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As the Second Quarter Begins, Bitcoin Is in Its Best Year Yet

Summary:
As the second quarter begins, Bitcoin price is looking at its strongest three-month gain than any quarter since 2013. With a 103% gain in the first 3 months of 2021, the coin looks primed for more. Typically, March has been a bad month historically for Bitcoin. However, the king cryptocurrency saw a  massive increase of nearly 30% over the month is strong evidence that this year is different. Moreover, it was during this year that Bitcoin tested an all-time high of ,000, a record high for the coin. At 18:30 GMT, Bitcoin was trading at ,823. A loss of 0.68% over the last 24 hours. The second quarter of the year has been historically the strongest in the life of Bitcoin. Two years ago, Bitcoin’s second quarter saw nearly 160% returns in the green, a value which analysts and bulls are

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As the second quarter begins, Bitcoin price is looking at its strongest three-month gain than any quarter since 2013. With a 103% gain in the first 3 months of 2021, the coin looks primed for more.

Typically, March has been a bad month historically for Bitcoin. However, the king cryptocurrency saw a  massive increase of nearly 30% over the month is strong evidence that this year is different. Moreover, it was during this year that Bitcoin tested an all-time high of $61,000, a record high for the coin.

At 18:30 GMT, Bitcoin was trading at $58,823. A loss of 0.68% over the last 24 hours.

The second quarter of the year has been historically the strongest in the life of Bitcoin. Two years ago, Bitcoin’s second quarter saw nearly 160% returns in the green, a value which analysts and bulls are hoping will be beaten this year.

As the bull run holds strong, many are predicting that in the near and long term, the Bitcoin rally is not close to over. PlanB, cryptocurrency analyst, foresees Bitcoin’s price to hit a high point between $100, 000 USD and $288, 000 USD before this rally is over. Plan B also noted that any concern about Bitcoin rapid gains this year should be quieted as this bull rally is not that different from previous ones.

Bitcoin market cap may exceed that of gold

In an interview on CNBC, the CEO of Galaxy Digital, and billionaire investor Mike Novogratz, said that he expected Bitcoin to now surpass the gold market cap capitalisation.

Novogratz explained that the influx of big institutional investors and players into the crypto space is a testament that interest in cryptocurrencies is not fading anytime soon. He was shocked at the pace of adoption.

Adoption’s happening faster than I predicted. It’s shocking to me how fast people are moving into the system

He also remarked that he expected Bitcoin to “meet, and ultimately exceed gold’s market capitalisation”.  

I do think bitcoin is on an inevitable path to having the same market cap and then a higher market cap as gold

Currently, the market cap of gold is around $10.9 trillion while that of Bitcoin has recently surpassed $500,000. For Bitcoin to surpass gold’s market cap, Bitcoin would need to be $500,000.

With Bitcoin up around 800% over the past year there is certainly a lot of impetus that could push the number one cryptocurrency to equal that of gold.

Novogratz mentioned that with more companies coming into the crypto-sphere, it will be harder for the government to ban Bitcoin.

The more people involved in this space, the more big firms, if it’s Tesla, or MicroStrategy, or Goldman, or Morgan Stanley, the more wealthy individuals — the harder it is politically to say ‘hey we don’t like this anymore.’

Goldman Sachs, the latest big bank to join the party. The bank announced that it will be offering Bitcoin services to its high-net-worth clients. Morgan Stanley declared in a filing with US Securities and Exchange Commission that it will offer exposure to the flagship cryptocurrency as an investment option through the shares of Grayscale Bitcoin Trust (GBTC) or cash-settled futures.

Mike Novogratz’s statement comes a day before one of Bitcoin’s biggest critics and prominent gold bug, Peter Schiff pulls an April Fool’s joke admitting that he was wrong about Bitcoin.

Peter Schiff announced on his Twitter account:

Joke or not, with Bitcoin’s current price trajectory, it is only a matter or time before Schiff agrees that Bitcoin has come to stay.

If you have any questions and comments on Bitcoin today, use the form below to reply.


© IbrahimAnifowoshe for Commodity News, 2021. | Permalink | No comment |
Published under: Bitcoin, Forecasts

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