Bitcoin Increases By 6.6% To $61,074

Next stop, 100,000 dollars?

Bitcoin prices rose to a record high on Saturday, boosting over a $60,000 psychological milestone. That could reaffirm that the path for digital assets is higher for bullish crypto-asset investors.

Eard Saturday BTCUSD,-2.71 percent, according to CoinDesk, had trading hands at $59,781, after a new all-time high of $60,322.60.

The new hallmark for the world’s most popular cryptography follows a relatively fallow time for the investments whose profits are attributed to a higher number of leading institutional investors.

The jump above $60,000 also means that it took Bitcoin less than a month to reach another $10,000 milestone in the middle of February.

Bitcoin broke a $20,000 barrier less than three months ago, which it hadn’t come close to since December 2017.

There is no instant catalyst that increases bitcoin’s recent move, but blockchain, the technology that underpins the decentralised asset, has exploded as an interest.

The so-called nonfungible toks, or NFTs, which use the block chain as an authentication of the ownership of assets. Last week, Mike Winkelmann’s artwork, known as Beeple, sold at an online auction at Christie’s for a record of $69.3 million, the 3rd lowest cost art piece sold by a living artist and the most expensive NFT-related sale.

However, it remains to be seen whether the NFT craze marks a new level of irrational exuberance in cryptos.

NFTs tend to be tied to another Ether ETHUSD crypto asset,-3.78% of the Ethereum blockchain but the fervour of cryptographic authentication has overwhelmingly lifted the market for digital assets, say experts.

More broadly, Bitcoin growth was linked to institutional stake-holding by Tesla Inc. TSLA,-0.84 percent, which said it bought $1.5 billion in bitcoins. In the meantime,

PayPal Holdings Inc. PYPL opened its cryptocurrency platform to all U.S. customers after a narrower rollout back in November-1,37 percent.

Several well-known investors on Wall Street, including Stanley Druckenmiller and Paul Tudor Jones, have also taken on Bitcoin. Famous investor Bill Miller, founder of Miller Value Partners, reaffirmed his booming outlook on bitcoin in a letter last year.

Bitcoin 2021 has brought a year to date growth of over 100%, up 7.1% from Dow Jones’s industrial average DJIA, +0.90% to 5% from the S & P 500 SPX Index, +0.10% and a 3.4% increase from the Nasdaq Composite Index COMP, up to-0.59% in 2021. Ether tokens are up 140% in the current year.

Concerns about the rise of inflation as the US economy bounces back from the COVID-19 pandemic, through vaccine roll-outs and fiscal aid packages, have also helped fuel bitcoin’s rise, say experts.

Bitcoin bulls have long pointed to central bank cash printing and concerns about rich inventory valuations as other triggers for digital asset growth.

With that in mind, some bet that Bitcoin’s next biggest climb could be to $100,000.

“When you look at how many asset managers and retail investors fear the existing financial system’s failure, and when a small portion of them even place 5 percent of their portfolio on Bitcoin, then $100,000 per Bitcoin is a highly conservative estimate,” Sergey Nazarov, co-founder of Chainlink’s blockchain initiative, said in a Saturday note.

All this said, the new Bitcoin may still fall to $0 if governments attack it, although a number of central banks are experimenting with digital currencies and interests may be petering off.

The next trend in cryptography for mainstream markets could be the anticipated initial public offering of the Coinbase Global Inc. COIN digital asset trading platform, which is +3.70%, and could provide new catalysts for the broader market.