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The month of March has been quite special for the world’s largest cryptocurrency, Bitcoin, which recorded an all-time high of US$ 61,556 per token on March 14.
There are a few catalysts that have been keeping Bitcoin price volatile this month, including Tesla (TSLA:US or NASDAQ: TSLA) that started accepting the crypto for retailing its electric cars in the US last week. In contrast, India is drafting a policy that might ban crypto trading in one of the potential largest bitcoin markets.
Tesla disclosed its bitcoin holding to be worth US$1.5 billion in February that has also propelled the rise of the giant electronic coin market capitalization, which currently stands at US$ 1.05 trillion.
Meanwhile, Indian policymakers have been pulling back from the Bitcoin rally as they may deny access to cryptocurrencies over chances of fraud and anonymity of the cryptocurrency industry.
In the latest bitcoin developments, another big automotive company General Motors (US:GM or NYSE: GM) has been exploring to Bitcoin as a payment option. The car manufacturer is apparently pursuing how virtual currency could be used for transactions.
Let us look at Bitcoin’s price performance:
Bitcoin (BTC)
Bitcoin was trading at US$ 57,228 per coin at 5 AM ET on March 29, up 1.33 per cent in the last 24 hours. The giant crypto coin has returned more than 92 per cent this year. The digital gold accounts for over 58 per cent of the entire crypto industry with a market cap of US$ 1.80 trillion.
It has gained almost 31 per cent month-to-date (MTD), with a total supply of 18.67 million.
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Decentralized Finance (DeFi) could also help bitcoin surge once inter-blockchain communication adoption rises.
Bitcoin might revolve around its record price this week, along with the second-largest crypto by market cap, Ethereum. Blockchain-powered tokens could surpass their record highs in April if there is no setback or FUD (Fear, Uncertainty, and Doubt) ahead.
