Overview
- The price of Bitcoin is very close to $55k after recovering and reemerging from its previous downward trend.
- The market capitalization of Bitcoin is once again past the $1 trillion mark, and the transference and exchange of BTC is increasing continuously.
The recent bullish trend of Bitcoin has made this crypto asset worth nearly $55k again, and it is now floating around the same price, but there is still a long track to cover before it reaches its previous all-time high price.
BTC is again close to the price of $55k after the crypto asset broke its shackles which were making it go down by huge margins, and Bitcoin came on top after all as the total market capitalization of BTC crossed $1 trillion.
Major Comeback by Bitcoin
The price of Bitcoin had hit its previous all-time high on 20th Feb 2020 when it got valued at $58k. After reaching that milestone, Bitcoin seemed to be going rather well, but a market correction took place, which dragged its price straight back to a low of $43k, just after eight days of reaching its highest price ever. However, Bitcoin had not given up yet, and it started recovering gradually, and it came back to its price at $55k and reclaiming its true value. The total market cap of BTC went below $1 trillion on 22nd Feb 2021, and it did not go back to that until now.
According to Jason Deane, BTC analyst of Quantum Economics, this news of Bitcoin regaining its value came after a lot of statements by various companies such as Aker ASA, a multinational from Norway and Meitu, an app creator from China, saying that they have acquired Bitcoins and have added it to their balance sheets. This was also followed by the mass adoption of BTC by the general public.
GBTC’s Negative View on Bitcoin
Although there is currently an upward trend for Bitcoin and the investors seem bullish, the Grayscale Bitcoin Trust premium that is the extra percentage charged above the price at which the BTC is traded by the Grayscale Bitcoin Trust is still negative.
According to a data analytics website, this premium has not been positive since the end of February. This shows that some entities are still sceptical about the rise of BTC.