Bitcoin capitalization turned out to be less than $ 100 billion from the trillion mark, after the price of the cryptocurrency rose to a new all-time high of $ 49,000 tonight. At the same time, the value of all existing coins reached $ 912.69 billion. At the time of publication, bitcoin is trading for about $ 47,400 s an increase of 6% in 24 hours and 28% in a week.
To achieve a capitalization of $ 900 billion, Bitcoin has added another $ 354 billion since the beginning of the year. Now it accounts for 61% of the capitalization of the entire cryptocurrency market, which today also reached a new maximum of $ 1.463 trillion, having increased by 88.5% since the beginning of the year.
According to the CompaniesMarketCap portal, bitcoin is the ninth largest asset in the world between Tencent and Tesla. The latter this week announced an investment of $ 1.5 billion in cryptocurrency and soon yielded to it in terms of capitalization, provoking a jump in the BTC rate. In addition, Bitcoin is now worth more than JPMorgan Chase, Bank of America and Wells Fargo combined. With the recent upswing, the cryptocurrency has also bypassed Russia’s money supply, estimated at around RUB 58 trillion.
Commenting on the latest announcements from Mastercard and BNY Mellon about the upcoming addition of cryptocurrency support, Zero Hedge writes:
“Mastercard is up 2% on the back of Bitcoin adoption. BNY Mellon is up 2% on the back of Bitcoin adoption. Of course, other companies won’t follow suit. ”
The CEO of the CryptoQuant analytical platform, Ki Yong Joo, says that “whales began to use stablecoins as rocket fuel,” in support of their words, citing a graph of the flow of USDT and other similar tokens to exchanges. At the same time, he expressed confidence that the cryptocurrency rate will soon exceed $ 50,000.
At last, whales are using stablecoins as rocket fuel.
50k soon.
Chart 👉 https://t.co/8nNSOvJVeY https://t.co/57LdZRtI2D pic.twitter.com/IYb5xuDt22
– Ki Young Ju 주기영 (@ki_young_ju) February 11, 2021
Willie Wu analyst notesthat Gemini, “the preferred exchange for regulated entities,” recently saw an outflow of $ 355 million.
“The coins have gone into strong hands (in red) that buy but don’t have a lot of selling history,” he says.
“A breakout of all-time highs and a close above it today / tomorrow means we can continue to move towards $ 50,000 as our next target,” analyst Michael van de Popp wrote this week, adding that bitcoin should maintain support at $ 43,500, and then the road to $ 62,500 will open before him.
LMAX Digital strategist Joel Krueger also pointed to the $ 50,000 goal as the next “psychological barrier.” The head of trading at BCB Group, Mark Warner, agreed, but warned that active profit-taking could take place around this level, because of which, after testing, Bitcoin could drop lower.
“I don’t see the possibility that bitcoin has already reached its maximum, while companies wishing to invest are flocking from all sides. $ 50,000 is inevitable, whether we go a little lower before it or not, ”adds one of the analysts.
Note that the last stage of growth occurs at reduced trading volumes relative to what was observed at the beginning of the week. This, in turn, may indicate the influence on the market to a greater extent of short-term manipulative movements caused by large market participants.
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