The price of Bitcoin set a new record over the weekend, reaching an all-time high at $61,732 on Saturday. This means that in less than a month, the cryptocurrency surpassed the $50k milestone by more than $10k.
Bitcoin price records:
We can clearly see that the value of Bitcoin is rising very fast lately, and with this rhythm, it will probably experience the records its enthusiasts have declared in the past.
If this price increase is going to be something beneficial or not, we have to wait and see, but analysts think it is very positive for the development and improvement of blockchain technology in general.
The rise in the value of bitcoin has been linked to the institutional investments that have been made in the past few months and the bullish outlook by important personalities in the financial field.
Bitcoin and the pandemic
The Covid-19 pandemic has also fueled the cryptocurrency rally. People’s concern about the growing inflation due to over-printing money has led them to invest in bitcoin to safeguard their savings. In fact, bitcoins bulls coincide with money printing from central banks.
Considering all these facts, many analysts believe that the token will soon reach the $100,000 milestone.
“If you consider how many asset managers and retail investors are afraid of the existing financial system failing them, and if a small portion of them go on to place even a 5% of their portfolio into bitcoin, then $100,000 per bitcoin is a very conservative estimate,” Sergey Nazarov, co-founder of Chainlink said on Sunday.
Even though the cryptocurrency price dropped on Monday, many think Bitcoin is here to stay.