The price of Bitcoin recently rose for the first time to $ 57,000. The rise also led to several other cryptocurrencies being drawn into the rally. Since then, the price has declined slightly, but the conditions still seem good for a continued rise in the near future.
At the time of writing, the price of a Bitcoin (BTC) is $ 55,891.60. This means that the Bitcoin price has fallen slightly since the last peak. But there are good reasons to believe that this small decline is highly temporary and that a new rush of up to 60,000 dollars may be about to take place.
What do we really know about the recent Bitcoin rally?
We currently know this about the recent development of the Bitcoin price:
- On Friday, February 19, the price of BTC reached a new high of $ 57,492. Before the rally that led to this new height, the cryptocurrency was around $ 51,600.
- Bitcoin ended last year (2020) just under $ 29,000. This after increasing in value by more than 300% during the 12 months up to the turn of the year. Since then, a new rally has taken place over the past two months, and as a result, the value of Bitcoin has increased by as much as 95.4% in just under two months. This means that the BTC price has almost doubled since the turn of the year.
- Some attribute the strong price development to the fact that buyers of the cryptocurrency are trying to hedge against rising inflation. This at the same time as the central banks continue to print money and the world governments uncontrollably spread money around in the name of the pandemic.
- The latest rise in the Bitcoin price can be linked to Tesla announcing earlier in February that it had bought BTC worth $ 1.5 billion.
- The Bitcoin rally has taken with it the cryptocurrency Ethereum, which has also reached a new high level above 2,000 dollars.