Friday 19 February 2021 10:46 am

BNB flips Tether - until the Tether mint goes brrr?

Crypto at a Glance

It’s always the ones you least suspect. If you had BNB in the pool of potential Ethereum killers, you’ll likely be licking your lips right now watching its rapid ascent up the ranks.

BNB is up another 40% today to more than $260, bringing its market cap up to a whopping $40,000,000,000 – flipping Tether to take third spot. Can it continue to post 40% gains everyday?

It will have to if it’s going to catch Ethereum any time soon. The original smart contracts behemoth continues to test $2,000 and is now the 49th largest asset in the world with a market cap of $220 billion. That makes it bigger than Coca Cola and puts it roughly where Bitcoin was in October of last year.

With Grayscale reporting rising institutional interest, it’s surely a matter of time before it breaks through what is becoming an important psychological landmark?

Speaking of important psychological landmarks, Bitcoin continues to hold strong above $50,000 and is now looking at $55,000 as the next port of call. It also continues to inch closer to becoming a $1 trillion asset, which would require a price of almost $54,000. Is today the day? The markets continue to look bullish, but there’s always going to be ups and downs, so remember to be careful out there.

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In the Markets

NamePricePrice Change (24h)Price Change (7 days) 
Bitcoin (BTC)$51,734.41+0.35%+9.87% 
Ethereum (ETH)$1,915.43+1.55%+8.23% 
XRP (Ripple)$0.5376-1.29%-2.82% 
Monero (XMR)$271.19+2.39%+30.20% 
Polkadot (DOT)$31.49+0.16%+25.60% 
Algorand (ALGO)$1.35+3.88%+7.07% 
Cardano (ADA)$0.9096-1.79%+1.55% 
Chainlink (LINK)$32.66+0.94%+18.81% 
Aave (AAVE)$432.68-3.42%-15.38% 
UniSwap (UNI)$20.30-5.30%-12.65% 
Celsius (CEL)$5.59+1.72%+4.63% 
Stellar (XLM)$0.5026-0.15%+12.16% 
     
Crypto market cap$1,600,359,671,568   
     
MVIS CryptoCompare Digital Assets 100 Large-Cap Index+0.36   
MVIS CryptoCompare Digital Assets 100 Small-Cap Index+0.50   
MVIS CryptoCompare Ethereum VWAP Close Index+0.13   
Prices and data as of [08:30, 19/02/2021]Source: CryptoCompare.com, MVIS   

The Bitcoin Economy

*Definitions and insights can be found at https://bytetree.com/insights/

What Bitcoin did yesterday

We closed yesterday, February 18 2021, at a price of $51,679.80 – down from $52,149.01 the day before.

The daily high yesterday was $52,474.11 and the daily low was $51,015.76. That’s the highest daily low in Bitcoin’s history.

This time last year, the price of Bitcoin closed the day at $10,142.00. In 2019, it was $3,915.71.

As of today, buying Bitcoin has been profitable for…

99.9% of all days since 2013-04-28.

Bitcoin market capitalisation

Bitcoin’s market capitalisation is currently $965,273,790,134, up from $963,841,368,476 yesterday. That means it remains the eighth largest asset in the world by market cap, ahead of Tencent in ninth. Bitcoin’s market cap is now almost $200 billion bigger than Facebook.

Bitcoin volume

The volume traded over the last 24 hours was $52,534,538,697, down from $77,167,053,879 yesterday. High volumes can indicate that a significant price movement has stronger support and is more likely to be sustained.

Volatility

The price volatility of Bitcoin over the last 30 days is 86.86%.

Fear and Greed Index

Market sentiment remains high, in Extreme Greed at 93.

Bitcoin’s market dominance

Bitcoin’s market dominance is currently 61.11. Its lowest ever recorded dominance was 37.09 on January 8 2018.

Relative Strength Index (RSI)

The daily RSI is currently 74.20. Values of 70 or above indicate that an asset is becoming overbought and may be primed for a trend reversal or experience a correction in price – an RSI reading of 30 or below indicates an oversold or undervalued condition.

Convince your Nan: Soundbite of the day

“1. We believe it will store value more effectively than gold over the long term.

2. We believe it may become a medium for transactions, as/if pricing stabilizes in the decade ahead.

3. We believe it can act as a productive hedge against inflation.”

The fifth-largest investment website – The Motley Fool – explains its decision to buy $5 million worth of Bitcoin.

What they said yesterday…

Elon explains it all:

Listen to the right people:

Someone should check in on Dave:

Easy investment advice he could have used:

Crypto AM Editor Writes

Markets respond after Bitcoin pierces $50,000 to reach new all-time-high

Breaking: Bitcoin smashes through $50,000

Breaking: Bitcoin smashes through $50,000 – CityAM : CityAM

Crypto AM: Longer Reads

City AM Markets: What is Decentralised Finance (DeFi) by Aave

Crypto AM: Conversation with James Bowater…

Crypto AM: Market View in association with Ziglu

Crypto AM: Technically Speaking in association with with Zumo

Crypto AM: Talking Legal

Crypto AM: Spotlight

Crypto AM: Founders Series

Crypto AM: Industry Voices

Crypto AM: Deeper Dives

Crypto AM: A Trader’s View with TMG

Crypto AM: Tiptoe through the Crypto with Monty Munford

https://www.cityam.com/profile/crypto-am-tip-toe-through-the-crypto/

Crypto AM: Definitively DeFi

Crypto AM: Recommended Events

CC Forum

Global Investment in Sustainable Development

March 31 to April 1 2021 – Dubai

https://dubai.cc-forum.com

Global Technology Governance Summit

April 6 & 7 2021 – Tokyo

https://www.weforum.org/events/global-technology-governance-summit-2021

Cautionary notes

It’s definitely tempting to get swept up in the excitement, but please heed these words of caution: Do your own research, only invest what you can afford, and make good decisions. The indicators contained in this article will hopefully help in this. Remember though, the content of this article is for information purposes only and is not investment advice or any form of recommendation or invitation. City AM, Crypto AM and Luno always advise you to obtain your own independent financial advice before investing or trading in cryptocurrency.

All information is correct as of 08:30am GMT.

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