Weekend action: Bitcoin hits $60k as crypto market cap approaches $2 trillion
The leading cryptocurrency continues its record-breaking run this weekend by setting another all-time high at $60,000. Bitcoin is currently trading at $60,000 on Binance and several other cryptocurrency exchanges.
Bitcoin sets all-time high at $60k
Bitcoin has surpassed its previous all-time high price of $58,300 and set a new one above the $60,000. The leading cryptocurrency reached this milestone on Saturday afternoon after rising by nearly 5% over the past 24 hours.Binance tweeted this update, informing the crypto space of the latest milestone. This latest development pushes Bitcoin’s total market cap to $1.1 trillion, the highest it has been in its 12-year history.
The general cryptocurrency market cap is also approaching the $2 trillion mark. Bitcoin accounts for nearly 62% of the entire market cap, while Ethereum comes second with a market cap above $200 billion.
Bitcoin is now up by more than 16 times since the March 2020 crash. The cryptocurrency crashed below the $4,000 mark in March 2020 at the height of the Coronavirus panic, which affected the entire global financial markets. It has since bounced back and is up by more than 1,000% over the past year.
According to most analysts and crypto enthusiasts, Bitcoin will touch $100,000 before the end of the year. Meanwhile, some analysts believe the cryptocurrency’s long-term value is close to $500,000.
Bears got Rekt
Bitcoin’s latest rally negatively affected bears who bet that the price would tank. More than $290 million worth of shorts were recently liquidated as Bitcoin’s rally takes it past the $60,000 mark on crypto exchanges.It is a huge loss for bears, but the event suggests it is unwise for them to short the cryptocurrency during a bull cycle. It is unclear if Bitcoin can maintain its momentum for the remainder of the year. However, it is already up by 100% year-to-date and could extend its price over the next few days and weeks.
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