This weekend, Bitcoin surprised everyone again with a new all-time high that was about to touch $62.000 USD per unit, and which renewed the hopes of the entire crypto community, after a drop of more than 20% in its value a couple of weeks ago.
La cryptocurrency market leader reached a new all-time high of $61.711 USD per unit this Saturday, March 13, breaking a new record above 60K. What for some would not happen until possibly mid-year, now appears as a new achievement for Bitcoin (BTC), which is seeing its value grow at rates and levels unsuspected a few months ago. The value of this popular and coveted cryptocurrency started the year close to $29.000 USD, so today it reflects a growth of more than 210% in less than 3 months.
Source: CoinGecko.
Analysts consider this to be the start of a new short-term bullish rally, which can take the price of Bitcoin to a new all-time high. Although the cryptocurrency suffered a correction yesterday, and fell to $59.100 USD, at the time of writing, Bitcoin is still trading above 60K. Apparently, there is a lot of liquidity in the market, as a result of interest in stablecoins within exchanges, which is adding huge capital to the market and favoring Bitcoin in its current bullish trend.
Also, as has been explained on several occasions through this medium, the strong institutional and corporate demand for Bitcoin is an extremely positive factor for the appreciation of the cryptocurrency; as well as its limited supply of 21 million units, and the constant improvements and updates to its code, which provide users with a decentralized, transparent, robust, secure and highly reliable network and monetary system.
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More than 1.700% in one year
It was already mentioned that Bitcoin's growth from January to date is 210%, but if we go a little further back, to March of last year, when its unit value fell to $3.500 USD as a result of the COVID pandemic. -19 that collapsed all markets, then Bitcoin has recovered and grown by 1.763%, in just one year.
This is simply impressive when compared to traditional markets and exchanges, which were also heavily affected by the spread of COVID-19 globally. For example, at the beginning of this year, the BBC date that the United States stock markets and stock markets recovered with historical records, since the deep and resounding falls seen last March 2020. But, despite showing these record growth in the midst of the global pandemic, their numbers are quite small compared to Bitcoin. For the Nasdaq, the growth was 42%, while for the S&P 500, the growth was 15% at the beginning of this year, according to the television station.
Likewise, the BBC points out that the UK's FTSE 100 did not suffer the same fate as the US markets, and closed 2020 with a drop of 14%.
Millennials, the Bitcoin generation
On the other hand, the increasing adoption of Bitcoin is raising its value in the markets. A limited issue and high demand for this digital asset are the perfect ingredients to raise its price to new heights. Although many point out this as simple speculation, the truth is that Bitcoin is only applying the basic rules of the market economy: the Law of Supply and Demand.
The Millennials, that digital and hyperconnected generation, is increasingly attracted to the potential and benefits that Bitcoin offers as a global currency and as an alternative financial system. According to one poll and recent study carried out by ESET, one of the largest cybersecurity companies in the world, to American and British citizens, Millennials are using more bitcoins and cryptocurrencies since the start of the pandemic last year.
Surveys of 2.000 Americans and 8.000 Britons indicate that 50% of the population surveyed, ages 35 to 44, have become involved with cryptocurrencies since the start of the pandemic. This percentage of users is the highest compared to any other age group; It also represents a significant development and increase in adoption, after the decline in interest in cryptocurrencies, which came after the collapse of bitcoin in 2018.
Another important factor that is influencing the current revaluation of Bitcoin is the economic stimulus package recently approved by the United States government, which will lead the Federal Reserve (FED) to create 1,9 trillion new dollars that will be injected to the economy.
While all this is happening, RushOrderTees debuts as a new institutional investor in Bitcoin, with $300.000 USD deposited in this cryptocurrency; and microstrategy invest another 15 million dollars to appropriate 262 new BTC.
At the time of writing, the value of Bitcoin in the markets is $60.516 USD and its capitalization is 1,12 trillion dollars, with a dominance of 61,5% of the crypto markets.
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