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BTC Crossed $57K, Setting A New ATH And Launching A Crypto Rally

BTC crossed the $57K price range less than two months into 2021 with the price of the coin rising 95.4% as we can see more in today’s BTC news. A day after the leading cryptocurrency increased more than $5000 and achieved a $1 trillion market cap, BTC…

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BTC crossed the $57K price range less than two months into 2021 with the price of the coin rising 95.4% as we can see more in today’s BTC news.

A day after the leading cryptocurrency increased more than $5000 and achieved a $1 trillion market cap, BTC reached another ATH and crossed the $57K level for the first time, launching a new crypto rally. The price of the asset reached $57,492 before settling back to $56,265 marking an 8.77% rise over the past 24 hours and before the fun and games started, BTC was about $51,600.

BTC reaches
Bitcoin reaches a $1 trillion market cap for the first time in its history Source CRYPTOCAP-BTC on TradingView.com

The benchmark cryptocurrency ended 2020 shy of $29,000 after a 300% gain from the previous 12 months. The striking performance seems to be tame as less than two months in 2021, the cryptocurrency doubled with a 95.4% gain. Some think that the strong price surge comes from the strong demand by the buyers that are looking to hedge against inflation as the governments are spending and central banks are printing money to keep up with the economic shifts during the pandemic.

John Willock, the chief executive at Blocktane said:

“Through the insatiable buy-side pressure from exchange-traded fund (ETF) issuers, closed-end funds and large public corporations adding bitcoin to their positions, demand is massively outstripping supply.”

The ramp-up in the price was launched back in January when Tesla decided to purchase $1.5 billion of the crypto for its treasury. This sparked other companies to consider investing and it resulted in hype on the market. Rising along with BTC as ETH as the cryptocurrency surged to $2000 for the first time ever. The excitement for both ETH and BTC hitting new peaks, expanded over the rest of the crypto space with almost all tokens during and posting double-digit gains.

btc daily
BTC 24-hour Price Chart (Source: Coingecko)

BTC crossed the $57,000 price range but there were other strong gainers as well. ADA increased by 17%, UNI and AAVe as well as XEM increased by about 10%, while Link increased by 3%. The gains in UNI and AAvee were possibly linked because they are both huge players in the Defi space but still, most of the weekend gains could be because of investors looking for the next BTC or ETH surge or the surge of other tokens on the market.

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