The price of Bitcoin recently hit $57,100 after a recent rise. Although Bitcoin’s current all-time high is $58,352, the recent spike signifies that the market is currently back to being bullish and could retest the all-time high.
There is a lot of optimism that Bitcoin could not only scale the record high but also hit the $60,000 mark. Recent data showed that the king coin began the day very close to $53,000. Even though Bitcoin is currently trading at $56,391 according to CoinMarketCap data, the king coin nearly hit $57,000 after jumping 6.5% from its earlier low today.
The spike currently seen in the Bitcoin market can easily be traced to institutional players. Several institutions have been dumping funds into the market, scooping up heavy amounts of the king coin. In early February, electric automaker, Tesla, announced a $1.5 billion Bitcoin acquisition. The company said that it updated its investment policy, which allows it to invest an amount of its cash in assets such as cryptocurrencies, gold exchange-traded funds, and gold bullion.
Business intelligence company, MicroStrategy Inc., recently purchased 328 Bitcoins for $15 million. Last month, the company also acquired 19,452 BTC, spending over $1 billion on the purchase. Regardless of the heavy institutional purchases, retail interest in Bitcoin is also growing considerably.
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