Bitcoin surge continues as BNB tears up ranks – is Tether in its sights next?
Crypto at a glance
Never settle. Bitcoin certainly doesn’t. Not content with bashing through $50,000 like a gorilla through a birthday cake, it continues to surge and has just set a new all-time high over $52,000.
It’s now closing in on another huge psychological landmark – $1 trillion market cap. Will it hit this week?
Bitcoin’s surge comes as influential financial players continue to flood into the space. Yesterday, BlackRock’s chief investment officer of global fixed income, Rick Rieder, hinted to CNBC that the world’s largest asset manager has diversified into crypto, while private financial and investing advice company Motley Fool announced that it has bought $5 million worth of Bitcoin. If it’s doing that with its own money, what’s it advising its clients?
If that looks big, OG institutional investor MicroStrategy isn’t about to let some upstart take its bull-horn crown.
The Nasdaq-listed business intelligence giant yesterday announced that it’s added a further $300 million to the novel debt issuance model it uses to raise funds for buying Bitcoin, bringing its latest planned convertible senior note sale to $900 million. The firm has already bought 70,784 Bitcoin, which is currently worth around $3.6 billion. It projects the net proceeds of this sale to come in around $879 million.
Things are really heating up further down the ranks, with gains across the board. Ethereum is back approaching $2,000, but the real excitement is now that battle for fourth spot. Binance’s BNB token has gained more than 45% over the last 24 hours to hit $190, tearing past XRP, ADA and DOT in the process.
There’s now fewer than a billion dollars in market cap separating BnB, ADA and DOT. Can BNB break $200? Will ADA break $1? Could any of them break past Tether, which is a mere $3 billion away? It’s all to play for.
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In the Markets
| Name | Price | Price Change (24h) | Price Change (7 days) | |
| Bitcoin (BTC) | $51,791.26 | +2.18% | +14.81% | |
| Ethereum (ETH) | $1,890.97 | +5.62% | +8.57% | |
| XRP (Ripple) | $0.5459 | +3.96% | +6.64% | |
| Monero (XMR) | $265.00 | +8.44% | +49.39% | |
| Polkadot (DOT) | $31.46 | +2.84% | +25.23% | |
| Algorand (ALGO) | $1.40 | +9.68% | +20.95% | |
| Cardano (ADA) | $0.9377 | +9.85% | +1.54% | |
| Chainlink (LINK) | $32.43 | +4.25% | +18.43% | |
| Aave (AAVE) | $458.42 | +8.15% | -11.30% | |
| UniSwap (UNI) | $21.46 | +7.37% | +4.72% | |
| Celsius (CEL) | $5.68 | +1.85% | +0.94% | |
| Stellar (XLM) | $0.5046 | +4.89% | +17.25% | |
| Crypto market cap | $1,576,007,264,849 | |||
| MVIS CryptoCompare Digital Assets 100 Large-Cap Index | +1.78 | |||
| MVIS CryptoCompare Digital Assets 100 Small-Cap Index | +2.01 | |||
| MVIS CryptoCompare Ethereum VWAP Close Index | +3.87 | |||
| Prices and data as of [08:30, 18/02/2021] | Source: CryptoCompare.com, MVIS |
The Bitcoin Economy
*Definitions and insights can be found at https://bytetree.com/insights/
What Bitcoin did yesterday
We closed yesterday, February 17 2021, at a price of $52,149.01 – up from $49,199.87 the day before.
The daily high yesterday was $52,533.91 and the daily low was $49,072.38.
This time last year, the price of bitcoin closed the day at $9,690.14. In 2019, it was $3,673.84.
As of today, buying Bitcoin has been profitable for…
99.9% of all days since 2013-04-28.
Bitcoin market capitalisation…
Bitcoin’s market capitalisation is currently $963,841,368,476 – up from $945,742,811,331 yesterday. That means it remains the eighth largest asset in the world by market cap, ahead of Tencent in ninth. Bitcoin would have to be trading at $53,671 for its market cap to reach the $1 trillion mark.
Bitcoin volume…
The volume traded over the last 24 hours was $77,167,053,879, down from $82,875,877,323 yesterday. High volumes can indicate that a significant price movement has stronger support and is more likely to be sustained.
Volatility…
The price volatility of Bitcoin over the last 30 days is 86.12%.
Fear and Greed Index…
Market sentiment remains high, in Extreme Greed at 91.
Bitcoin’s market dominance…
Bitcoin’s market dominance is currently 61.98. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)…
The daily RSI is currently 74.50. Values of 70 or above indicate that an asset is becoming overbought and may be primed for a trend reversal or experience a correction in price – an RSI reading of 30 or below indicates an oversold or undervalued condition.
Convince your Nan: Soundbite of the day…
“Bitcoin as a digital asset and as a store of value scales relative to its competitors. Since its inception in 2009, it’s been attacked 6,500 times by varying competitors. And yet, if you look at Bitcoin’s market capitalization relative to everything else out there, it’s dwarfing everything, closing in on $1 trillion. Number two, Bitcoin is an effective encrypted ledger. Those codes, if you will, can be exchanged between human beings in a way that’s impregnable. And so it’s almost like a certificate, if you will, a value between human beings. And that’s really all money is if you step back and look at the 5,500 years of money.”
Anthony Scaramucci, Former White House Communications Director
What they said yesterday…
Time to print another badge and pen for the member’s club:
A happy man:
A not-so-happy man:
Bitcoin rules the world, presumably:
Crypto AM Editor Writes…
Markets respond after Bitcoin pierces $50,000 to reach new all-time-high:
Breaking: Bitcoin smashes through $50,000
Crypto AM: Longer Reads
City PM Markets: What is Decentralised Finance (DeFi) by Aave
Crypto AM: Conversation with James Bowater
Crypto AM: Market View in association with Ziglu
Crypto AM: Technically Speaking in association with with Zumo
Crypto AM: Talking Legal
Crypto AM: Spotlight
Crypto AM: Founders Series
Crypto AM: Industry Voices
Crypto AM: Deeper Dives
Crypto AM: A Trader’s View with TMG
Crypto AM: Tiptoe through the Crypto with Monty Munford
Crypto AM: Definitively DeFi
Crypto AM: Recommended Events
CC Forum
Global Investment in Sustainable Development
March 31 to April 1 2021 – Dubai
Global Technology Governance Summit
April 6 to 7 2021 – Tokyo
https://www.weforum.org/events/global-technology-governance-summit-2021
Cautionary Notes
It’s definitely tempting to get swept up in the excitement, but please heed these words of caution: Do your own research, only invest what you can afford, and make good decisions. The indicators contained in this article will hopefully help in this. Remember though, the content of this article is for information purposes only and is not investment advice or any form of recommendation or invitation. City PM, Crypto AM and Luno always advise you to obtain your own independent financial advice before investing or trading in cryptocurrency.
All information is correct as of 08:30am GMT.
