Bitcoin Price Hits $60,000 for the First Time in History amid Bullish Run

0
75
Bitcoin
Bitcoin

Bitcoin (BTC), the largest cryptocurrency by market capitalization and price had just hit a new all-time high—reaching $60,000 for the first time since its creation, according to data from CoinTelegraph Markets and Tradingview?

The digital currency suffered a severe correction in late February. BTC stabilized at 58,000 resistance zone before plummeting to $45,000. However, after a bullish momentum led by Bitcoin traders—the largest crypto hit a new milestone on Saturday morning.

CoinTelegraph research team said: “Realized Cap HODL waves show what percentage of realized capitalization belongs to HODLers of different type (1y-3y hodlers, 3y-5y and so on). Usually, macro tops occur when the market over-saturates with FOMO. This can be identified when a large % of realized capitalization belongs to short term hodlers (younger than 6 months). The last macro tops were accompanied by more than 95% of realized cap belonging hodlers of less than 6 months. Currently, we are at 82%.”

Regulators’ fear grows of Bitcoin & Altcoins

Bitcoin gained remarkable interest in the last year amid the Covid-19 pandemic. Some traders described the digital currency as “digital gold” and argued that it can be a hedge against inflation. Meanwhile, major financial institutions endorsed BTC and other cryptocurrencies, pushing BTC and Altcoins to their highest level since their creation.