The prices of Bitcoin have been unstoppable and crossing milestones every week and have hit their all-time high of $57,000. Other altcoins have also been performing exceedingly well.
BTC prices have been rising upwards at an exponential pace and are presently in the clouds but might soon reach the moon and beyond which is indicated by their current bull run. They peaked at the $57,000 mark on 20th February which is the highest price ever.
Reasons For Bitcoin Rise
There are several reasons for Bitcoin to be rising at this unprecedented speed and BTC hopping on the bull run at full swing.
One of the first and most crucial reasons is that MicroStrategy which is a US-based business intelligence company has made a big announcement yesterday. They declared that they will sell debt of $1 billion in order to purchase more BTC.
In addition, MicroStrategy has already conducted a similar move earlier in December 2020 when they sold off $400 million of the exchangeable senior notes that eventually added to the reserve of money which was used to purchase billions of Bitcoin coins.
MicroStrategy is led by Michael Saylor, CEO. Industry leaders have credited him with influencing the massive $1.5 billion investment of Tesla in BTC which ultimately resulted in their price spike.
The new BTC record high is owing to the cryptocurrency benefits resulting from the latest wave from the mainstream. BNY Mellon made an announcement of investing in cryptocurrencies for their clients last week. This move is expected to push BTC prices even upwards in the long-term.
Guggenheim predicted BTC to touch $600,000 while JPMorgan predicted a $146,000 price level soon. The bull run has spiked the market cap of BTC to $1 trillion in January 2021 while the market cap of the entire crypto market is $1.7 trillion.