NewsletterBitcoin Marketcap Breaches $1 Trillion With New ATH of $53,756
Bitcoin breached the $53,000 price to register a new all-time high of $53,756 and also breached the $1 trillion market cap during the process. The top cryptocurrency has been on a dream run since the last quarter of 2020 and has added nearly $40k to its price since the bull run began towards the end of October 2020.
The mammoth price rise has been aided with booming mainstream adoption by retail and institutions alike. While the 2017 bull run brought bitcoin the mainstream attention, the current bull run has seen Bitcoin gain widespread mainstream adoption from traditional financial institutions as well as fortune 500 companies.
BREAKING: Bitcoin just reached a $1 trillion market cap for the first time in history.
— Pomp ???? (@APompliano) February 19, 2021
Bitcoin price is slated to touch the 6-figure mark by the end of this year with price prediction varying from $100,000 to $220,000. Many analysts believe bitcoin is currently in a supercycle rather than just another bull run. The fact that Bitcoin has not only rose by 2.5X it’s 2017 high, unlike earlier the top cryptocurrency has maintained its gains. The previous bull runs came in bursts and lasted anywhere from few weeks to a couple of months, however, the current bull run is already in its 5th month.
On-Chain Metrics Suggest Another Impressive Price Rally
The top cryptocurrency has posted a new all-time-high every week since the start of February and on-chain metrics such as funding rate and stablecoin inflow are bullish enough for another price rally that could send bitcoin to $60,000 anytime soon.
More like 2013 than 2017???? pic.twitter.com/H5hzBEYHKN
— PlanB (@100trillionUSD) February 18, 2021
The institutional influx added with consumer tech companies such as Twitter and Uber planning to integrate bitcoin is big bullish news along with continuous buying from MicroStrategy, Grayscale, and Paypal. The shortage of bitcoin due to its fixed cap added with rising demand is fueling its price further.
The top cryptocurrency’s growing institutional demand could also see the launch of the first regulated Bitcoin ETF product in the US market this year as Bitcoin is now a trillion-dollar asset. The success of the North American bitcoin ETF called The Purpose Bitcoin ETF (BTCC) on debut could also propel American investors to agree to the ETF.
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.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Breaking: US SEC Deliberates on Approving FLEX Options on BlackRock Bitcoin ETF (IBIT)
- Crypto ETF Update: SEC Blocks 3x and 5x ETF Filings, Calls for Major Changes or Withdrawal
- Strategy CEO Says Bitcoin Sales Unlikely Before 2029 After Creating $1.44B Dividend Reserves
- Trump Sets Early 2026 Timeline for New Fed Chair Pick
- Kraken to Acquire Backed Finance, Expanding Tokenized Equities Ahead of 2026 IPO
- Litecoin Price Jumps 10% as Vanguard Opens LTCC Access — How High Can LTC Go?
- Pepe Coin Jumps 14% on Double Bottom Signal Amid Market Recovery — Is a 50% Rally in Sight?
- Hedera Price Surges 10% After Canary Capital HBAR ETF Goes Live on Vanguard
- Bitcoin Price: What’s Next For BTC After Fed Chair Jerome Powell’s Speech?
- XRP Price Slowly Forms a Rare Pattern as Ripple ETFs Near $1B Milestone
- Chainlink Price Eyes More Recovery After Grayscale’s Spot ETF Launch
