Tuesday, May 17, 2022

Bitcoin breaks another all-time-high as BTC nears $60,000.

The Takeaway:

Bitcoin's price has surged to a new all-time high exactly a year after the Black Thursday crash in March 2020 as BTC nears $60,000 for the first time.

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Bitcoin has surged to a new all-time high exactly a year after the Black Thursday crash in March 2020. The leading cryptocurrency is on the way to hitting $60,000 and perhaps setting the pace for gains toward $70,000. At the time of writing, BTC is changing hands at $59,495.63 with 4.5% up in the last 24 hours, according to data on Coingecko


Bitcoin soars to an all-time-high once again. 

Less than a month after setting its previous all-time high on February 21st, Bitcoin has done it again. The cryptocurrency just surged past it and charted fresh highs. As of writing these lines, Bitcoin is trading above $59,000, according to Bitstamp. Bitcoin’s market cap sits well over $1 trillion, while the entire market’s cumulative capitalization is currently at around $1.76 trillion. This signals that the leading cryptocurrency is giving little to no breathing room to altcoins to capitalize on the leg-up, at least relative to Bitcoin. Bitcoin’s dominance is around 61.5%, up almost 2% in the past few days.


Bitcoin continues to gain mainstream exposure. 

The leading cryptocurrency has witnessed unprecedented growth this year. The price of bitcoin reached above $58,000 last month and is now once again nearing $60,000. Exactly a year ago, bitcoin had reached as low as $4,000 when the coronavirus pandemic hit the world. The leading cryptocurrency managed to surge past its former ATH that we saw back on February 21st in a seventh consecutive daily green candle. The main reason attributed to the growth in bitcoin’s price is the increased interest in the crypto industry. International companies like Tesla have purchased bitcoin this year. Microstrategy now also holds $ 36 billion worth of bitcoin. 

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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