February 19th is a historic day for Bitcoin (BTC) as its market cap surged above $ 1 trillion for the first time. An unprecedented wave of institutional demand had led the largest cryptocurrency to new all-time highs of $ 56,370 and a new market cap. On February 19, Bitcoin began its climb from intraday lows of $ 50,725 to new highs of $ 56,370, gaining 8.69% or nearly $ 6,000 in a single candle.
Bitcoin investor Cameron Winklevoss spoke about the BTC price movement when he tweeted:
“An intraday move of USD 5,000 in #Bitcoin is now only 10%.”
With a current value of $ 1,025 billion, BTC’s market cap has grown by more than 900% in less than a year. Also referring to the rise in Bitcoin’s market valuation, the early Bitcoin investor said, “It took #Bitcoin only 12 years to reach $ 1 trillion, Google 22 years, Microsoft 45 years
Elon Musk, now again the richest man in the world, had once again confirmed that he was a Bitcoin supporter. In a previous interview, the Tesla CEO immediately changed his profile picture to #Bitcoin while tweeting “just for a day” after Bitcoin hit historic milestones.
Bitcoin is trading at $ 55,545 at the time of writing.
Bitcoin rises above $ 56,000, altcoins rises higher
As Bitcoin surged above $ 56,000, the market values of the major altcoins soared. Ethereum, for example, was trading at a new all-time high of $ 1,974. Scott Melker, “The Wolf of All Streets,” a cryptanalyst, stated the following:
‘#Bitcoin is trying its best to pull his buddy #Ethereum over the 2K finish line’
BNB / USD Daily Chart
Polkadot (DOT) also hit new all-time highs of $ 36.65 on Friday. Binance Coin ranks third in the Crypto Top Ten, hitting new all-time highs of $ 368.29. On February 19, Binance Coin rose from intraday lows of $ 159 to new highs of $ 368, up 66.67% over the past 24 hours and 128.97% on a 7-day basis.
Chainlink was also trading near its all-time high of $ 35.74. PancakeSwap (CAKE) rose to become the world’s largest decentralized exchange even after the daily trading volume, as data from the market app CoinGecko showed. PancakeSwap is based on Binance Smart Chain (BSC), one of the two blockchains created and managed by Crypto Exchange Binance.
CAKE started its surge from lows of $ 7.09 on February 17th to highs of $ 21.45 today. The token has gained 41.75% in the last 24 hours and 145.71% in 7 days. This follows because several analysts had previously indicated that the Bitcoin breakout would cause some select altcoins to raise their prices.
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