Yesterday, Bitcoin attempted a new all-time high when it traded very close to $58,000. However, it headed southwards to an intraday low of $55,376. Today, the crypto asset has set a new all-time high record as it hits above $60,000.
Bitcoin Price Rises to A New ATH
A few weeks ago, Bitcoin saw a drop from its explosive rally when it declined drastically from its ATH of $58,258 to about $43,527. Since then, the price has moved between various highs and lows and has tried on several occasions to make a new all-time high. However, yesterday was the closest Bitcoin has gotten to the previous ATH.
The leading crypto asset’s price has been able to swing past $60,000 earlier today, which is a 23 percent increase for this week. The market cap of all crypto assets is also above $1.1 trillion. Right now, BTC has corrected and it is trading around $59,900, this is an increase of about 6.18 percent in the last 24 hours.
The sudden rise in the price of Bitcoin does not come as a surprise as it had been predicted by many analysts. When Bitcoin retraced yesterday, some technical analysts revealed that the next swing could take the price to a new high of $64,043.
What Was Responsible for The Rise in Bitcoin Price
There are few possible reasons which could have resulted in the bullish ride of BTC. Recently, Digital artist Beeple sold a $69.5 million worth of NFT (Non-Fungible Token) art collection to a crypto collector called Metakovan. The Beeple sales, which is the third-largest private art sales, could have caused the rise in value of the digital gold.
The surge in the price of BTC has rubbed off on Altcoins as well, with Ethereum rising by 17% in the last week. Ethereum rose by 5.69% in the last 24 hours and is currently trading at $1,870. Also, Binance Coin (BNB) is up by 21.8% and DOT is also up by 12%.