Bitcoin Crosses $1 Trillion Market Cap as ETH Eyes $2K: The Weekly Market Recap

This is one of the most monumental weeks in Bitcoin’s history. Today, February 19th, 2021, for the first time ever, the cryptocurrency’s market capitalization surpassed $1 trillion. That’s right! Bitcoin became a trillion-dollar asset!

This became possible after a dynamic week of trading where BTC’s price surpassed $50K for the first time in history. Just today, it also charted a new all-time high of $54,924 on Bitstamp – inches away from $55K. Nevertheless, this marks a staggering growth in 2021 and even more so since the crash in mid-March last year.

Ethereum is also doing fine. The cryptocurrency is, at the time of this writing, very close to the coveted $2K mark – if it hits it, it would be the first time in history. Yet, the show was stolen by another cryptocurrency – Binance Coin. BNB is up a whopping 150% in the past seven days alone.

This became possible largely because of the exponentially growing interest in Binance Smart Chain. DeFi investors and Uniswap enthusiasts are flooding BSC searching for new “gems” and attracted by the negligently low transaction fees. As CryptoPotato reported earlier, the overall daily transactions on BSC have been surpassing these of Ethereum for the past week.

Elsewhere, Bill Gates also shared his views on Bitcoin, saying that he’s not short, but also that he’s not long – in other words, he’s neutral. He also made a reference to cryptocurrencies potentially being used for illicit activities, which is a narrative that is most definitely growing thinner with time.

Elon Musk, in a somewhat surprising comment on Twitter, said that Bitcoin is almost as bad as fiat. He did this despite his company purchasing $1.5 billion of it earlier in January. He said that he’s an individual different from Tesla and that he doesn’t own any other stocks besides it. He also pointed out the BTC is just “simply a less dumb form of liquidity than cash” and that it’s adventurous enough for an S&P 500 company.

In any case, it’s becoming intoxicating to monitor the cryptocurrency markets, and it’s very interesting to see what’s going to happen over the next seven days!

Market Data

Market Cap: $1662B | 24H Vol: 158B | BTC Dominance: 60.9%

BTC: $54,748 (+15.26%) | ETH: $1,966 (+8.68%) | XRP: $0.55 (-4.53%)

Bill Gates Shares His Thoughts on Bitcoin and Digital Currencies. Bill Gates, one of the most influential and rich people on earth, shared his views on Bitcoin. He said that he’s neutral in his stance. He also referred to cryptocurrencies potentially being used for illicit activities, which is a narrative that grows thin.

Bitcoin Price to Top $100,000 in 2021, Said SkyBridge Capital’s Anthony Scaramucci. SkyBridge Capital’s Anthony Scaramucci predicted a 100% price increase in Bitcoin’s price by the end of 2021. He argued that the demand for it has skyrocketed and also admitted that his investment company holds more than half a billion in BTC.

Bitcoin is Almost as Bad as Fiat, Elon Musk Says. Elon Musk compared Bitcoin to fiat, saying that the cryptocurrency is almost as bad. However, he also said that it is adventurous enough for an S&P 500 company, somehow defending the decision of Tesla to purchase $1.5 billion worth of BTC in January.

Binance Smart Chain Daily Transactions Now 70% More Than Ethereum’s.. The daily transactions taking place on Binance Smart Chain are now regularly exceeding these on Ethereum. In fact, on February 18th, they were almost twice as much, signaling the massive interest in BSC.

World’s Largest Asset Manager BlackRock Confirms They’re Looking Into Bitcoin. BlackRock, the world’s largest asset management firm, is looking into Bitcoin. This was revealed by the company’s managing director, Rick Rieder, who said that they’ve “started to dabble a bit into it.”

SOS Limited Stock Price Jumps 200% as Company Receives 5,000 Crypto Mining Rigs. After getting 5,000 cryptocurrency mining rigs and receiving an endorsement from Kevin O’Leary – one of the Shark Tank investors – SOS limited saw its stock price surge by more than 200%.

Charts

This week we have a chart analysis of Bitcoin, Ethereum, Ripple, Binance Coin, and Polkadot – click here for the full price analysis.