Bitcoin is once again eyeing its all-time high after the bears drove the price to around $50,800 on Thursday. Following Paypal’s announcement yesterday, BTC price jumped close to the $60,000 price level. The price of the asset spiked by over $2,000 to rise above the $59,000 mark.
Following last week’s dip liquidating about $100 billion in market value, Bitcoin has once again begun its ascent to recoup some of the losses. This week started on a bullish note for the flagship cryptocurrency. The rise has gained more momentum as institutions like Visa and Paypal expand their crypto services.
The Paypal news is another huge approval for cryptocurrencies from Wall Street, says OANDA Senior Analyst Edward Moya. Following Bitcoin’s ascension, the market cap has also risen close to $1.9 million – another ATH. The altcoin market turned green as well, with BNB surged past $300 after a double-digit gain.
Bitcoin Price Surges Amidst Rising Institutional Adoption
Bitcoin’s ascent has been tied to the increasing accumulation of Bitcoin and the rising adoption by institutions. A recent report from us shows that long-term coin hodlers have restricted spending and continued accumulating the leading digital coin.
The crypto king is currently trading around $57,800 after retracing from an intraday high of $59,930. In the last 24 hours, BTC price has dropped by nearly 1.22%.
Although the price has attempted to push beyond $60,000 and failed, Moya said that the latest news from Paypal is sufficient to sustain the bullish ride. Square’s CFO also revealed yesterday that the company plans to hold BYC long-term. This comes days after more Americans turned to cryptocurrency amid the fear of inflation.