Bitcoin price hits new all-time high above $49,000

The price of the leading cryptocurrency breached the $49,000 level amid Lunar New Year celebrations.

Data: TradingView.

Earlier experts noted that the linked multi-day spring festival in China historically had a negative impact on the bitcoin price.

The price of the leading cryptocurrency hit a new all-time high, surpassing $49,360 (on Bitstamp).

New all-time high for #Bitcoin!

— Michaël van de Poppe (@CryptoMichNL) February 14, 2021

CryptoQuant CEO Ki Young Ju says that further rise to $50 000 looks problematic. He highlighted the decline of the so-called Coinbase premium — the gap between spot prices on the US exchange and Binance.

Breaking 50k looks pretty tough as Coinbase premium becomes -$45

Chart 👉 https://t.co/gC1Jqrbn9b pic.twitter.com/LyVzZamlta

— Ki Young Ju 주기영 (@ki_young_ju) February 14, 2021

According to CoinGecko, the cryptocurrency market capitalization surpassed $1.5 trillion, with the digital gold dominance index below 60%.

Data: CoinGecko.

The XRP token from Ripple returned to fourth place in total market capitalization. According to the aggregator, the bitcoin price reached $49,067.

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