Bitcoin Price Crosses $56,000, Reaches Above $1 Trillion Level
Bitcoin Price Crosses $56,000, Reaches Above $1 Trillion Level
February 20, 2021
Bitcoin Price Crosses $56,000, Reaches Above $1 Trillion Level
Bitcoin Price Crosses $56,000, Reaches Above $1 Trillion Level
February 20, 2021

The Bitcoin (BTC) price has hit another all-time high at $56,368 with a 24-hour trading volume of $66,505,814,457 USD. Bitcoin is up 8.91% in the last 24 hours, as the current CoinMarketCap ranking is #1, reaches above $1 trillion level.

It has been reported that Bitcoin has cemented its status as a trillion-dollar asset among the likes of Amazon, Apple, and Google, legacy banks are showing increasing interest in offering cryptocurrency custody services for their customers.

However, according to Treyce Dahlem, an analyst at TheTIE, social media conversations including ‘Bitcoin’ as a keyword have increased by 38% since February 18, as more than 102,000 tweets have been sent out in the past 24-hours, and this is only “30,000 tweets shy of setting a new record high.”

Dahlem said:

“The number of Twitter users talking about Bitcoin on a daily basis has reached a new all-time high of 38,500, up 325% from a year ago.”

The report said that multiple altcoins joined BTC and Ether (ETH) in establishing new all-time highs as both centralized and decentralized exchange tokens experienced strong breakouts. Also, DeFi-related projects like PancakeSwap (CAKE) and Venus (VXS) are two of the top attractions on the BSC and both hit new highs at $20.62 and $101.50 respectively.

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Paolo Ardoino, the CTO at Bitfinex, said:

“Bitcoin’s market cap has reached the US$1 trillion mark for the first time ever. This is one more important milestone for the king of crypto. As the price surges above US$53,000, bitcoin seems impervious to the barrage of fear, uncertainty and doubt (FUD) waged against the industry. Crypto is the epitome of anti-fragile. Tether tokens (USDt) play a pivotal role in the underlying strength and liquidity of the ecosystem. Bitcoin was created as a peer-to-peer electronic cash system. The disintermediated quality is fundamental to its unique properties as a decentralized form of digital cash. Bitcoin was built by and on communities of developers, miners and retail investors. While interest from institutions has helped consolidate its role as digital gold, its future depends on the continued success and support of its communities of interest.”

REN also made waves after its recent integration with BSC helped lift the token to a record high at $1.69.

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Thus, recent historical data shows that Bitcoin’s rallies in 2021 have a tendency to occur on the weekend and many analysts believe the top-ranked digital asset could attack the $60,000 level over the weekend.

Source: Cointelegraph


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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space. She loves writing about blockchain and other blockchain-related articles.