By Samuel Indyk
Investing.com – The price of Bitcoin jumped sharply on Tuesday with the market cap of the world’s largest cryptocurrency crossing $1tln for the first time in two weeks. At 11:25GMT, bitcoin was up 7.8% to $54,019.
The move higher has continued despite a tumultuous time for technology stocks and the March rebound now means the all-time high will come into focus.
Bitcoin hits its highest level of $58,335 in late February before a sell-off at the end of the month saw the price fall as low as $43,100 on February 28th. However, since the beginning of March, bitcoin has staged a strong rebound which puts its all-time high back in view. Bitcoin is up more than 80% year-to-date.
The price of bitcoin has climbed steadily since the beginning of the year as corporate adoption becomes more mainstream, following the purchase of $1.5bln worth of bitcoin by Tesla. More recently, Chinese app-maker Meitu announced they had bought bitcoin and ether for their balance sheet, although on a much smaller scale.
Last week, Reuters reported that Goldman Sachs was going to be restarting their cryptocurrency desk to trade in bitcoin futures on the CME and non-deliverable forwards on behalf of clients.
In a recent survey, analysts at the bank noted 40% of their clients currently have exposure to cryptocurrencies.
With institutional investors firmly part of the crypto furniture in 2021, it would suggest the situation is different now compared to how it was back in 2017.