Bitcoin, the largest cryptocurrency in the world by market value, has once again started rising up as the price value of the leading digital currency has broken another crucial resistance to set a new all-time high. Bitcoin’s price has blasted through the mark of $62,000 and has registered a new all-time high.
Another All-Time High For Bitcoin
The flagship cryptocurrency’s bull-run starts again with the latest bullish breakout in which the coin has crossed the figure of $62k. As per the data from CoinMarketCap and Trading View, the first-ranked cryptocurrency’s price value touched $62,839, which is the new ATH for the major digital currency.
This breakout has come one month after the top-ranked cryptocurrency set its previous all-time high on the 13th of March. BTC price has slightly decreased down after recording the new ATH. At the time of press, BTC price value is changing hands at around $62,600 with a positive change rate of 3.16 in the past 24 hours, as per CMC (CoinMarketCap) data.
The market cap of Bitcoin is also increasing with a positive 3.22% change over the last day. Currently, the market cap of Bitcoin is hovering at $1,170,669,542,273.
Apparently, there does not seem any particular reason behind this sudden spike of Bitcoin towards a new all-time high value. However, one could speculate that this rise has been pushed by institutional investors. More and more new institutional investors are becoming a part of the cryptocurrency world. The latest to join this bandwagon is Time Magazine who has marked its presence in the digital currency space.
Reportedly, Time Magazine has announced to hold a significant amount of Bitcoin to build exposure to this world’s popular cryptocurrency. And it is doing this through a partnership with Grayscale, the leading cryptocurrency asset management company. This partnership will help Time Magazine to add Bitcoin (BTC) to its balance sheet.
This is the news that might have driven the upward rally of the dominant cryptocurrency helping the coin to nearly reach the $63,000 figure. This latest price spike of Bitcoin shows that the major cryptocurrency is attempting to hit $70,000 as it is poised to claim this price mark in the coming weeks. Many cryptocurrency analysts have already predicted this milestone for the king cryptocurrency.