Will new all-time-high and a huge milestone spark even more interest in Bitcoin?
Bitcoin sets yet another ATH sweeping through the psychological $50k level. Do all roads now lead to $200k?
Crypto at a glance
Well, it finally happened. After a weekend of casual flirting and premature announcements (it was Valentine’s Day, after all), Bitcoin finally and definitively broke through that all-important $50,000 landmark price and is currently still surging forward.
This is a huge psychological barrier to hit and could spark another fresh wave interest in the digital asset. It marks the third such advance in the past decade – a once-in-a-generation price movement. The million dollar question now for traders is whether $50,000 is just a check-in point on the way to even higher climbs? How long is it before $100,000 or even $200,000?
If you’re to believe the experts on Twitter, it may not be that long at all. And we’re not talking the usual rag-tag assortment of anonymous Tweeters. Bitcoin is getting attention from across the board, with experienced traders and mainstream media, bulls and sceptics, friends and neighbours alike predicting all-time highs – from Peter Brandt to Peter Schiff (who’d have thought?).
The signs are certainly positive, with adoption and institutional investment really still only in their embryonic stages and blooming more and more each day.
The next big check-in will be the $1 trillion market cap for Bitcoin – something the big institutional investors in particular will be watching out for. The price to watch out for here is $53,674, which is already well within reach.
It was a bit of a mixed bag elsewhere, with little movement for Ethereum, Cardano and XRP. DOT is back above $30, which is great for DOT. But this is Bitcoin’s big day, really.
Start your investment journey into crypto with Luno with £10 on us!
If you’ve not started your crypto journey yet, we’ve joined forces with Luno to offer you £10 absolutely free. Click on the logo below and simply use the code CITYAM10 when you sign up.
In the Markets
| Name | Price | Price Change (24h) | Price Change (7 days) | |
| Bitcoin (BTC) | $50,761.94 | 3.96% | 9.01% | |
| Ethereum (ETH) | $1,795.49 | 0.21% | 0.53% | |
| XRP (Ripple) | $0.5258 | 5.25% | 7.83% | |
| Monero (XMR) | $242.27 | 7.24% | 38.50% | |
| Polkadot (DOT) | $30.34 | 5.63% | 25.56% | |
| Algorand (ALGO) | $1.28 | 7.48% | 25.42% | |
| Cardano (ADA) | $0.8560 | 1.30% | 8.36% | |
| Chainlink (LINK) | $31.24 | 2.97% | 12.36% | |
| Aave (AAVE) | $426.06 | 6.00% | 21.86% | |
| UniSwap (UNI) | $20.01 | 2.55% | 6.82% | |
| Celsius (CEL) | $5.61 | 2.94% | 7.35% | |
| Stellar (XLM) | $0.4815 | 3.14% | 17.96% | |
| Crypto market cap | $1,521,433,053,208 | |||
| MVIS CryptoCompare Digital Assets 100 Large-Cap Index | +4.67 | |||
| MVIS CryptoCompare Digital Assets 100 Small-Cap Index | +3.02 | |||
| MVIS CryptoCompare Ethereum VWAP Close Index | +1.57 | |||
| Prices and data as of [08:30, 17/02/2021] | 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 16 2021, at a price of $49,199.87 – up from $47,945.06 the day before.
The daily high yesterday was $50,341.10, and the daily low was $47,201.30.
This time last year, the price of Bitcoin closed the day at $9,934.43. In 2019, it was $3,629.79.
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 $945,742,811,331, up from $913,878,522,299 yesterday. That makes it the eighth largest asset in the world by market cap, ahead of Tencent in ninth. Half a trillion dollars until it matches Google! To flip Google’s parent company, Alphabet, Bitcoin would have to be trading hands at $76,593. Is it that far off?
Bitcoin volume…
The volume traded over the last 24 hours was $82,875,877,323 – up from $72,819,434,394 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 85.34%.
Fear and Greed Index…
Market sentiment remains high, in Extreme Greed at 95.
Bitcoin’s market dominance…
Bitcoin’s market dominance is currently 63.02. Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)…
The daily RSI is currently 74.58. 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.
How does the news really impact the market?
It’s been a week filled with bullish news for Bitcoin, but how did it impact the market? The market responded very positively to the news of Tesla’s $1.5 billion investment in Bitcoin on Monday, with BTC soaring through its former ATH. Bitcoin climbed from $39,500 to $46,500 the following 24 hours – equalling a 24-hour return of 17.7%.
It was a slightly different story when the financial giants went to get involved, though there was still movement. On Wednesday February 10, Coindesk published an article stating that Mastercard would allow merchants to accept payments in crypto this year.
Mastercard later confirmed this story. In the following 24 hours, Bitcoin rose by 5.7%, from $45,250 to $47,834. Finally, BNY Mellon announced, on Thursday February 11, that they were to hold, transfer and issue Bitcoin and other cryptocurrencies on behalf of its asset-management clients. In the following 24 hours, bitcoin climbed by 3.4%, from $46,100 to $47,700. Buy the news?
Bitcoin’s carbon footprint insignificant compared to the tech industry
Bitcoin’s climate footprint has once again gotten the attention of the media, but compared to other digital industries, Bitcoin’s climate footprint is still minuscule.
Digiconomist estimates BTC’s carbon footprint to 36.95 Mt CO2. To put this into context, BBC estimates the total tech sector’s emissions to be 1600 Mt CO2. In other words, bitcoin contributes to approximately 2.3% of the global emissions affiliated with digital tech.
So, why are we not paying attention to the digital tech industry’s emissions as a whole? The logical and forward-thinking path onwards is clearly to develop and focus on adding more renewable energy sources to the energy grid.
Convince your Nan: Soundbite of the day
“The more people that adapt it and use it as money, then the greater the chances of it perhaps being taken on board as a mainstream currency.”
- Russ Mould, investment director of AJ Bell
What they said yesterday…
Unprecedented…
More to come?
More than price…
Even more satisfying than $50k? Being proved right…
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 2021 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.
