Another milestone in the bag! Bitcoin reached its all-time high over the weekend, where the world’s largest cryptocurrency was seen trading as high as $61,742 on Saturday.
This new mark was reached just a few weeks after the digital currency topped $50,000.
Bitcoin smashed through the $30,000 and $40,000 levels over a few days in January, and though the journey from $50,000 to $60,000 was more storied, it was only a matter of time amid optimism that some of the pandemic relief payments in the US would end up chasing the digital token’s rally.
The weekend surge was helped by improvements in risk appetite in the financial markets after President Joe Biden signed his $1.9 trillion fiscal stimulus package into law.
An acceleration in vaccination also helped with momentum.
That said, the digital asset did take a breather after topping out this record high. The rally cooled down as investors took profit, and the cryptocurrency was last seen trading at $56,681, dropping by as much as 9.2% on Monday.
Prices have more than doubled so far this year, up 107%, from the December 31 closing price of $28,987.
Investors have flocked to Bitcoin because of the perception that it could be a good hedge against inflation and a weak dollar, if bond yields continue to rise.
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