Bitcoin Reaches 3-Month High at $45,791 Per BTC After Major Drop
The popular cryptocurrency rallied last year, reaching an all-time peak of $63,346 per coin by the middle of April 2021, before suffering a staggering dive down to around $30,000 per BTC. This is the second time in history the digital token is rapidly growing in price.
The price of Bitcoin (BTC) has reached a 3-month high at $45,791 per token, a level previously seen on 17 May. BTC gained 2.38% in the past 24 hours, with the overall market capitalisation of the digital token hitting $858 billion.
The return to the $45,000 price level comes as Bitcoin’s value continues to rebound after it sustained a major drop in May 2021. The cryptocurrency's price tanked in light of a June decision by China to ban financial institutions from using cryptocurrencies in any operations, as well as banning crypto mining activities in the country. Prior to this crackdown, China was among the biggest cryptocurrency markets in the world and one of the main miners of BTC and other tokens.
The price of BTC reached a six-month low on 21 June at $29,608 per token, but has since started to rise again. Many popular cryptocurrencies also suffered a similar plunge in price after a May decision by China, but have since partially recovered from the drop.
Bitcoin reached an all-time high of $63,346 per token in April 2021 as a part of a major rally that kicked off in October 2020, which became the second such event in BTC’s history after its growth in 2017, when the coin jumped from around $1,000 to $19,000 per token. The current rebound has already shown 54% growth from the last low of $29,000 per coin and has the potential of becoming a new major rally for BTC.
The return to the $45,000 price level comes as Bitcoin’s value continues to rebound after it sustained a major drop in May 2021. The cryptocurrency's price tanked in light of a June decision by China to ban financial institutions from using cryptocurrencies in any operations, as well as banning crypto mining activities in the country. Prior to this crackdown, China was among the biggest cryptocurrency markets in the world and one of the main miners of BTC and other tokens.
The price of BTC reached a six-month low on 21 June at $29,608 per token, but has since started to rise again. Many popular cryptocurrencies also suffered a similar plunge in price after a May decision by China, but have since partially recovered from the drop.
Bitcoin reached an all-time high of $63,346 per token in April 2021 as a part of a major rally that kicked off in October 2020, which became the second such event in BTC’s history after its growth in 2017, when the coin jumped from around $1,000 to $19,000 per token. The current rebound has already shown 54% growth from the last low of $29,000 per coin and has the potential of becoming a new major rally for BTC.
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
