Bitcoin Price Gained Nearly 100% in the First Quarter
Bitcoin is the world’s largest cryptocurrency and this fact highlights its importance. People should keep in mind that, Bitcoin price just had its best Q1 since 2013. Interestingly, the major cryptocurrency gained nearly 100% in the last 3 months amid a surge in retail as well as institutional demand.
At the moment, it has a market cap of more than $1.1 trillion. Let’s have a look at the information published by crypto research and analytics platform Bloqport. According to this platform, Bitcoin posted net gains in the first three months of 2021.
It is worth mentioning that, the world’s largest cryptocurrency added nearly 15% in January and around 37% in February. In the last month of the first quarter, it gained 29%. People should keep in mind that, the current bull run in BTC is the best performing cycle for this cryptocurrency since 2013.
As a reminder, the BTC posted nearly 300% gains during the first quarter of 2013. The world’s largest cryptocurrency experienced its worst first quarter in 2018. At that time, it lost nearly 50% of its value.
Bitcoin and a historic result
The world’s largest cryptocurrency is taking advantage of the growing institutional demand. Interestingly, Goldman Sachs is planning to introduce Bitcoin-related investment products. As a reminder, Goldman Sachs is one of the largest investment banks in the world.
One of the largest investment banks understands the importance of Bitcoin. Moreover, other world-famous banks should pay more attention to Bitcoin as well as other cryptocurrencies.
It is worth mentioning that despite small corrections, its price has been on the rise since the start of 2021. People should keep in mind that Bitcoin started this year at a price level of approximately $29,000.
However, BTC’s limited supply, as well as a surge in demand, pushed its price to a record high of $61,000 in March.
The coronavirus pandemic caused numerous challenges, and it is not surprising that people are willing to pay thousands of dollars for Bitcoin. The world’s largest cryptocurrency has the potential to reach even better results. It is worth noting that, BTC is expected to break out above the $59,700 area and reach a new all-time high. Nevertheless, there is a high chance of a short-term retracement prior to the resumption of the upward movement.
Bitcoin and cryptocurrencies, in general, gained popularity all over the world. So, it is not surprising that the prices of cryptocurrencies will continue to rise in the future.
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