The world’s largest cryptocurrency, Bitcoin, reversed course after reclaiming the $60,000 level on Friday amid low trading volumes. Notably, rally in the world’s oldest cryptocurrency lost steam after logging a gain of more than 8% over the past four days.
Furthermore, the overall trading volume of BTC declined by over 7% and settled at $55.93 billion over the last 23 hours.
Bitcoin’s price has increased past the $59,000 level on Thursday after the U.S. Federal Reserve kept a zero-rate outlook. Furthermore, the cryptocurrency surpassed $59k after Morgan Stanley become the latest major corporate to jump on the crypto bandwagon.
On March 19, BTC declined by 0.4%. It stood at $58,454.49 after moving in the $56,487.88-60,186.21 range over the past 24 hours.
Additionally, the most popular cryptocurrency has reached its all-time high of $61,711.87 on March 13. However, it tumbled towards the $55,800 level by March 15 as the rally looked overstretched.
According to SkyBridge Capital founder, Anthony Scaramucci bitcoin can move even higher over the long term and become a less volatile asset as adoption picks up.
Bitcoin has witnessed a meteoric increase since its creation in 2009 and in recent months. It traded about $57,800 per coin Thursday morning. Just six months ago, it stood at nearly$11,000. Furthermore, Bitcoin’s value by market cap has almost doubled this year alone.
The total supply of Bitcoin stands at 21 million. According to CoinDesk data, approximately 18.66 million coins are in circulation. Proponents see bitcoin’s predetermined supply limit as a reason why its price can resume to grow with more investors seeking ownership.
Scaramucci, whose firm has a bitcoin fund, announced the currency is still in a transitory period. He said some of bitcoin’s fundamental characteristics, including running on a distributed digital ledger known as a blockchain, have been key to its market capitalization skyrocketing.
Scaramucci, who briefly served as former President Donald Trump’s White House communications chief, reported he believes bitcoin will hit $100,000 per coin by the end of the year.
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