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Bitcoin closed the first quarter of the year with a significant rise. It was the best quarter in the last 8 years. Notably, bitcoin's market capitalization totals $1.1 trillion.
In the first quarter of 2021, bitcoin soared to $58,790. The first cryptocurrency has been increasing for four quarters in a row. The smallest rise was just 18%, whereas the biggest one reached 168%. However, in the first quarter of 2020, bitcoin lost 10.58%.
Interestingly, the second quarter of the year could be even more successful due to the gains in the first quarter. Usually, the second quarter of a year is the best period for bitcoin. Thus, by the end of the second quarter, bitcoin's price may exceed $100,000.
Of course, market participants understand that the current bitcoin's rally is significantly stronger than those logged in 2016 and 2017. If BTC continues gaining in value, it may skyrocket to $550,000 by the end of the year.
In the last three month, the first cryptocurrency came through a boom period. At the same time, most altcoins showed even better performance. Traditional market indicators were far from the bitcoin's dynamic. For example, this quarter was the worst period for gold that depreciated by 9.89%.
However, the US dollar showed a significant rise of 2.15%. Despite the new stimulus package worth $2 trillion, the greenback has been trading near its highs against major currencies.
At the same time, the new nationwide lockdown in France has a significant impact on the euro. Traders are also selling off the yen because of the return of foreign direct investment by Japanese companies after the recession amid the pandemic.
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