Bitcoin Is Above $52,000, $60,000 Next?

It seems like the Bitcoin rally isn't over yet as the BTC price broke above $52,000. As a result, it also increased the crypto market to $2,376,231,050,552 in the last 24 hours.

For the second time this month, the world's largest cryptocurrency by market cap broke the $50,000 level. Bitcoin (BTC) has been increasing since last month.

At the time of writing, Bitcoin surged to $57,850 from its yesterday's low of about $51,300. According to CoinMarketCap, BTC is trading at $52,705.45 with a 24-hour trading volume of $41,053,288,125, at press time. Thus, it means Bitcoin (BTC) is up 1.82% in the last 24-hour. Therefore, the surge in BTC value also pushed its market cap to over $991,332,574,406 in the past 24 hours.

Regarding the price, some crypto analysts reacted. A financial analyst Alex Kuptsikevich said,

"Anchoring above this mark will open the way to $60,000 and may become a catalyst for a fully-fledged reversal of the crypto market."

What is more, the Bitcoin rally comes amid the El Salvador announcement. On Monday, El Salvador president Nayib Bukele confirmed on Twitter that his government has bought its first 200 Bitcoin (BTC) ahead of the rollout of a new law set to make the crypto legal tender.