Bitcoin Price Ends the Quarter Up 103%, almost Record Highs
– Bitcoin doubled over the first quarter, underpinned by mainstream adoption
– The digital asset scored over 800% gain in the financial year 2020-2021
Bitcoin Price Reaches over a 100% Gain in the First Quarter
Bitcoin proponents powered an evening rally in Bitcoin’s price on Wednesday. The effort was enough to push the asset over 100% gain in the first quarter of 2021. Earlier in the session yesterday, bitcoin hovered near $57,000 as market participants digested the latest developments surrounding bitcoin and the cryptocurrency market. As trading progressed and the session was halfway through, bitcoin gained upside momentum and raced to a closing price of $58,900, a 3.6% intraday gain from the daily low of $56,875. On Thursday, bitcoin remains close to $60,000, currently gravitating towards $58,900, less than 4% from its all-time high roughly two weeks ago when the price spiked to $61,800.
The world’s largest coin attempted to retake the $60,000 level but efforts fell short as the market only managed to snatch a daily high of $59,800 before the price retraced to lower levels. However, bitcoin remains well bid for the first quarter. The digital asset scored a 103% gain over the first three months of this year. For the month of March, bitcoin registered a 30% upward swing.
On Wednesday, the apex crypto coin marked a third straight day of gains, prompted by uplifting news coming from payment companies like Visa and PayPal. The two payment giants are now allowing cryptocurrencies to be used as a legitimate means of payment for goods provided by merchants on their networks.
Bitcoin’s Gains 835% in 12 Months
On a larger timeframe, over the course of the financial year that began Apr 1, 2020, and ended Mar 31, 2021, bitcoin logged an increase of over 835%. The cryptocurrency market started to become hot right after the pandemic lows in mid-March last year when almost every market and every asset class dropped substantially.
Since then, in one year, bitcoin has gained the trust of large-cap companies like Tesla, MicroStrategy, and Square. Financial institutions such as Goldman Sachs, JPMorgan, and Morgan Stanley have allowed certain bitcoin and cryptocurrency products to be traded by their customers. And institutional investors like BlackRock, Soros Funds, and many hedge funds and investment firms now have bitcoin in their portfolio.
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