Bitcoin, the oldest and most phenomenal cryptocurrency of all time, has been performing very well since the beginning of the year and the data correct the market. Bitcoin price has increased by nearly 100% in the first three months of the year and this ratio is the highest since 2013. Having a market cap of more than $1.1 trillion, Bitcoin owes its success to the boom of retail and institutional demand.
According to the latest report published by Bloqport, a crypto research and analytics platform, Bitcoin was in a bullish trend in each month of the first quarter and showed great consistency by attracting all types of investors. The most popular cryptocurrency gained nearly 15% in January, 37% in February, and 29% in March.
Moreover, this current bull run is exceptional considering the history of the cryptocurrency. The only better performance has been recorded in the first quarter of 2013 with 300% gains. When Bitcoin experienced its worst was Q1 in 2018. At that time, the cryptocurrency has seen a 50% decrease in its price.
The driving factor which accelerated the rise of Bitcoin is the expanding institutional demand. The announcement made by Goldman yesterday has also triggered the recent jump as the company is planning to launch new Bitcoin-related investment products.
Mary Rich, Head of Digital Assets at Goldman Sachs mentioned: “We’re still in the very nascent stages of this ecosystem; no one knows exactly how it will evolve or what shape it will be. But I think it’s fairly safe to expect it will be part of our future.”
Although the cryptocurrency has experienced small corrections, Bitcoin price has risen steadily since the start of this year. The starting price level was $29,000 for BTC which has reached an all-time high of $61,000 in March and may see another high in the next quarter.