Bitcoin’s price is back above $51000 again as the cryptocurrency rallied over 5% in the early hours of Monday to reclaim the $50,000 resistance. The price of the leading cryptocurrency broke and held the $51,000 mark as its market recovery continues. Just the end of last month, Bitcoin was trading below $44,500. At the time of writing, the cryptocurrency is trading somewhere near $50,0000. Bitcoin’s Price Continues Above $51000 The price of Bitcoin has declined from its all-time high of more than $58,000 per coin as of February 21. Despite this, the cryptocurrency’s value managed to finish outperform 37% higher in February outperform its peers. Over the past year, the value of the leading cryptocurrency has exploded both in popularity. The cryptocurrency just hit $51,740.85 today which was once considered to be a mysterious cryptocurrency a decade ago. The leading cryptocurrency is gaining attention from mainstream players with recent support from major financial institutions such as PayPal and Visa. Even tech giant Nvidia has created a new chip made just for cryptocurrency mining. The cryptocurrency largely traded higher with U.S. President Joe Biden on the verge of passing a historic $1.9 trillion fiscal stimulus plan aimed at accelerating economic recovery. Last week, the Senate approved Biden’s stimulus plan, paving the way for $1,400 checks and jobless aid. The bill heads back to the House where it will be voted this week. Tech Giants Supporting Soaring Bitcoin Price This week’s Bitcoin’s rise cautions against dollar weakness in the foreign exchange markets and improved risk sentiment in the stock markets. The cryptocurrency has largely moved in the opposite direction to the dollar and behaved more or less like stocks/risk assets since the March 2020 crash. Bitcoin’s price soared this year as major firms, such as BNY Mellon, asset manager BlackRock Inc, credit card giant Mastercard Inc, announced plans to provide cryptocurrency services. Meanwhile, tech companies such as Tesla Inc Square Inc, and MicroStrategy Inc have announced incorporating a huge sum of Bitcoin into their balance sheet.
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