|BTC, with a new all-time high of $51,221, is currently trading at $50,988 per Coingecko.com data. Price rose by 4% a day and by 9% a week. The monthly gains rose to 42% and increased by 413% in a year.|
According to Cryptonews.com, Ethereum (ETH) also began rising this morning, reducing their daily losses.
“There are a number of reasons why bitcoin is soaring, but what stands out most is the trend that MicroStrategy started and Tesla popularized: moving institutional balance sheets into bitcoin to hedge against inflation,” Nicholas Pelecanos, Head of Trading at NEM, said in an emailed comment.
According to him, this is just the beginning of a trend that will see billions of dollars flow through crypto space in the course of 2021—all at a period when supplies are getting incredibly tight.
“The total amount of bitcoin on exchanges has reduced by a third-year on year, which means the upside moves will continue to be aggressive. USD 50,000 is euphoric, but I wouldn’t be surprised if the price doubled again within a year,” Pelecanos said.