20:59
Bitcoin jumps to a new high above $51,700, extending its year-to-date rally to 78%

The bitcoin price hit a record high above $51,700 on Wednesday after soaring past $50,000 for the first time the previous day. The surge brought the biggest cryptocurrency's market capitalization to close to $1 trillion.
The bitcoin price (BTC) has rocketed around 75% in 2021, continuing an astonishing rally after dipping below $4,000 in March 2020. Its market cap has grown by more than $700 billion just since the end of September.
Bitcoin was up 4.6%, to $50,817.80, as of 9:40 a.m. ET on Wednesday, having earlier hit an intraday record of $51,719.11.
Analysts say record amounts of monetary and fiscal stimulus are boosting the price by flooding markets with cash and creating fears about inflation and currency debasement.
Tesla's announcement earlier in February that it had snapped up $1.5 billion of bitcoin in January has powered the latest leg of the rally. Interest from big Wall Street names such as BlackRock, BNY Mellon and Mastercard has also given cryptocurrencies legitimacy.
However, analysts at JPMorgan on Tuesday said that the high volatility of bitcoin remained a problem for the digital asset.
They said the cryptocurrency was far more volatile than gold, which many crypto enthusiasts are hoping bitcoin can replace as a store of value in investors' portfolios. One measure, called 3-month realized volatility, was 87% for bitcoin compared to 16% for gold, they said.
"In our opinion, unless bitcoin volatility subsides quickly from here, its current price… looks unsustainable," the analysts said.
JPMorgan also said that its analysis had showed the rapid rise in bitcoin over the last 5 months "has taken place with relatively little institutional flows."
"Some pickup in real money flows would likely be needed to sustain current prices in the absence of a re-acceleration of the retail flow," the note said.

Sourse: markets.businessinsider.com

Start mining bitcoin now

Start trading bitcoin now

Category: News | Views: 124 | Added by: danyagames2007 | Tags: #Bitcoin #Bitcoi Price #BTC | Rating: 0.0/0
Total comments: 0
Name *:
Email *:
Code *:
[07.03.2021][News]
Is Bitcoin an Inflation Hedge or a Speculative Asset? (1)
[07.03.2021][News]
Bitcoin Explodes Above $50,000 as Total Market Cap Adds $100B In 24 Hours (Market Watch)After flirting with the coveted $50,000 price tag, B (0)
[06.03.2021][News]
Mega Chop is Expected in Bitcoin Market Amidst “Continued Appetite” from Big Investors (0)
[06.03.2021][News]
Bitcoin is tens of thousands away from “overbought” territory, study suggests (0)
[05.03.2021][News]
Bitcoin’s chances of hitting $100,000 in 2021 stumble as Kanye West tipped to buy $100m (0)
[05.03.2021][News]
Bitcoin and Ethereum Form A Bullish Reversing Chart Pattern (0)
[04.03.2021][News]
Bitcoin and Ethereum slow down as transaction values and fees plunge 70% (0)
[03.03.2021][News]
BITCOIN PRICE BOUNCES BACK ABOVE $50,000 AS PROMINENT INVESTOR PREDICTS IT COULD RISE TO $5M (0)
[03.03.2021][News]
Bitcoin is set to soar (0)
[02.03.2021][News]
Traders Fear "Black Thursday" Comeback as Bitcoin Returns in March Mostly Negative, Statistics Say (0)
close