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Home >News >India >Bitcoin hits fresh lifetime above $62,900 amid bullish outlook

NEW DELHI : Bitcoin prices rose above the $62,900 level for the first time on Tuesday, as cryptocurrencies managed to recover from range-bound trading over the past few weeks amid bullish outlook. The digital currency had earlier hit $61,711.87 on 13 March. The market also saw growing excitement around Coinbase’s direct listing .

Around 3.05pm IST, the world’s biggest cryptocurrency was trading at $62,452.57, up 3% after moving in the $59,656.01-62,907.30 range over the past 24 hours. The digital asset currently commands a market capitalization of $1.17 trillion.

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Meanwhile, the world’s second-largest cryptocurrency, ethereum, also hit a fresh lifetime high of $2,228.28.

“The major jump in bitcoin price is a reaction to Coinbase listing on Nasdaq. This is the most-awaited event in the global crypto industry and will position digital assets at par with stocks, gold and other traditional asset classes. Minister of state for finance Anurag Thakur indicated that the interests of crypto investors will be protected, this may also have added to the positive inertia in bitcoin growth. If the current trend continues, bitcoin will cross $75,000 mark this month," said Shivam Thakral, chief executive officer, BuyUcoin.

Despite flat trading in the crypto market over the past few weeks, experts have been very bullish on bitcoin.

Bloomberg Intelligence in a recent report had said that the technical outlook for bitcoin remained strongly upward and the price can spike around 600% to hit the $400,000 level in 2021.

According to the report, bitcoin's fundamental and technical underpinnings are improving while that of gold is deteriorating, and gold will always have a place in jewellery and coin collections, adding that most indicators point to an accelerating pace of bitcoin replacing the metal as a store of value in investor portfolios.

In another report, Kraken Intelligence said that with April being, on average, the second-best performing month, one could expect bitcoin to finish higher and thus tie for the longest winning streak since the cryptocurrency’s inception.

“Historical data indicates that the second quarter of the calendar year is typically a positive yielding quarter for both bitcoin and ethereum. Since 2011, BTC has returned, on average, 256% in Q2 while ETH has returned, on average, 141% when looking as far back as 2016," the US-based crypto exchange said in a report.

“Given bitcoin’s March-end price of $58,786 and assuming it closes 256% higher in the second quarter of 2021, one could expect it to trade at roughly $209,000 as of 1 July 2021," it added.

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