Bitcoin, the world's most popular cryptocurrency, reclaimed the $60,000 mark on Saturday as the market experienced long-awaited volatility, as predicted by analysts. The price movement occurs just days before Coinbase, the largest crypto exchange in the United States is set to list on the Nasdaq.
Early Saturday, bitcoin's price approached its all-time high of $61,712, while ether (ETH, +4.23% ) hit a new all-time high of $2,190.
Bitcoin (BTC) volatility has dropped in recent weeks after six months of double-digit returns. Experts, on the other hand, believe that a major shift is on the way. A convincing attack on $60,000 resistance, the last before all-time highs, had previously failed to materialise.
Meanwhile, ether, the second-largest cryptocurrency by market capitalization, was on the verge of breaking through $2,200, just days after breaking through $2,100 for the first time.
At 12:10 p.m. IST, the digital asset was trading at $60,675.87, up 4.5%, while ethereum was trading at $2,173.63, up 4.7%. On Saturday, the motivation for the latest rise remained unclear, as did the true extent of its staying power, given the significance of $60,000 as a psychological support level to capture.
This increase can be due to a Bloomberg report stating that the price of bitcoin could reach USD 4,00,000 this year.
The prospect of an exchange-traded fund (ETF) with exposure to the digital asset space being approved in 2021 bolstered bitcoin bulls on Friday, after the Securities and Exchange Commission (SEC) confirmed it was reviewing ETF giant WisdomTree's application.