As Bitcoin Soars to $ 52,000, Market Cap Nears $1 Trillion
On Feb 18, 2021
Bitcoin (BTC) has exceeded another remarkable level! After the breaking of the psychological $ 50,000, Bitcoin has surged to $ 52,000. While Bitcoin climbed above $ 52,000, its market cap neared $1 trillion.
The popular cryptocurrency reached another significant milestone, soaring $ 52,000. Bitcoin has climbed rapidly in recent weeks with the support of Tesla and Elon Musk. After the news that Tesla, whose CEO is Elon Musk, the richest name in the world, acquired Bitcoin (BTC) worth $1.5 billion, the leading cryptocurrency has experienced a sharp rise. The cryptocurrency, which has continued to increase since then, most recently set ATH at $ 52,700.
With the Bitcoin price surpassing the $ 50,000 resistance, there were mostly bullish movements in the market. After closing above the $ 50,000 daily level, BTC exceeded the $ 51,000 and then $ 52,000 levels consecutively, just as the bulls expected. With this record, Bitcoin has moved an important milestone on the road to $ 100,000 and a market cap of 1 trillion.
Bitcoin Shows Signs of Fresh Increase
Before starting a downside correction, BTC traded on some exchanges at a record high at $ 52,750. The price remains in a strong uptrend above the $ 50,000 resistance, trading around $51,539 (according to CoinMarketCap) as of February 18.
According to technical analysis by NewsBTC’s Aayush Jindal, if the Bitcoin price remains stable, it could start a new increase above the $ 52,250 and $ 52,500 levels. The next major resistance is near the $ 52,744 high, and if it breaks, it could open the doors to above $ 53,000.
Bitcoin Is in “Uncharted Territory”
Hunain Naseer, a senior editor of OKEx Insights, said that just one day after Bitcoin crossed the key psychological threshold of $ 50,000, its price rose above the all-time high of $ 52,000, in the “uncharted territory.”
Price volatility remains high compared to key macro assets, including S&P’s 500 Market Index of stocks, gold, and bonds.
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