Bitcoin price had its best Q1 since in 8 years after the digital currency gained nearly 100% in the last three months amid a surge in retail and institutional demand. Bitcoin currently has a market cap of more than $1.1 trillion. According to the latest data published by crypto research and analytics platform Bloqport, Bitcoin posted net gains in the first three months of 2021. The cryptocurrency gained nearly 15% in January, around 37% in February, and 29% in March.
Bitcoin witnessed its best bull run since 2013.
Bloqport further added that the current bull run in BTC is the best performing cycle for the leading cryptocurrency since 2013. BTC posted nearly 300% gains during the first quarter of 2013. Bitcoin experienced its worst Q1 in 2018 when the digital currency lost nearly 50% of its value. Bitcoin is taking advantage of the growing institutional demand. As reported earlier, Goldman Sachs, one of the world’s largest investment banks, is planning to introduce Bitcoin-related investment products. Despite minor corrections, bitcoin has mainly been on the rise since the start of 2021.
PayPal allows US consumers to pay in bitcoin.
Earlier this month, online payments service giant PayPal announced that it would start accepting cryptocurrency as a medium of exchange at its millions of global merchants. The payment firm’s president and CEO revealed ahead of a formal announcement. News broke regarding PayPal’s rumored decision to accept cryptocurrencies early on March 30. Later in the day, the firm’s CEO, Dan Schulman, confirmed that the rumors were true and that an official statement would be released imminently. According to the report, the new system is expected to feature a crypto checkout service where users can pay for goods and services at approved vendors using their stored coins.