Home CryptoCurrency News Bitcoin News Bitcoin (BTC) is Now as Expensive as 1 Kg of Gold

Bitcoin (BTC) is Now as Expensive as 1 Kg of Gold

BItcoin’s popularity is at an all-time highnow as Bitcoin is now as expensive as 1kg of Gold. According to Coingecko, the last 24-hour high of Bitcoin is $58,640, which was nearly equal to the last week’s Gold high of $58,754.

On early Monday, February 22, the world’s largest crypto asset was more expensive than gold as it was being traded at above $58,000 than $57,371 of Gold. Bitcoin has now dipped to $53,700 at the time writing, according to Coingecko.

According to Cryptowatch, Bitcoin finished the week with another strong weekly green candle growing 18% and adding $8,800 to its price. With a total market cap of $1.04 trillion, Bitcoin is now worth more than the entire Dutch stock market.

Bitcoin started 2021 at $28,990 and on early Sunday, February 21, it blew past $58,000 amid growing acceptance from mainstream investors and corporate majors. This means that the coin has already doubled this year and the $100K milestone is not unthinkable in 2021.

On January 7, Bitcoin broke the barrier of $40,000, and in the following days, it cost up to $42,000. After that, the coin kept oscillating between $31,000 and $35,000, with peaks of up to $39,000. Amid this scenario, analysts at JP Morgan Chase, in late January, predicted that Bitcoin might never go above $40,000 because of weak institutional demand and the possibility of investors withdrawing their profits.

But Bitcoin again proved its resilience and blew past the $42,000 levels again on February 9th when renowned electric automaker Tesla announced the purchase of $1.5 billion worth of Bitcoin.  One week later, business intelligence firm MicroStrategy announced its plans to purchase $600 million worth of Bitcoin, which was then increased to $900 million. This helped Bitcoin to surge above $50,000 and to a new all-time-high (ATH) of $58,640 on early Monday, February 22.

According to experts, with this growing acceptance from institutions, the gap between supply is demand is increasing, suggesting a further price surge. Skybridge Capital founder and managing partner Anthony Scaramucci, in an interview with CNBC last week, said that this gap would help BTC to achieve the $100K milestone before 2021 ends. Anthony remarked:

“I do think we see $100,000 in this coin before year-end … It’s just a supply and demand situation. You don’t have a lot of supply out there and very heavy demand.”


If you found this article interesting, here you can find more Bitcoin news

Atiq Ur Rehman
Atiq Ur Rehman
Electronics Engineer with a passion to write about Disrupting Technologies like Blockchain. He joined Crypto-Economy in July 2019.
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