Bitcoin surges towards 1 trillion US dollars with new record

Bitcoin surges towards 1 trillion US dollars with new record

The crypto market leader climbs almost to US$53,000, defending the key US$50,000 mark for another day.

Bitcoin (BTC) hit its next record high today, 19 February, meaning the market-leading cryptocurrency is now reaching for a market cap of US$1 trillion. US dollars.

As data from Cointelegraph Markets and Tradingview shows, the BTC/USD currency pair has climbed by Bitcoin Profit to a new record high of US$52,932 thanks to a 2% gain in the meantime.

This means that Bitcoin has been able to defend the psychologically important 50,000 US dollar mark over the past two days, which is in line with the forecasts of analysts who predict further gains for the crypto market leader in the short term.

The next important mark on the way up is at 53,600 US dollars, because this is where Bitcoin would break through a market capitalisation of over 1 trillion US dollars for the first time. US dollars.

„It’s actually quite easy to understand. In the old world, your money loses value because governments devalue their national currencies to fund wars and the welfare state,“ as crypto analyst PlanB explains against this background. To this he adds:

„In the new world, #Bitcoin is gaining value because the laws of mathematics limit the total amount in circulation to 21 million BTC. The new world is just eating up the old world.“

Grayscale is heating up the market again

Meanwhile, the influential crypto asset management firm has bought another $87m for its Bitcoin Investment Fund (GBTC), new data reveals.

According to blockchain data service Bybt, 1,672 BTC were moved into the Grayscale flagship as of today, 19 February, bringing the bitcoin investment fund’s value to more than US$34 billion.

The latest investment brings the total value of Grayscale’s assets under management (AUM) to over US$40 billion for the first time. The firm’s Ethereum investment fund stands at just US$6 billion.

„AUM has doubled since 01.01.2021“ as Grayscale CEO Michael Sonneshein proudly proclaims accordingly.

The pace of Grayscale’s Bitcoin purchases had slowed down in recent weeks and compared to the beginning of the year, the steps became smaller and smaller. In February, the asset management firm had also reinstated its Ether purchases.

The new investment, and the newfound enthusiasm, could possibly be due to the fact that other large investors are currently not slowing down. For example, the software manufacturer MicroStrategy, which already owns more than 70,000 BTC, announced this week that it wants to generate another 900 million US dollars for Bitcoin purchases.

The „secret world power“ BlackRock, arguably the world’s most influential asset manager, also confirmed this week that it is „testing out“ on Bitcoin.

„The key argument for buying Bitcoin is the opportunity for diversification,“ as Sonnenshein had explained the cryptocurrency’s attractiveness from the perspective of large investors earlier this month.