Feb. 19 is a historic day for Bitcoin (BTC) as its market cap pushed above $1 trillion for the first time. An unprecedented wave of demand from institutions had spurred the largest cryptocurrency to new all-time highs of $56,370 and also a new market cap. on Feb. 19, Bitcoin began its climb from intraday lows of $50,725 to reach fresh highs of $56,370, gaining 8.69% or nearly $6,000 in a single candle.
Bitcoin investor, Cameron Winklevoss spoke on BTC price move as he tweeted:
‘A $5,000 intraday move in #Bitcoin is now only 10%’
At a present figure of $1,025 billion, BTC market capitalization has seen a growth of more than 900% in less than one year. Concerning the surge in Bitcoin’s market valuation, the early Bitcoin investor also stated ‘It took #Bitcoin just 12 years to reach $1 Trillion, Google took 22 years, Microsoft took 45 years
Elon Musk, now again the world’s richest man had reaffirmed that he was a Bitcoin “supporter.” In an earlier interview, the Tesla CEO immediately changed his profile pic to #Bitcoin while he tweeted ‘just for one day’ after Bitcoin reached the historic milestones.
Bitcoin is trading at $55,545 at the time of writing.
Bitcoin Climbs Past $56K, Altcoins Ride Higher
As Bitcoin rallied past $56k, major Altcoins also jumped higher in their market value. Ethereum for instance traded to new all-time highs of $1,974. Scott Melker, ‘The Wolf Of All Streets’, a cryptoanalyst stated this:
‘#Bitcoin is trying its best to drag its buddy #Ethereum over the 2K finish line’
BNB/USD Daily Chart
Polkadot (DOT) also hit new all-time highs of $36.65 in Friday trading. Binance Coin takes the third rank in the Crypto top ten as it reached new all-time highs of $368.29. On Feb. 19, Binance Coin surged from intraday lows of $159 to fresh highs of $368, up by 66.67% in the last 24 hours and 128.97% on a 7-day basis.
Chainlink also traded near its all-time high of $35.74. PancakeSwap (CAKE) also climbed to become the world’s largest decentralized exchange by daily trading volume, data from markets app CoinGecko showed. PancakeSwap is built on Binance Smart Chain (BSC), one of the two blockchains built and maintained by crypto exchange Binance.
CAKE began its rise from lows of $7.09 on Feb. 17 to highs of $21.45 today. The token has gained 41.75% in the last 24 hours and 145.71% on a 7-day basis. This follows as several analysts earlier hinted that Bitcoin’s breakout would cause some selected Altcoins to rally in their prices.
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