A few hours after breaking its previous all-time high of $58,500, Bitcoin climbed to $60,000, a move that has brought in gains across the entire crypto market.
Bitcoin climbed to a previous high on February 21, after which the price of the digital asset quickly slumped to around $47,000 24 hours later, plunging even further on the next day. Since then, the leading cryptocurrency has been trading sideways amid massive accumulation from whales and institutional investors.
Bulls finally reclaimed the market this week and have been pushing the price of the digital asset. A number of factors, including Biden’s recent $1.9 trillion stimulus package may have contributed to the recent Bull Run.
After several weeks of trading sideways, Bitcoin finally broke the $60,000 mark, eventually reaching a new ATH of $61,267. As of press time, the digital asset was exchanging hands at $61,219.
The bullish sentiment can be seen across the entire crypto market. While the second-largest cryptocurrency Ethereum is yet to break its previous all-time high of $2,000, it is on course to challenge it once again. Ethereum was trading at above $1,935, as of press time.