Bitcoin is back with a bang as the cryptocurrency has just broken the $54,000 barrier, marking its path for the juicy $60k mark.
This huge recovery was expected by many analysts in the past few weeks after experiencing the February correction. Many, including the famous Capo of the Crypto, believed that Bitcoin would have a huge surge in price yet again, destroying the competition behind it.
According to data from multiple sources, Bitcoin increased a whopping 10% in just 24hrs which is just a huge sudden jump, currently hovering at around $54500, near to the all-time record high it previously set at $58000. With the passing around of more than 18 Million Bitcoin tokens in the market, the crypto has yet again crossed the $1 trillion mark, still holding its crown as the current best and most expensive cryptocurrency to date. This particular surge happened coincidently when the largest technology stocks, including AMZN, AAPL and others, fell to their knees in front of the tech giant Nasdaq.
This sudden comeback seems to be the result of Bitcoin growing in popularity even after the huge correction, making into the visions of many more investors and traders. Many institutional investors and internet celebrities have also gotten big into the Bitcoin market business to show off their power and become known in the crypto market.
Billionaire Elon musk continues to support cryptocurrency as he thinks that digital currency is definitely the future of transaction systems. Electric car manufacturer Tesla owned by Elon Musk, also showed its support by purchasing more than $1 Billion worth of Bitcoin to start implementing vehicle/product transactions using cryptocurrency, mainly focused on Bitcoin.
Every day we are experiencing more and more traders and investors getting into the crypto scene, which is also great, but also a worrying point for gamers, as it will become even more difficult to purchase graphics cards for gaming as there is also a huge wafer shortage worldwide contributing to the unavailability of products.
Aside from that, Bitcoin investors around the world are celebrating in joy as their valuable investment into the world’s most popular cryptocurrency has finally started to pave the way for increased profits yet again, showing a consistent rise in the bullish trend they were hoping for.