Daily updates on foreign exchange news

Bitcoin breaks $52,000, what’s next?

On February 16, Bitcoin briefly broke the psychological $50,000 barrier before tracing to around $48,500. Twenty-four hours later and Bitcoin bulls have pushed the digital asset to a new all-time high above $52,000.

At about 7:33 pm UTC, the world’s largest cryptocurrency surged past $52,000, eventually reaching a new all-time high of $52,618 on Binance.

Bitcoin’s market cap is now a few billions away from becoming a trillion-dollar asset. With its market cap sitting at over $974 billion, Bitcoin is $26 billion shy of $1 trillion.

The cryptocurrency is up by around 80% from the beginning of the year.

The Sentiments are bullishInstitutional investors are proving that Bitcoin has a bright future ahead of it. There have been seemingly ridiculous price predictions in the past, with Guggenheim’s CIO Scott Minerd setting a price target at $600,000.

Despite the rising price of the digital asset, institutional investors have continued to buy at high prices. The world’s largest asset manager BlackRock (NYSE:BLK) is just joining the party amid Bitcoin’s prolonged rally from around $17k in October last year to $52k three months later. Furthermore, while longer-term investors are taking profits in bullish markets, institutions are gobbling the cryptocurrency.

Reference by:
Feb 18, 2021