Bitcoin (BTC) Just ~$1000 Away from Being A Trillion-Dollar Asset, CME Bitcoin Futures Trading Volume Hit Record $5 Billion

Bhushan Akolkar
February 18, 2021
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Earlier today, the world’s largest cryptocurrency Bitcoin (BTC) surged past $52,500 to hit its new all-time high. The latest BTC price rally comes as the world’s largest asset manager BlackRock announced its entry into Bitcoin on Wednesday, February 17.

Interestingly, as Bitcoin touched its new all-time high today, it was just $1000 short of becoming the first cryptocurrency trillion-dollar asset class.

As we know, post-Tesla’s BTC purchase, the institutional and corporate demand for Bitcoin (BTC) has skyrocketed to new highs. The result is Bitcoin (BTC) has surged a massive 30% in just over a week’s time. as per data by on-chain analytics platform Skew Analytics, the CME Bitcoin Futures registered a record $5 billion trading volume on Tuesday, February 17.

Post breaking the $50,000 levels, on-chain indicators for Bitcoin was healthy suggesting a healthy rally and this is what exactly happened. As CryptoQuant CEO Ki-Young Ju pointed out, the Coinbase Premium was still in the positive range indicating further rally.

Is Bitcoin (BTC) Starting Is New Bull Run Above $50,000 Levels?

Popular market analyst and trader Peter Brandt recently stated that Bitcoin has entered a parabolic advance on the algorithmic scale and is all set to skyrocket further from here up to $240K. Also, despite this fast rally, the BTC price correction doesn’t look steep from here, says Glassnode.

The on-chain data platform shows that the sort of consolidation that Bitcoin showed in January 2021 sub $40,000 levels was unrealistic. A lot of indicators have reset since then allowing the BTC fundamentals to catch up. Thus, BTC has now formed new support at $48K.

We know that the Bitcoin supply at the exchanges has been falling steeply over the last few months with most of the institutional purchases going to cold storage. SkyBridge Capital founder Anthony Scaramucci expects BTC to hit $100K by the year-end.

Following Blackrock’s entry into Bitcoin (BTC) other financial players are also jumping into Bitcoin at the current levels. Financial and investment advisory giant The Motley Fool has pledged at least $5 million investment in Bitcoin (BTC) and expects it to touch half-a-million dollars.

On the other hand, Anthony Pompliano, Bitcoin evangelist and partner at Morgan Creek Digital Assets, said BTC will become the reserve currency of the world in the long-term. Pomp expects the BTC price to touch $1 million in the long term. He added:

“I think that bitcoin will eventually rise to become the global reserve currency. I think bitcoin will eventually be much much larger than the gold market cap”.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.