Bitcoin Hits $1 Trillion in Market Cap as The Price Aims to Blast Through $55k
In its price discovery, the price of Bitcoin has hit a new all-time high today.
Smashing through, first $53k level, then $54k, BTC price is now aiming for $55k. As of writing, the price went as high as $54,800 on Coinbase, making the leading digital currency a trillion-dollar asset, finally.
Bitcoin is now the 6th largest asset in the world, with its eyes set on its next target, Alphabet, the world’s 5th largest asset with nearly $1.44 trillion in market cap, as per Asset Dash.
Apple is the one sitting at the first spot with a whopping $2.19 trillion market capitalization. For this, the Bitcoin price has to reach above $100,000.
This latest milestone was achieved as MicroStrategy's Michael Saylor announced the completion of its 0% convertible senior notes due 2027, raising $1.05 billion.
Given that “MicroStrategy intends to use the net proceeds from the sale of the notes to acquire additional bitcoin,” this upcoming demand would only push the prices further up.
Recently, Bin Dan, a top PE fund manager in China with over 13 million followers on Weibo, also posted on social media that he bought GBTC with 1% of his net worth. Grayscale Bitcoin Trust (GTBC) currently holds 655.44k BTC, just over 3.5% of Bitcoin’s circulating supply.
Despite the ongoing jump in prices, the funding rates remain subdued for now. As of writing, it is between 0.17% on OKEx and 0.0397% on Bybit, as per Viewbase.
— Rafael Schultze-Kraft (@n3ocortex) February 19, 2021
The largest cryptocurrency is up 83.50% YTD, beating the traditional assets by a wide margin. Compared to Bitcoin’s gains, WTI has recorded a 26.46% uptrend in 2021 so far; meanwhile, S&P 500 is only up 4.20%, dollar 0.11%, and gold is still in the negative by 6.62%.
This, of course, puts “long Bitcoin” as the most crowded trade in the world alongside long tech stocks and short dollars, according to the February edition of Bank of America’s global fund manager survey.
But in the current bull market, that doesn’t matter because it is the up season.
Meanwhile, the total cryptocurrency market cap has gone past $1.65 trillion as altcoins also enjoy a wild rally.