For the first time ever, top cryptocurrency Bitcoin has rallied above $50,000, setting a new all-time high as well as drawing the digital asset’s market capitalization closer towards attaining the $1 trillion mark.
Bitcoin, the world’s biggest cryptocurrency, recorded a new high of $50,350. Since hitting the new ATH, BTC has dropped a bit and is now trading at $49,638, Notably, according to data from CoinGecko, the king of cryptos has risen around 72% so far this year.
Bitcoin crosses $50,000!!
Congrats Hodlers!! pic.twitter.com/n6dxwWM9gT
— Altcoin Buzz (@Altcoinbuzzio) February 16, 2021
Bitcoin’s remarkable growth in 2021 has been attributed to the recent adoption of the top crypto by several multinational companies, financial institutions, and influential individuals.
Amongst them are electric carmaker Tesla, which recently bought $1.5 billion worth of Bitcoin. Tesla CEO Elon Musk also publicly declared his support for Bitcoin and another digital asset – Dogecoin.
BNY Mellon and Mastercard also disclosed their plans to enter the crypto realm. BNY Mellon plans on creating a custody and administration platform for its users by the end of the year. Mastercard is going to support the use of cryptocurrency transactions on its global network.
Additionally, PayPal also announced its decision to offer crypto as a funding source to its 26 million merchants in early 2021, thereby increasing cryptocurrency’s utility.
Crypto Community’s Reaction to the New ATH
The crypto space has been expressing delight with the recent bullish run of the king of crypto and other digital assets. Samson Mow, Blockstream CSO and Pixelmatic CEO, addressed the Bitcoin price increase and noted, “It took just 52 days for #Bitcoin to go from $25k to $50k. $100k this year is conservative.”
It took just 52 days for #Bitcoin to go from $25k to $50k. $100k this year is conservative.
— Samson Mow (@Excellion) February 16, 2021
Tyler Winklevoss, co-founder of the Gemini cryptocurrency exchange, expressed excitement with the new all-time high via his Twitter account.
And we a new #bitcoin all-time-high ladies and gentleman. Bitcoin has breached 50k. 🚀 pic.twitter.com/Jfv0shEzYP
— Tyler Winklevoss (@tyler) February 16, 2021
John Wu, president of blockchain company Ava Labs, said, “If that narrative comes to fruition, then the growth potential is off the charts as $50,000 per bitcoin equates to a market cap of roughly $931 billion, which is almost 9% of gold.”
Speaking on the growth, Mike McGlone, a commodity strategist at Bloomberg Intelligence, noted, “Bitcoin volatility is likely to continue rising in the near term and remain elevated until it settles in around its next plateau.”
Renowned crypto critic Peter Schaffer, via his Twitter account, also admitted his previous wrong predictions, pointing out that the digital asset might hit $100,000 soon. He tweeted, “Now that #Bitcoin has hit $50,000 I must admit that a move up to $100,000 can’t be ruled out.”
However, he stated that “a move down to zero can’t be ruled out either. While a temporary move up to $100K is possible, a permanent move down to zero is inevitable. If you don’t want to gamble buy #gold.”
Now that #Bitcoin has hit $50,000 I must admit that a move up to $100,000 can't be ruled out. However a move down to zero can't be ruled out either. While a temporary move up to $100K is possible, a permanent move down to zero is inevitable. If you don't want to gamble buy #gold.
— Peter Schiff (@PeterSchiff) February 16, 2021
Recall that in January 2020, JPMorgan had also speculated that Bitcoin would rival gold if it was embraced as a safe-haven asset. The investment firm added that the top crypto could rally as high as $146,000.
Other Digital Assets’ Growth
It’s important to note that other cryptocurrencies have also recorded an impressive increase. Ethereum rallied up to $1,825, just over $40 from breaking its ATH.
ETH is currently trading at $1,780.97, with a market cap of $204,281,586,178 and a 24-hour trading volume of $32,431,465,561.
Similarly, Polkadot (DOT) token price rallied by 6.9% in the last 24 hours. It was trading at $30.71, with a market cap of $29,551,510,792 and a 24-hour trading volume of $2,762,897,254.
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