale to date. Cameron and Tyler Winklevoss-backed Nifty Gateway—the NFT marketplace that debuted Beeple’s art back in October—could be worth $1.2 billion, according to crypto market analysis firm Messari.
As appropriate, US President Joe Biden signed into law a $2 trillion stimulus package that puts $1,400 in the pockets of Americans to help them weather the pandemic. Many Bitcoin advocates, among them crypto VC Meltem Demirors, believe that printing US dollars to save the economy will devalue the currency—and that Bitcoin is a safe bet against the collapse of the dollar.
And several large firms invested in crypto. Grayscale’s parent company, Digital Currency Group, announced plans to buy up to $250 million in shares in the Grayscale Bitcoin Trust, a closed-end, publicly-traded trust that invests in Bitcoin. And in Canada, a third Bitcoin ETF received approval from Canada’s securities regulators.
CI Global Asset Management will compete with Evolve and Purpose, which launched late last month. Bloomberg’s ETF reporter Mike Balchunas said that Purpose’s launch, which traded $165 million shares on the first day and $80 million in the first hour, was the most successful ETF launch in history.