After failing to hit 60K USD for weeks, Bitcoin (BTC) price has finally broken above it. Most alternative coins are also well in the green, with ETH and BNB surging to new high records at just shy of $2,200 and $485, respectively.
Bitcoin Price Skyrockets Above 60K USD
Bitcoin was unable to continue its bull run following its all-time high in mid-March at $61,800. Just the opposite, the cryptocurrency reversed its trajectory and a few weeks later even threatened to fall below $50,000.
Although it tried on several occasions to reclaim $60K, it failed, and every rejection drove it further south. However, the situation has changed in the past 24 hours.
It all looked somewhat familiar as BTC struggled around $58,000 when the bulls took control and initiated an impressive leg up. The asset gained over $3,000 in a matter of a few hours and increased to roughly $61,200.
Despite retracing slightly since coming just $600 away from its ATH record, the flagship cryptocurrency still stands above the coveted $60,000 level.
Bitcoin Is Now Worth More Than Half of Entire US Banking System
The market cap of the largest crypto asset, Bitcoin, now beats that of more than 50% of all banks in the United States.
The popular pseudonymous crypto influencer DocumentingBTC compiled data from Bloomberg and the S&P.
Bankers like JPMorgan Chase CEO Jamie Dimon are noticing the rise of crypto.
In a new letter to the bank’s shareholders, Dimon cites cryptocurrencies as a ‘serious emerging issues’ that need to be properly regulated.
“There are serious emerging issues that need to be dealt with – and rather quickly: the growth of shadow banking, the legal and regulatory status of cryptocurrencies, the proper and improper use of financial data, the tremendous risk that cybersecurity poses to the system, the proper and ethical use of AI, the effective regulation of payment systems, disclosures in private markets, and effective regulations around market structure and transparency.”
Last year, the Office of the Comptroller of the Currency (OCC) gave US banks the green light to provide crypto custody services to their customers. Since then, BNY Mellon has announced it will support Bitcoin and other crypto assets through its new enterprise Digital Assets unit.
New ATHs for BNB and ETH
Most of the altcoin market outperformed Bitcoin in the past several days. With BTC’s considerable surge, some have joined the race and registered new records.
Ethereum leads with a 4.5% surge on a 24-hour scale. As a result, the second-largest cryptocurrency by market cap has broken its previous ATH by peaking at nearly $2,200 for a new record.
Binance Coin, arguably the best top 10 performer in the past week or so, has also doubled down on its bull run. BNB has exploded by more than 14% since yesterday and hit a new ATH at $485 minutes ago. Just six days ago, the asset had corrected to about $310.
Ripple (4%), Polkadot (3%), Cardano (2%), Uniswap (1.5%), Litecoin (3%), and Chainlink (0.5%) are also in the green from the top ten.