Copy top investors

Start Free Trial

Sign in

Bitcoins rips above the $56K, set to hit $60k

Bitcoin targets a new all-time high as traders push BTC back above $50,000 and big corporates adopt cryptocurrency.The last few hours, have been explosive (quite literally) for Bitcoin (BTC) as the price surged to $57,100, a level not seen since Feb.

Jay Sharma

11 minutes

Bitcoin targets a new all-time high as traders push BTC back above $50,000 and big corporates adopt cryptocurrency.

The last few hours, have been explosive (quite literally) for Bitcoin (BTC) as the price surged to $57,100, a level not seen since Feb. 20 when BTC price made a new all-time high at $58,352. This signals that buying sentiment is back in play and in all likelihood that BTC will try for the $60,000 level. Data across Market trackers shows Bitcoin picking up from $52k in the early morning hours and gaining nearly 7% to close above $57k level.

Now this development may have been propelled by the news that Digital Currency Group aims to buy up to $250 million shares of the Grayscale Bitcoin Trust (GBTC). Recent data shows that 10,000 Bitcoin ATMs have been installed in the U.S. since March 1, 2020, marking a 57.5% in the number of BTC-equipped ATMs over the past year.

Speculations on the level where Bitcoin may end up by Mid-April Range from $65k to $76k as even more corporate giants are expected to invest huge portfolios in crypto currencies and particularly bitcoin. Other popular cryptocurrencies have mirrored bitcoin’s market movements, including ethereum (ether), litecoin and dogecoin. All three have risen in value by between 5 and 15 per cent over the last week.

Another parallel trend mirroring this growth pattern would be that large amounts of cryptocurrency are being removed from exchanges like Coinbase and placed into cold storage, with bitcoin’s liquid supply now estimated at just 4 million. This has never happened before for such an extended period of time, and could lead to a massive supply squeeze soon. This in turn is set to drive up the bitcoin price even further.

Trending crypto portfolios

Explore more portfolios

Loading...

Written By

author-image

Jay Sharma

Jay is a seasoned crypto entrepreneur and technology innovator. As the Founder and CEO of Botsfolio, he has been at the forefront of the blockchain revolution since 2017. His practical experience extends to the technical nuances of crypto mining, having successfully built and managed a substantial GPU mining operation. Jay developed a groundbreaking decentralised application for fractional real estate NFTs. This innovative project garnered significant recognition. Through his hands-on experience and analysis, he aims to provide valuable guidance and empower others to navigate the dynamic crypto landscape.

You Might Also Want To Read

You Might Also Want To Read

Top Crypto Investors. Copy Their Moves.

Build Your Portfolio the Smart Way.

The content, portfolios, and insights presented on this platform are provided for informational purposes only and do not constitute financial, investment, or trading advice. Kribx Inc. and its affiliated influencers are not registered investment advisors or broker-dealers. Cryptocurrency trading involves substantial risk and may result in the loss of capital. Users are solely responsible for their trading decisions. Past performance is not indicative of future results.

PRODUCTS

PARTNER

COMMUNITY GROUPS

© 2024 © Botsfolio

Privacy Policy Terms and Conditions

Copy top investors

Start Free Trial