Bitcoin hits record high at $60,000

THE largest crytocurrency, Bitcoin, has reached an all-time high trading up to $60,000 in 24 hours.

Bitcoin bulls pushed all the way to $58,000 on Friday, as they struggled to pass the record high set in mid February, about $58,330.

As at the time of this report, Bitcoin rallies at $59,775.57 with a 5.92% change in 24 hours with Ethereum trading at $1,883.98.

According to Jehan Chu, co-founder and managing partner of Kenetic, a Hong Kong-based trading firm, Bitcoin may sell at $100,000 by the third quarter of 2021.

“Bitcoin is testing the sound barrier at $60k, and institutional investment continues to build momentum with Chinese internet firm Meitu the latest to execute a Bitcoin treasury strategy.

“Further, Beeple’s $69 milllion NFT record demonstrates the true power of crypto, adding curiosity and fuel to the retail fire. Expect volatility but a landing of $100k levels by Q3,” he said.

Bitcoin’s new high comes two days after President Joe Biden signed a massive $1.9 trillion stimulus program into law that will send checks for $1,400 to U.S. citizens.

Financial experts have, however, hinted that the stimulus package may have been a major factor in the crypto’s new record.

Recall that NaijaTimes had reported on Wednesday, March 10, that U.S. Congress had approved the President’s $1.9tn virus relief bill, which he later signed on Friday.

Bitcoin’s new move at $60,000 brings its market capitalization to $1.12 trillion, a little below the $1.385 trillion value of Alphabet (Google) according to companiesmarketcap.com.