Bitcoin accelerates towards $1T market cap as price hits new all-time high

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Bitcoin (BTC) hit one more all-time excessive on Feb. 19 as the biggest cryptocurrency set its sights on changing into a trillion-dollar asset.

BTC/USD 1-hour candle chart (Bitstamp). Supply: TradingView

One other day, one other Bitcoin file

Information from Cointelegraph Markets and Tradingview confirmed BTC/USD reaching $52,932 on Bitstamp on the time of writing after rising % in an hour.

Holding $50,000 assist over the previous two days, Bitcoin was primed for additional positive aspects within the quick time period, analysts believed, with one space specifically capturing hodlers’ creativeness.

At round $53,600, Bitcoin’s whole market cap will go $1 trillion for the primary time in historical past.

“It’s easy. Within the previous world your cash loses worth, as a result of governments debase currencies to fund their warfare & welfare state,” quant analyst PlanB summarized on Friday.

“Within the new world #bitcoin will increase in worth, as a result of math caps the financial base at 21M BTC. The brand new world is consuming the previous world proper now.”

Grayscale provides one other 1,672 BTC

Cryptocurrency funding large Grayscale has added one other $87 million to its Bitcoin Belief (GBTC), knowledge confirms.

Based on knowledge from on-chain monitoring service Bybt, Feb. 19 noticed a 1,672 BTC top-up of Grayscale’s flagship fund, which now accommodates a complete of simply over $34 billion.

Grayscale Bitcoin purchases. Supply: Bybt

With the newest buys, Grayscale’s whole belongings underneath administration (AUM) handed $40 billion for the primary time. Second to Bitcoin is the agency’s Ethereum Belief, which accommodates virtually $6 billion of ETH.

“AUM has doubled since 1/1/2021,” CEO Michael Sonnenshein confirmed on Twitter this week. 

Grayscale’s Bitcoin purchases have cooled off in current weeks, failing to match the dimensions or frequency seen at first of the yr. On the similar time, Ether purchases reappeared in February after a two-month hiatus.

The strikes come because the exercise amongst establishments reveals no signal of abating extra broadly. MicroStrategy, which already owns over 70,000 BTC, confirmed this week that it could elevate $900 million particularly to extend its holdings additional.

Feedback from BlackRock, the world’s largest asset supervisor with round $7 trillion AUM, additionally appeared to suggest that it was enthusiastic about interacting with Bitcoin in some capability.

“It is actually about recognizing the advantages of proudly owning Bitcoin. There is definitely the diversification angle,” Sonnenshein told CNN earlier this month.