Bitcoin rose 6.64% to $61,073.71 for the first time, adding $3,802.67 to its previous close. Continuing its record-breaking run, Bitcoin is up 120.2% from the year’s low of $27,734 on 4 January.
It took just a little more than a month to breach the latest threshold. Bitcoin traded for a few cents for several years after its debut more than a decade ago.
Crypto lender and Managing Partner & co-founder of Nexo in London Antoni Trenchev said Bitcoin’s resilience is proving to be the stuff of legend. “Every correction is an opportunity to reset and restart the move upwards,” said Antoni Trenchev.
Bitcoin is up about 1,000% in the past year amid signs of increasing institutional interest as well as speculative demand.
Advocates champion the cryptocurrency as a store of value akin to gold that can act as a hedge against inflation and a weaker dollar. Others argue that the rally is a giant stimulus-fueled bubble on track to burst like it did in the 2017-2018 boom-and-bust cycle.
Industry participants and some strategists point to a wider take-up as one reason why the current bull run is different. Tesla Inc’s $1.5 billion investment in Bitcoin and Chief Executive Officer Elon Musk’s endorsements of the digital asset on social media.
Billionaire investor Mike Novogratz, who runs Galaxy Digital Holdings Ltd., has said that Bitcoin could reach $100,000 by the end of the year.