Bitcoin Market Cap Crosses $1 trillion as Price Hits New High of $56,612
Bitcoin (BTC) broke past $55,000 earlier today, with its market cap breaching $1 trillion for the foremost time. The uptrend continues, with the latest all-time peak being $56,612. At the time of writing this article, Bitcoin was trading at $55,904, reflecting a gain of 8.1% in the last 24 hours.
As Bitcoin is hardening its position as a trillion-dollar asset, similar to Apple, Google and Amazon, large financial institutions are cautiously looking at the option of providing crypto custodial services for their clients.
As per Treyce Dahlem, TheTIE analyst, interactions on social media platform about Bitcoin as a core word have risen by roughly 38% since February 18. Over 102,000 tweets have been made in the last 24 hours and that is just 30,000 below the historical high.
Dahlem further pointed out that the count of Twitter users discussing about Bitocin every day has hit a fresh high of 38,500, an increase of 32% from last year.
Several altcoins recorded fresh historical highs along with Bitcoin (BTC) and Ether (ETH) as tokens listed on centralized and decentralized cryptocurrency exchanges recorded robust price breakouts.
The rising impact of Binance Smart Chain (BSC) is benefiting Binance Coin (BNB), with sharp increase in volume took the token to fresh all-time peak of $348.72. The parabolic uptrend enabled Binance Coin (BNB) to transform into the third best cryptocurrency venture in terms of market cap, behind Bitcoin and Ether.
DeFi linked ventures such as PancakeSwap (CAKE) and Venus (VXS) are gaining traction on the BSC, with their respective tokens hitting $20.62 and $101.50, respectively. REN also garnered markets attention following the latest hosting on BSC. The token hit a fresh high of $1.69.
In the meanwhile, traditional markets ended the week in a mixed manner as the US economy continues to faces issues related to pandemic and surging jobless rate.
The Nasdaq ended the day with a modest gain of 0.07%, while the Dow ended without any gain or loss. The S&P 500 dropped by 0.19%. As conventional markets remain closed, the bullish undercurrent pushing Bitcoin and altcoins to fresh high shows no hints of relenting down.
The latest historical data indicates that Bitcoin’s uptrend in 2021 usually happens during weekend and several analysts trust that the top-ranked cryptocurrency could try and breach the $60,000 level during the weekend.
As crypto market is open on a 24×7 basis, the bull market is luring attention of both retail and institutional investors. The drop in trading volume over weekends is no longer happening. While the price of Ether (ETH) continues to stay below $2,000, it still hit a fresh a historical high of $1,974.
There is also unconfirmed news that institutional investors are very much interested in generating returns through staking process, specifically via Eth2 and also enter the expanding DeFi industry. The phenomenal run of Ether (ETH) was driven by staking and DeFi sector.
Bitcoin and altcoins rally has pushed the aggregate market capitalization of the cryptocurrency sector to $1.762 trillion, with Bitcoin’s dominance rate declining to 59% as per data provided by CoinGecko.