The combination of BTC and ETH exceeded $ 1 trillion. Some analysts forecast new highs for the price of bitcoin in the days to come.
Bitcoin managed to break several records this week and keeps surprising the crypto world with a series of new peaks during its bull cycle. On Monday, February 8, the first cryptocurrency registered a rebound of almost USD 8,500, the highest daily gain in its price in its entire history.
On February 9, another all-time high knocked at the door with a peak of USD 46,700. The first cryptocurrency exceeded USD 48,000 to establish another all-time high at the end of the day.
This sudden rise in bitcoin (BTC) price relates to the disclosure of the acquisition of USD 1.5 billion in bitcoin by Tesla. During the week, the price fluctuated below USD 47,000 until an announcement about the multinational financial services company’s interest in Bitcoin.
New institutional Investment Initiatives and a New Wave of Retail Investors
While new institutional investment initiatives in bitcoin begin to appear, there is also a new wave of retail investors arriving in numbers close to 20,000 daily, according to the latest newsletter on Bitcoin from Willy Woo.
In his analysis, Woo raised the critical support level of bitcoin from $ 29,000 to $ 34,400. Arguing about what he sees as a new bitcoin price consolidation cycle this week, Woo predicts a price rise to $ 63,000 in the coming days. Before that goal, an essential expectation for USD 54,000 turns into a price that takes the capitalization of Bitcoin beyond a trillion dollars.
For now, the combined market capitalization of the first two cryptocurrencies, BTC and ETH, surpassed the billion-dollar mark, Bitcoin’scapitalization circles USD 909,240 million, while Ether exceeded USD 208,000 million.
The accumulated capitalization of BTC and ETH reaches 74% of the total capitalization of cryptocurrencies. When combined, these cryptocurrencies rank to equal five powerful companies in the world: Google, Amazon, Microsoft, Saudi Aramco, and Apple.
The Definitive Consolidation of Bitcoin
Bank of New York Mellon (BNY) announced last week that it would safeguard various digital assets for its clients, including bitcoin and other cryptocurrencies. The financial institution has more than $ 41 billion in the custody of multiple purchases.
On the other hand, Mastercard will allow its affiliated merchants to deal with bitcoin payments at the end of this year. Cryptocurrency settlement at Mastercard-affiliated merchants would be quite useful to drive mass adoption of bitcoin as a means of payment.
Another company that would potentially join the wave of institutional investment in bitcoin is the social network Twitter. The ccompany’sCFO, Ned Segal, stated in an interview with CNBC that it is studying an investment alternative in that cryptocurrency. Twitter CEO Jack Dorsey has already taken a step toward institutional investment in bitcoin with Square, of which he is also CEO.
By: Jenson Nuñez
