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Bitcoin to Hit $1 Trillion Market Cap As Price Nears New ATH

A new day, a new ATH seems to be Bitcoin’s motto. The benchmark cryptocurrency nears $53,000 on Friday as $50,000 becomes the support level. On February 19, BTC hit another all-time high as it accelerates toward becoming a trillion dollar asset.

Tradingview chart showed Bitcoin reaching $52,932 earlier on Friday on Bitstamp. At 12:40 GMT, BTC rose to $52,688, a 2.71% gain over the last 24 hours.

tradingview data as btc nears $53k

In the last 2 days, the cryptocurrency has held $50,000 as the key support with BTC primed to gain further in the short term. This may explain why more institutional investors and large holders are acquiring more BTC. The price of the coin is expected to double in the coming days.

When BTC breaks $53,600, it would pass the $1 trillion market cap for the first time in its 12 year history.

PlanB summarized on Friday:

It is simple. In the old world your money loses value, because governments debase currencies to fund their warfare & welfare state. In the new world Bitcoin increases in value, because math caps the monetary base at 21M BTC. The new world is eating the old world right now.

Grayscale acquires more

Grayscale’s total assets under management (AUM) has now passed over $40 billion. Next is the Ethereum Trust with almost $6 billion of ETH. CEO Micheal Sonnenshein confirmed this on Twitter this week.

In recent weeks, Grayscale cooled off buying more, a contrast to the frequency of purchases seen at the start of the year. Purchase of Ethereum only returned in February after a two-month long break.

Institutional buyers are not stopping yet. MicroStrategy already owns over 70,000 BTC and confirmed this week that it would be raising $900 million to increase its holdings. BlackRock, the world largest asset manager, with nearly $7 trillion assets under management has also confirmed earlier that it will be interacting with BTC in some capacity.

Sonnenshein told CNN earlier this month that the diversification angle of Bitcoin is what makes it beneficial.

It’s really about recognizing the benefits of owning Bitcoin. There’s certainly the diversification angle.

If you have any questions and comments on Bitcoin today, use the form below to reply.

© IbrahimAnifowoshe for Commodity Blog, 2021. | Permalink | No comment |
Published under: Technical Analysis

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