As the price of Bitcoin (BTC) rose above $ 55,300 in the morning meeting, the market value peaked at $ 1 trillion for the first time on February 19th. The breach continued throughout the day, and within the last hour the bitcoin price reached another level. a record high of $ 56,368.
Now that Bitcoin has strengthened its trillion-dollar asset position among companies such as Amazon, Apple and Google, older banks are showing a growing interest in offering cryptocurrency custody services to their customers.
According to Trace Dahlem, an analyst at TheTIE, the number of conversations on social media, including “bitcoin” as a keyword, has increased by 38% since 18 February. More than 102,000 tweets have been sent in the last 24 hours, which is only “30,000 tweets embarrassed to set a new record.”
“ The number of Twitter users talking about Bitcoin every day has reached a new full-time high of 38,500, an increase of 325% compared to last year.
Altcoins rise when DeFi and CeFi begin to merge
Daily cryptocurrency market indicators. Source: Coin360
A number of altcoins have joined BTC and Ether (ETH) to create new full-time points, as both centralized and decentralized digital currencies have experienced a break.
Binance Coin (BNB) continued to capitalize on the growing influence of Binance Smart Chain (BSC) as volume growth pushed the token to a new high of $ 348.72.
This corresponding increase served BNB’s position as the third largest company in market value after Bitcoin and Ether.
DeFi-related projects such as PancakeSwap (CAKE) and Venus (VXS) are BSC’s top attractions, and both hit new highs of $ 20.62 and $ 101.50, respectively. REN also made a splash after the recent merger with BSC helped raise the token to a full-time high of $ 1.69.
Traditional markets ended the week in different directions
After a week of new highs in major indices, traditional markets ended the week mixed on Friday, as the US economy continues to face the effects of the epidemic and rising unemployment.
The Nasdaq closed the day 0.07% higher, while the Dow Jones was unchanged. The S&P 500 fell 0.19%.
Bullish momentum may persist over the weekend
With traditional markets closed this week, the bullish momentum driving Bitcoin and altcoin collections shows no sign of slowing. The latest historical data shows that Bitcoin’s rally in 2021 tends to take place within a week, with many analysts suggesting that a higher ranked digital asset could attack the $ 60,000 level over the weekend.
The 24/7 nature of the crypto sector means that markets are always active somewhere on the planet. As the current beef market attracts more and more interest from individual and institutional investors, it seems that the downward trend in trading volume is no longer valid.
While the price of ETH remains stable at less than $ 2000, it may still rise to a new full-time of $ 1974.
There is growing concern that institutional investors are very interested in the revenue generated by maintaining Eth2, as well as in the growing DeFi sector that is driving the growing demand for Ether.
The recent price disruption of tokens such as Bitcoin and Binance Coin and DeFi superstars such as REN and CAKE has also helped lift the overall market value of the cryptocurrency sector to a new full-time of $ 1.705 trillion. Bitcoin dominance is currently 61.1%.