After weeks of correction, Bitcoin (BTC) recovers back to $50,000, signaling a new bull run. Large investors continue to buy large amounts of Bitcoin – the bull cycle is said to have only begun as BTC is in a consolidation phase. Bitcoin has repeatedly tested its all-time high at $58,350 over the last few sessions, with a significant resistance area below it slowing growth.
However, the price of Bitcoin rose sharply, quickly surpassing the level of 59,000 USD/VND in the evening of March 13 (Vietnam time) and by the early morning of March 14 (Vietnam time) reached a new record high of 61,519 USD/Bitcoin. According to data from CoinMarketCap, Bitcoin trading volume during the above period was $ 60.3 billion, capitalization recorded at $ 1.144 billion.
Before that, the capitalization of the entire Bitcoin market had returned to the threshold of 1 trillion USD a few days ago. Since the beginning of this year, in less than 3 months, the Bitcoin price has increased by 95%. In the last year, the price of this coin has increased by 1,000%.
Accordingly, many of the top cryptocurrencies surged following Bitcoin. In which, Ethereum increased 9.4% to $ 1,925, Binace Coin increased 4.4% to $ 275, Cardano increased 5.85 to $ 1.1 ...
According to investors, the driving force for this cryptocurrency's price increase comes from market demand, especially the participation of large investors. Typically, on March 12, MicroStrategy released an announcement that the company bought about 262 BTC at an average price per BTC of $ 57,146, which is only about $ 1,000 less than the all-time high. of this cryptocurrency. This latest transaction brings the company's total Bitcoin holdings to around 91,326.
Or payment company Square recently continued to spend $ 170 million to buy 3,318 Bitcoin, adding to the amount of 4,709 Bitcoin that the company bought for $ 50 million since October 2020. Besides, financial institutions such as Mastercard have also stepped in.
Many experts also predict that Bitcoin will increase in price, even super-bullish in the future. Anthony Pompliano, co-founder of Morgan Creek Digital Assets told CNBC that Bitcoin could hit $500,000 by the end of the decade. Even the leading virtual currency could reach 1 million USD at some point in the future.
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