The bitcoin price is really starting to heat up (as if it hadn’t already struck a high point). The currency rose from it’s all-time high of roughly $57,000 per unit to a whopping $61,000 during the early morning hours of Saturday, March 13, 2021, thereby experiencing a price surge that has put all past figures to shame. The currency just keeps booming and booming, and people are anticipating that this bull run is going to last for some time.
Bitcoin Has Struck a Stronger Price Chord
The news of the bitcoin burst comes following the approval of a massive new stimulus bill designed to assist both families and businesses cope further with the coronavirus pandemic. Thus far, American individuals have been privy to both $1,200 and $600 payments in both April of last year and January 2021 granted they made less than $75,000 per year.
This time around, the situation is no different. Citizens making less than the specified amount will be given additional stimulus funds, though this latest check is larger than the other two. Americans earning under $75,000 will be given $1,400 each. Overall, the massive bill is designed to pump $1.9 trillion into various economic ventures.
Bitcoin tends to spike each time a new COVID bill is introduced. When people began earning checks last year, the digital asset moved beyond the $9,000 mark despite trading for less than $4,000 two months earlier. In January, bitcoin struck a new all-time high (well, high for that period) of about $40,000 per unit, and with this new bill being approved, the world’s number one digital currency is following the same pattern and striking its biggest chord yet.
Antoni Trenchev – managing partner and co-founder of crypto lender Nexo – commented in a recent interview:
Bitcoin’s resilience is proving to be the stuff of legend. Every correction is an opportunity to rest and restart the move upwards.
The Currency Is Getting All Kinds of Attention and Support
For Ed Moya – senior market analyst at Oanda Group – it’s not just stimulus measures that’s pushing bitcoin further up the financial ladder. He also says the asset’s ongoing support from institutions and their leaders such as Elon Musk are helping it achieve mainstream status and legitimacy. He says:
Stimulus checks, Elon Musk’s relentless support, short sellers throwing in the towel and weekend liquidity were just what was needed to send bitcoin above the $60,000 level. Bitcoin once again seems to be an unstoppable force, and no one wants to get in the way of this momentum trade.
It is estimated that in the past year alone, bitcoin has risen close to 700 percent, having jumped from the high $3,000 range in March of 2020 all the way to its present price. Several analysts such as Tom Lee of Fundstrat fame are convinced that 2021 will be the year in which one unit of bitcoin hits six figures.
