Bitcoin breaks past $57,000 to register new all-time high

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Just barely 24 hours after the top digital asset climbed more than $50,000 and hit the $1 trillion market valuation, bitcoin (BTC) registered yet another all-time peak on Saturday, breaching the $57,000 mark for the first time and triggering a broad rally among other virtual currencies.

The price of Bitcoin has nearly doubled so far this year, soaring higher as it benefits from increasing institutional adoption. After rising to this level, the world’s most prominent crypto had advanced to an impressive 98% this year, additional numbers from CoinDesk indicate.

Bitcoin wrapped up 2020 just a tad shy of $29,000 on the heels of an imposing 300% rally over the previous four quarters. Some market observers attribute the robust advance of BTC’s price to the strong demand from buyers seeking to hedge against market inflation.

Growing… growing

The current bull market has been markedly different compared to the one that occurred between 2017 and 2018, where prices of BTC hovered near $19,800 but lost steam to maintain these levels, dropping under $15,000 in a matter of days.

Bitcoin has grown 55% since the end of last month and increased over fourfold in 2020. For many years after it was first introduced more than 10 years ago, the crypto traded for just a few cents.

Advocates of Bitcoin are contending with cynics for the dominant narrative around the ascent; supporters view an asset being adopted for its ability to cushion risks like inflation, while non-believers sense an unsafe excitement riding the tide of financial and fiscal stimulus.

Ether’s new record

Meanwhile, joining Bitcoin in the ongoing rally has been ether (ETH), the native digital asset of the Ethereum blockchain. The price of ETH set a new all-time peak of its own late Friday, surpassing the $2,000 level for the first time ever.

Based on figures by CoinDesk, ether reached a new record of $2,033.08, up almost 7% during the last 24 hours, with the crypto’s market value exceeding $233 billion. ETH is up 173% year-to-date.

Image courtesy of CNN/YouTube Screenshot

Jet Encila

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Jet Encila

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