Bitcoin, the most popular cryptocurrency across the globe has done it again, having crossed the $57,000 mark and was trading at $57,574. 87. This big movement in the price has brought back debate on whether Bitcoin can set new highs in the near future.

As of today, Bitcoin is ranked as the largest cryptocurrency in the market with a market capitalization of $1,137,075,793,081 and a daily trading volume of $34,154,662,655 which proves the cryptocurrency’s popularity among both institutions and individuals.

The recent price increase came at the backdrop of rising institutional interest in, and social acceptance of, cryptocurrencies. Large banking companies and corporations have been gradually raising their Bitcoin investments, considering the cryptocurrency as a protection against inflation and volatile economic conditions.

This institutional interest has been one of the major factors that have led to the appreciation of Bitcoin price and has provided credibility for the asset class.

Experts have attributed several reasons that are making Bitcoin to have a bullish run at the moment. The sustained volatilities and crises in the global economy together with the worry about inflation in the conventional fiat currencies has prompted investors to look for more secure investments.

As the supply of Bitcoin is limited and is decentralized, more and more people are investing in it to diversify their portfolio and hedge against the fluctuating economy.

However, the integration of Bitcoin into the financial systems has meant that there are new opportunities when it comes to investment and usage. The introduction of Bitcoin ETFs in some countries and the adoption of Bitcoin as a means of payment for products and services by large companies have increased the Bitcoin’s utilization and hence the demand for it.

However, as Bitcoin is getting closer to the previous all-time high some of them advise caution. It is noteworthy that the cryptocurrency market is highly unpredictable and sharp rises in asset prices may be quickly accompanied by steep declines.

Other risks also persist and this includes regulatory risks where governments around the world are considering tightening regulations on decentralized digital currencies such as Bitcoin, thus affecting it’s price and the uptake.

Nevertheless, there are several possible adversities that may negatively impact the future of Bitcoin and still, many of its supporters are hopeful. Basically, they say that Bitcoin has not lost its original purpose which is to act as digital and scarce store of value and that the present price levels may still be good for long term holders of the asset.

Looking at the future of Bitcoin, everyone is interested in main levels and events that can bring the BTC/USD rate to a new high. The near weeks and months will define whether this rally has enough potential to break previous records and set new records for the entire cryptocurrency market.