Bitcoin reaches new all-time high of $62,741

Bitcoin registered a new all-time high of $62,741 on Tuesday, stretching its 2021 push to new heights a day before Coinbase goes public on the Nasdaq exchange.

Satoshi’s brainchild struck $61,222 last Saturday, which marks the coin’s highest within the last 30 days. And while it dipped down to $59,657 after the Asian markets closed today, it once again struck above $60,000 at $60,318 at the time of writing.

Bitcoin has more than quadrupled in value since the early days of November 2020, prior to the election when it was trading at the $14,000 level. It is up by 116% since its recorded year-low back on January 4. It then hit its all-time high price of $61,781.83 on March 13; surging after Biden signed the $1.9-trillion stimulus package into a bill.

Dwindling Bitcoin Supplies

Diginex sales manager Justin d’Anethan commented that while investors had their eyes fixed on other cryptocurrencies and the stock market during the last couple of weeks, Bitcoin has managed to retain its standing at the higher-end of the $50,000 level.

Justin d’Anethan added that the status quo changed last Saturday when the BTC prices went beyond $60,000. He further specified that the miners have been receptive recently and were not selling the newly minted coins.

“On-exchange reserves hitting multi-year lows and an incessant stream of corporates, funds, large and small investors piling into BTC, we punched through,” said the Diginex, a digital assets firm based in Hongkong, sales manager.

Bitcoin and Wider Adoptions

Bitcoin has had some stunning gains during the previous quarter. The same gains have driven the mainstream acceptance of the coin and are fueling the valuations of other cryptocurrencies that came after it.

Bitcoin is now a widely accepted investment instrument and mode of payment. It is now accepted, even preferred, by merchants in key industries and financial institutions.

Mastercard, BNY Mellon, and BlackRock Inc. are now backing bitcoin. Tesla has also made investments in Bitcoin and cryptocurrencies beyond it.


Image courtesy of Alesia Kozik/YouTube Screenshot

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