The market value of all Bitcoin products in circulation was $ 1 billion for the first time last month, data website CoinMarketCap revealed. Photo: Costfoto / Barcroft Media via Getty Images

Bitcoin’s (BTC-USD) rise to record highs stalled on Sunday when the price of the cryptocurrency fell more than 6% to $ 56,306 (GBP 40,596). Several attempts have been made to beat the all-time high, which peaked at $ 59,400 on Saturday.

It comes after the cryptocurrency rose more than 5% to a high of $ 60,322.60 last week, according to Coindesk, which continued a stellar rally this year. The move surpassed the previous record of around $ 58,330 on February 21.

So far, Bitcoin is up more than 65% in the last month alone and over 100% this year.

At the end of February, uncertainty in traditional markets about economic expectations and its positive impact on US bond yields fell to just $ 43,000.

Analysts have said they expect “higher volatility in the stock markets” in the coming weeks after US President Joe Biden signed a long-awaited $ 1.9 trillion COVID relief package to give individual Americans theirs Received third stimulus checks worth $ 1,400. This should strengthen optimism in the financial markets.

The market value of all Bitcoin products in circulation was $ 1 billion for the first time last month, data website CoinMarketCap revealed.

Graphic: Yahoo Finance

CONTINUE READING: Bitcoin hits a new record high of $ 60,000

The cryptocurrency has been fueled lately by the adoption of mainstream investors and companies like Tesla (TSLA) and Mastercard (MA).

Tesla invested $ 1.5 billion in Bitcoin in February and said it could even start accepting it as payment for its products.

In December, it surpassed Visa (V), making it the world’s largest financial services company.

Bitcoin started 2020 at around $ 7,000 per coin. Despite its surge over the past year, the cryptocurrency remains extremely volatile and experts remain skeptical about using it as an investment.

According to industry data, around 13% of all Bitcoin products in the world, roughly $ 80 billion out of $ 600 billion, are owned by just over 100 individual accounts, the Telegraph reported. The top 40% of all bitcoins, around $ 240 billion, are held by nearly 2,500 known accounts totaling around 100 million.

The story goes on

Bitcoin started 2020 at around $ 7,000 per coin. Despite its surge over the past year, the cryptocurrency remains extremely volatile and experts remain skeptical about using it as an investment.

However, a survey published last month found that nearly two-thirds of UK investors plan to buy Bitcoin in 2021.

According to a report by Trading Platforms, the number of Bitcoin ATMs worldwide increased by 70% in the past six months, reaching 16,500 in March. A bitcoin ATM is a kiosk where a person can buy bitcoin using cash or a debit card. Some offer both buying bitcoin and selling bitcoin for cash.

SEE: What is bitcoin