Bitcoin breached the $53,000 price to register a new all-time high of $53,756 and also breached the $1 trillion market cap during the process.
The top cryptocurrency has been on a dream run since the last quarter of 2020 and has added nearly $40k to its price since the bull run began towards the end of October 2020.
The mammoth price rise has been aided with booming mainstream adoption by retail and institutions alike. While the 2017 bull run brought bitcoin the mainstream attention, the current bull run has seen Bitcoin gain widespread mainstream adoption from traditional financial institutions as well as fortune 500 companies.
Bitcoin price is slated to touch the 6-figure mark by the end of this year with price prediction varying from $100,000 to $220,000. Many analysts believe bitcoin is currently in a supercycle rather than just another bull run. The fact that Bitcoin has not only rose by 2.5X it’s 2017 high, unlike earlier the top cryptocurrency has maintained its gains. The previous bull runs came in bursts and lasted anywhere from few weeks to a couple of months, however, the current bull run is already in its 5th month.
Read more: Coin Market Cap