– Kevin Reynolds
Less than two months into 2021, the price of bitcoin has risen 95.4%.
Bitcoin Crosses $57K, Setting Another All-Time High and Igniting a Crypto Rally.
A day after the leading cryptocurrency rose more than $5,000 and along the way achieved a $1 trillion market cap, bitcoin (BTC) on Saturday morning set yet another all-time high, crossing $57,000 for the first time and sparking a broad rally among other cryptocurrencies.
The price of BTC (+2.71%) reached a high of $57,492.00 before settling back to $57,264,55, up 8.77% over the last 24 hours. Before yesterday’s fun and games started, BTC was at about $51,600.
BTC ended 2020 at bit shy of $29,000 following a better-than 300% gain over the previous 12 months. Now, that eye-popping performance is starting to look tame as less than two months into 2021, BTC has nearly doubled, with a 95.4% gain.
Some are attributing the astonishing rise of BTC’s price to the tremendous demand from buyers looking to hedge against inflation as governments keep spending and central banks keep printing money trying to keep their economies going through the pandemic.
“Through the insatiable buy-side pressure from exchange-traded fund (ETF) issuers, closed-end funds and large public corporations adding bitcoin to their positions, demand is massively outstripping supply,” said John Willock, chief executive at digital asset exchange Blocktane.
The current ramp-up in the price of BTC was ignited earlier in the month by Tesla, when the electric-automobile manufacturer announced it had purchased $1.5 billion of the cryptocurrency for its treasury. This sparked a round of playing “who’s next?” in terms of investing treasury funds in BTC and the resulting hype helped focus the attention of main street investors on the sector overall.
Rising along with BTC has been ether (ETH, -0.23%) (ETH), the native token of the Ethereum blockchain. Late Friday night New York time, long after most of the action in BTC had died down for the moment, the price of ETH set a new all-time high of its own, crossing the $2,000 mark for the first time ever.
The excitement over BTC and ETH both hitting new peaks has now spread now to the rest of the crypto, with almost all tokens up Saturday morning and a number of them posting double-digit percentage gains.
Major advancers include: Polkadot (DOT), Cardano (ADA (-1.94%)), Uniswap (UNI), Aave (AAVE), NEM (XEM (+6.72%)) and Huobi Token (HT) . Still others such as Chainlink (LINK (-0.82%)) hit all-time highs of their own.
While the gains in UNI and AAVE seem linked because both are major players in the exploding decentralized finance (DeFi) section of the crypto world, most of Saturday’s gains may simply be due to investors looking for the next BTC or ETH or because advocates of certain tokens are out there in the chatrooms telling anyone who will listen that their coins will be the next ones to take off.
Related posts
Brit Awards | Asake, Burna Boy And Other ‘New Cats’ Get Nominations
Nigerian singers Burna Boy, Asake, and Rema have been nominated for the 2024 Brit Awards. The nomination list for the annual music awards show was released on Wednesday 25, January 2024. Burna Boy and Asake made the ‘Best International Artiste’ category, while ‘Calm…
Brit Awards 2024 | The Full List Of Artist(e)s
This year’s Brits nominees have been revealed ahead of the ceremony in London in March. Dua Lipa is the first star confirmed to perform at the event – but how many awards is she up for? Musicians including Raye, Central Cee, J Hus and Blur are also…
The Miss Universe-Greatest Celebration of Women
-SOFIE ZERUTO The Miss Universe Organization is a global, inclusive of organizations that celebrates all cultures, backgrounds and religions. It creates and provide a safe space for women to share their stories and drive impact personally, professionally, and philanthropically. The women who participate in this…
All Africa Music Awards; Categories and Regions
-MUSIC IN AFRICA All Africa Music Awards (also referred to as AFRIMA) is an annual awards event. The awards event was established by the International Committee AFRIMA, in collaboration with the African Union (AU) to reward and celebrate musical works, talents and creativity around the African continent while promoting…
Top 10 Cryptocurrencies To Invest in January 2024
-Michael Adams From Bitcoin and Ethereum to Dogecoin and Tether, there are thousands of different cryptocurrencies, making it overwhelming when you’re first getting started in the world of crypto. To help you get your bearings, these are the top 10 cryptocurrencies based on their market…
The Risk And Reward Of ChatGPT In Cybersecurity
Juan is an experienced CTO with a demonstrated history of working in the computer and network security industry. He is an information technology professional skilled in SAP and Oracle applications, computer forensics, vulnerabilities research, IPS/IDS and information security. Unless you’ve been on a retreat in…
Explained – History Of Money From Fiat To Crypto
What is money? Money as a concept has been a cornerstone of human civilization and economic development. To start with the latter, money is a method of storing value and worth, and it also functions as a medium of exchange that allows individuals to exchange…
Studies Show That Nigerian Crypto Foreign Investment Is At A Record Low
Foreign direct investment in Nigeria fell by 33% last year due to a severe shortage of dollars, which discouraged crypto companies from expanding into the country. The largest economy in Africa has a foreign investment problem despite exponential growth in crypto adoption. The National Bureau…