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Bitcoin taps $60,000 mark as JP Morgan projects new mark to dethrone Gold

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Bitcoin’s current price valuation continues to rise strongly in the asset market as long hold investors and large holders maintain their grip on the most popular cryptocurrency.

During the last two weeks of March, the bitcoin market recorded a dip, selling below $55,000 per coin, but investors occupied a long position. This decision pushed bitcoin price upward, fast forward to April 2, 2021, it has smashed the $60,000 mark for the second time in two months.

There are several mark’s set for bitcoin this year. The first being the $50,000 which it attained in February, second quarter of 2021. And there’s that of $60,000 which the crypto surpassed earlier today. The milestone crypto market is expecting to hit is the $100,000 mark.

According to the digital asset price tracker, Coindesk, bitcoin recorded its highest asking price at $60,101.75 in 24hour, solidifying its importance as a store of value as more institutional investors adopt the digital currency.

The lowest the cryptocurrency sold for in the last 24hour was $57,973.35, but bitcoin’s current price is put at $59,458.42 as of the time of filing this report. The market change in the past 24hour is 1.22 percent upward.

The market capitalisation of bitcoin, which was $1.02 trillion two weeks ago, is now set at $1.11 trillion. Although, this is lower than the $1.13 trillion recorded on March 16, 2021, when bitcoin first broke the $60,000 mark.

READ ALSO: Here are figures that prove bitcoin is investor’s best asset, as Gold loses value

The crypto traded at $61,337 in a short time before crashing down. Since the decline, bitcoin has continued to aim for a second try before achieving it on Friday, April 1, 2021.

Big boys to help bitcoin continue upsetting gold

The impressive rise of bitcoin has driven wide embrace from individuals looking to grow their wealth, and now mass adoption is being projected smong institutional investors by JP Morgan.

In the first week of last month, the investment bank had carried out a survey on bitcoin with 3,400 institutional investors, but 78 percent of the total number doubt investing in the digital asset.

However, in a recent report by U.today, JP Morgan is projecting the upside of bitcoin will increase the number of institutional investors in the bitcoin market. It stated that bitcoin will crowd out gold in the asset market.

But the company said bitcoin current price will have to hit $130,000 long-term in order to match the total private sector investment of gold.

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