Bitcoin price surge continues with 22% weekly gain

The price of Bitcoin, the world’s most popular cryptocurrency, increased 22.25 per cent in the last seven days, data from coinmarketcap.com showed.

The data showed that the price of the digital currency increased 8.85 per cent in the past 24-hour.

By this, it extended a two-month rally that saw the currency’s market capitalisation cross $1 trillion a day earlier.

The currency exchanged for $57,143.92 as at 3:44 P.M Nigerian time, the coincap data showed.

In less than two months into 2021, the price of bitcoin has skyrocketed by over 92 per cent this year.

Within 24 hours, Bitcoin experienced an intraday low of $50,937 and a high of $56,114, before closing at $55,888 per BTC on Friday.

Also, it showed that in the past seven days, Bitcoin saw a low of $46,348 and a high of $57,505.

Analysts believe that the sudden increase in the price of the currency is an aftermath of high-profile support and endorsements in the past weeks.

Ethereum, the second-largest cryptocurrency by market capitalisation ranking and daily volume traded, hit a record $2,041, with a weekly gain of about 13.09 per cent.

In an interview with PREMIUM TIMES, Enoch Oghene, a forex trader, said since Bitcoin hit its all-time low of $4000 in March 2020, it has risen exponentially in value.

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He said, “I believe the recent surge in value is as a result of the level of traction Bitcoin has been getting overtime.”

“When the demand of commodity increases, the value or price simultaneously increases,” he said.

Mr Oghene said, “Big and influential companies around the world are investing millions of dollars in Bitcoin setting the pace for other investors.”

“Twitter is one of the largest social media platforms and its founder – Jack has been promoting Bitcoin on the platform,” he said.

Mr Oghene said the increase would also positively impact the value of all other coins.