Bitcoin climbs above $53,000 as market cap reaches $1 trillion

On Friday, February 19, the price of the leading cryptocurrency rose past the $53,000 mark, pushing to new all-time highs.

Update: the price continued to rise and Bitcoin’s market cap reached the milestone of $1 trillion (CoinGecko).

Data: CoinGecko.

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Analysts at Arcane Research previously calculated that this would occur when quotes reached $53,670. As of writing, the coin was trading around $53,700 (on Bitstamp).

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BTC is close to becoming a trillion-dollar asset!💰

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The trillion $ benchmark will be hit at $53 670 given the current circ. supply.

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Fun fact🧐
\nIf BTC reaches a trillion-dollar mcap today, BTC’s fully diluted mcap will surpass the combined mcap of Visa, Paypal, and Mastercard. pic.twitter.com/lcgC0stesX

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— Arcane Research (@ArcaneResearch) February 19, 2021

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Data: TradingView.

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The psychological level of $50,000 broke through on February 16. By the next day, the price reached $52,000.

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Analysts at JPMorgan suggested that the digital gold will not be able to hold the levels reached due to high volatility.

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The crypto market capitalization rose above $1.65 trillion. It was roughly on a par with Amazon’s value. Only three companies in the world have a larger market capitalization: Saudi Aramco, Apple and Microsoft.

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With the exception of Cardano, all top-10 cryptocurrencies by market capitalization rose over the past 24 hours. The fastest gain was in Binance Coin, which allowed the token to rise to the third spot in the ranking by total market value.

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Earlier, despite near-term pessimism about Bitcoin’s prospects, Guggenheim Partners investment director Scott Minerd revised his long-term forecast to $600,000.

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