The price of bitcoin approached an all-time high for the crypto asset on Saturday, with the digital currency rising more than 6 percent in the past 24 hours. The last time the price of bitcoin was this high was in the first week of January, when bitcoin peaked at $42,000 that week.
Crypto currency prices start to rise, bitcoin passes psychological barrier of $40k
Bitcoin (BTC) is up 6% today and is above the $40,000 mark in Saturday morning trading. BTC is up 17.6% in the past seven days and only 2.3% in the past month. Quarterly statistics show that bitcoin has also risen 160% and 311% against the US dollar over the past 12 months.
Chart 5 minutes BTC/USD 6. February 2021.
Today, even at high prices, BTC has a dominance index of about 62%. Coins like Ethereum (ETH) and Bitcoin Cash (BCH), among others, have indeed seen significant gains. As of this Saturday, BTC has a total market capitalization of approximately $750 billion, with a total market valuation of $1.16 trillion.
3-day chart BTC/USD 6. February 2021.
Meanwhile, while Ethereum (ETH) reached new price highs on Friday, jumping above $1,750 per unit, the price has since fallen. ETH is currently trading at $1,680 each, with a market value of approximately $193 billion.
Coins Finance (BNB) and Bitcoin Cash (BCH) entered the top ten cryptocurrency lists on Saturday. BNB rose 24% today to record highs and quoted $73 a piece. Bitcoin cash (BCH) rose 8.6 percent Saturday morning and is trading at $474 per BCH.
The nine best digital assets by Market.Bitcoin.com on Feb 6, 2021
Today’s big winners were Ultraviolet (UGAS), Staccato (XSN), Aerodynamic (AST), Linear (LET) and District0x (DNT). Saturday’s biggest losers were Acropolis (AKRO), Redwood (RDD), Nexo (NEXO), Mossland (MOC) and Swissborg (CHSB).
Growing number of institutional investors and global distribution
On Wednesday, Mike McGlone, senior commodity strategist, said he thought BTC could reach $50,000 soon. The threshold is around $30,000, supported by a growing wave of institutional investors and global acceptance as a store of value, McGlone said. Our chart shows that the 20-week moving average is above $20,000, which is an extreme downside level in a risk-off collapse such as in the first quarter of 2020.
Mr McGlone added:
Bitcoin’s 260-day volatility has gone from an all-time low at the beginning of the bot to the gold it was in early 2017. Our [results] show an acceleration of flows to the Grayscale Bitcoin Trust (GBTC), while the overall volume of known gold ETF assets decreases. With nearly 700,000 bitcoins, GBTC is at an all-time high, while gold ETFs have fallen from around 107 million ounces to just above 111 million since their peak in October.
Future CME futures contracts drive up Ethereum price
In addition, cryptocurrency proponents and industry sellers believe Ethereum (ETH) is headed for higher numbers. Paolo Ardoino, CTO of Bitfinex, recently spoke about ETH’s rise in value in a note to investors looking to . Ethereum seems to be on cloud nine as it hits a new record high above $1,700, writes Ardoino.
The second largest cryptocurrency by market capitalization has many moving parts. Skeptics can focus on the problems they face. But hackers and programmers like to solve problems. Ethereum was designed as a currency to power the app ecosystem, and we are still at the very beginning of that journey. Meanwhile, the upcoming launch of CME Futures is another important step in making cryptocurrencies an established asset class, the CTO of Bitfinex concluded.
What do you think of the recent price movements in the crypto economy? Let us know what you think in the comments below.
Tags in this story
40,000, $50,000, $1 trillion, BCH, Bitcoin, Bitcoin (BTC), Bitcoin Cash, crypto assets, Bitfinex CTO, DOT, ETH, Ethereum, winners, losers, market capitalization, market price, market update, markets, Mike McGlone, Paolo Ardoino
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