Bitcoin Market cap Accelerates Past one Trillion Dollar as Price hits a New All-Time High of 56,133 USD
February 19, 2021 10:03 PM
It's been difficult to keep track of Bitcoin recent parabolic rise as the flagship crypto is now regarded as a trillion-dollar assets.
On Feb, 19. Bitcoin sets another record after reaching a new all-time high of $56,133 just after trading above $53,000 the previous day.
Coinnewsafrica Markets and coinmarketcap data shows the rapid % increase during a 1 day candle
Bitcoin has been holding strong with support at $50,000 for over two days, according to analysts Bitcoin has been primed for short gains in the short term, at $56,133 Bitcoin's total market cap has just smashed past $1 trillion for the first time.
The recent price surge could be the announcement of investment Giants Grayscale adding another 1,672 Bitcoins worth $87 million to its (GBTC) Bitcoin Trust.
It's simple Math as demand and Bitcoin fixed supply of only 21M BTC shows it likely to go higher with such interest from institutions.
On-chain monitoring service Bybt, on February 19 saw Grayscale top-up another 1,672 BTC to its largest fund now worth $34 billion. The closest to Bitcoin is the firms Ethereum Trust fund with almost $6 billion in ETH.
Grayscale asset under management (AUM) has doubled since 1/1/2021 as CEO Micheal Sonnenshein confirmed in a Tweet this week.
Grayscale's total assets under management (AUM) has passed $40 billion for the first time.
The moves come as the activity among institutions shows no sign of diminishing. MicroStrategy, which already owns over 70,000 BTC, confirmed this week that it would raise $900 million specifically to further increase its Bitcoin position.