Through March, Bitcoin’s price rose from 45,092 on average on the first day of the month all the way to around 57,627 at the closing.
This marks around 29% monthly gains in the price of bitcoin. In the first two months of the year, bitcoin’s price had increased 15% in January and 37% in February.
These increases mark the best start of the year for BTC since 2013. In that year, bitcoin had posted gains of about 300% in the first quarter. In contrast, 2018 would have to be remembered as the year when bitcoin had its worst first quarter. In that year, the cryptocurrency lost around 50% of its value in the same three-month frame. Currently, bitcoin has racked up six straight months in the green.
The Covid Effect
Bitcoin was putting in some pretty decent numbers in the first quarter of last year as well. The cryptocurrency had been hovering around $7,000 at the end of 2019. The price reached the mid $10,000 range by February. From the middle of February onward through, the price seemed to be on a downward trend until it plummeted from almost $8,000 to 5,300 in just a couple of days in March.
In the last quarter of 2020, the price went from around $10,000 per unit all the way to 23,000 by the end of the year. This certainly signaled to investors that the negative Covid effect was all but over.
More Companies Willing To Take A Chance On Bitcoin
Just yesterday, Goldman Sachs announced that it would be exploring offering crypto-assets, particularly bitcoin, to their big investment clients. Paypal and its former boss Elon Musk have also made big pushes to explore the crypto-verse through accepting BTC payments.
If the institutional adoption continues at this pace, bitcoin could break its own record for consecutive months in the green. The record currently stands at 8, while the current streak sits at 6.
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