Bitcoin hits $ 60,000 as price climbs 24% in one week

End of weeks of stagnation, Bitcoin today the price has skyrocketed, hitting new all-time highs of $ 60,000.

That’s about $ 1,750 more than Bitcoin previous all-time high, $ 58,258, which the coin set on Sunday, February 21. Following this record, Bitcoin fell to a low of $ 46,437 on February 23, and then to $ 43,527 on February 28.

Then Bitcoin came back swinging. At $ 60,000, its market cap reached $ 1.1 trillion. The coin’s price is up 23% last week and 5% in the last 24 hours.

Bitcoin also brought other coins for its rise to the top. Ethereum worth $ 1,843, up 17% from last week. Binance Coin, or BNB, is up 21.8% last week. And Peas is up 12%.

Why has the price of Bitcoin increased?

There are a few things that could have spurred this latest bull run.

Digital artist Beeple makes the headlines when he sold a collection of NFT art for $ 69.5 million to a pseudonym crypto collector called Metakovan. NFT are cryptocurrencies that function as digital collectibles; each token is proven to be unique and serves as a sort of certificate of authenticity.

The Beeple sale, through the centuries-old UK auction house Christie’s, is the largest in the NFT foamy industry and the third largest private art sale to date. Cameron and Tyler Winklevoss supported Nifty Gateway, the NFT marketplace that debuted the art of Beeple in October–could be worth $ 1.2 billion, according to crypto market analysis firm Messari.

Then US President Joe Biden signed a law $ 1.9 trillion stimulus package it puts $ 1,400 in the pockets of Americans to help them weather the pandemic. Many Bitcoin advocates, including crypto VC Meltem Demirors, believe printing U.S. dollars to save the economy will devalue the currency – and that Bitcoin is a safe bet against the collapse of the dollar.

And big companies have invested in crypto. Shades of grey parent company, Digital Currency Group, has announced plans to buy up to $ 250 million of shares in the Shades of grey Bitcoin Trust, a publicly traded closed-end trust that invests in Bitcoin.

In Canada, a third Bitcoin ETF has received approval from Canadian securities regulators. CI Global Asset Management will compete with Evolve and Purpose, launched at the end of last month. Bloomberg ETF reporter Mike Balchunas said the launch of Purpose, which traded $ 165 million in shares on the first day and $ 80 million in the first hour, was the most successful ETF launch in history.

“It was arguably the most successful ETF launch ever, proportionately,” he said. Decrypt. “But that’s the size of the waiting list: it was like giving bread to a flock of hungry birds – they were all there.