$56.3K Bitcoin price and $1T market cap signal BTC is here to stay


As Bitcoin (BTC) worth pushed above $55,300 within the morning buying and selling session, its market cap surpassed $1 trillion for the primary time on Feb. 19. The breakout continued all through the day and throughout the previous hour BTC worth hit one other all-time excessive at $56,368. 

Now that Bitcoin has cemented its standing as a trillion-dollar asset among the many likes of Amazon, Apple and Google, legacy banks are exhibiting growing curiosity in offering cryptocurrency custody services for his or her prospects.

BTC/USDT 4-hour chart. Supply: TradingView

In keeping with Treyce Dahlem, an analyst at TheTIE, social media conversations together with ‘Bitcoin’ as a key phrase have elevated by 38% since Feb. 18. Greater than 102,000 tweets have been despatched out previously 24-hours, and that is solely “30,000 tweets shy of setting a brand new report excessive.”

Dahlem stated:

“The variety of Twitter customers speaking about Bitcoin every day has reached a brand new all-time excessive of 38,500, up 325% from a yr in the past.

Altcoins rise as DeFi and CeFi start to merge

Day by day cryptocurrency market efficiency. Supply: Coin360

A number of altcoins joined BTC and Ether (ETH) in establishing new all-time highs as each centralized and decentralized alternate tokens skilled robust breakouts.

Binance Coin (BNB) continued to profit from the rising affect of the Binance Good Chain (BSC) as surging quantity lifted the token to a brand new excessive of $348.72.

This parabolic rally secured BNB’s spot because the third-ranked project by market capitalization behind Bitcoin and Ether.

DeFi-related initiatives like PancakeSwap (CAKE) and Venus (VXS) are two of the highest points of interest on the BSC and each hit new highs at $20.62 and $101.50 respectively. REN additionally made waves after its latest integration with BSC helped elevate the token to a report excessive at $1.69.

Conventional markets shut the week combined

Following every week of recent highs for the most important indices, conventional markets closed the week combined on Friday because the U.S. economic system faces continued fallout from the pandemic and rising unemployment.

The NASDAQ completed the day up 0.07% whereas the Dow was flat. The S&P 500 declined by 0.19%.

Bullish momentum might prolong by means of the weekend

As conventional markets shut up for the week, the bullish momentum propelling Bitcoin and altcoins excessive is exhibiting no indicators of slowing down. Current historic information reveals that Bitcoin’s rallies in 2021 tend to happen on the weeked and lots of analysts imagine the top-ranked digital asset might assault the $60,000 degree over the weekend.

The around the clock nature of the crypto sector implies that markets are at all times energetic someplace on the planet. As the present bull market attracts wider consideration from retail and institutional buyers, the development of buying and selling quantity lowering on weekends appears to not be in impact.

Whereas Ether (ETH) worth has remained pinned beneath $2,000, it nonetheless managed to rally to a brand new all-time excessive at $1,974.

There are growing bullish murmurs that institutional buyers are deeply within the returns being supplied by means of staking on Eth2 in addition to collaborating within the rising DeFi sector, each of that are the driving pressure behind the rising demand for Ether.

Whole cryptocurrency market capitalization. Supply: CoinMarketCap

Current worth breakouts from high tokens like Bitcoin and Binance Coin and DeFi superstars like REN and CAKE have additionally helped elevate the overall market capitalization of the cryptocurrency sector to a brand new report $1.705 trillion. Bitcoin’s dominance at present stands at 61.1%