Key Takeaways:
- Bitcoin climbs higher, tops $60,000 as market cap eyes $1.2tn
- The digital asset remains near session highs, trading around $59,800
Bitcoin Breaks $60,000
Bitcoin broke above the $60,000 milestone for the second time in its relatively short history. The digital asset peaked at $60,200 in early trading on Friday buoyed by positive investor sentiment and heavier doses of risk-taking. The strong kick-off in April is underpinned by continued mainstream adoption and high hopes for the increasing acceptance to remain climbing in the second quarter.
April off to a Strong Start
For the first two days of April, the price of bitcoin has climbed 2.5%, adding more than $10bn per day to its valuation. Bitcoin is currently sitting at a market capitalization of nearly $1.2tn, almost double the size of the EV maker Tesla and rivaling the valuations of high-growth tech companies like Google and Amazon, valued at $1.4tn and $1.6tn, respectively.
The largely positive sentiment towards the crypto market has helped push bitcoin out of its latest lows around $50,500 less than ten days ago. Since Mar 24, the price of bitcoin has increased by almost 18%, inspiring confidence in crypto participants who were expecting a prolonged dip to shadow the short-term growth prospects. Some crypto supporters even attributed healthy characteristics to the recent fall, by saying the dip is a needed correction that would cool off the crypto market, which rallied full steam in February. The 18% correction from the all-time top near $61,800 to $50,500 lasted 11 days before buyers stepped in.
The quick growth pace of bitcoin has prompted investment banks to start working on solutions that will enable their clients to invest, trade, and own bitcoin. Globally, banks are seeing increased demand by customers to own bitcoin-based products and have exposure to the emerging cryptocurrency market.
Easter Market Closures
Bitcoin is currently trading slightly below $60,000, hovering around $59,800 on Good Friday. While traditional markets such as the stock and bond market in the US are closed today in observance of the holiday, the cryptocurrency market remains active.
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