Monday 22 February 2021 10:57 am

Ether breaks $2,000, Bitcoin breaks a trillion market cap, and Elon Musk is still loving crypto

Crypto at a glance

And breathe! What a weekend that was. We were hitting landmark milestones galore, with pumps across the board.

Let’s start with Bitcoin, which set a new all-time high of more than $58,000 and hit a market cap of $1 trillion in the process.

The leading cryptocurrency’s year-to-date gain is already exceeding 100% and we’re less than two months into the year. Predictions for the end of 2021 on a postcard?

Further down the ranks, Ether hit $2,000 for the first time after what feels like years of trying.

It almost seems a shame that such a huge milestone would get buried in among all the other landmark celebrations, but the scale of this achievement shouldn’t be underestimated. Its recent gains have seen it become a top 50 asset, and with Ethereum 2.0 and institutional investors only just getting started, there could be plenty more to come.

It was also good news for BNB, which continues to look strong after last week’s rapid ascent. It soared to a new all-time high of more than $300 and remains the third largest coin by market cap.

In that battle for third spot, DOT also looked strong, setting a new all-time high of more than $40. ADA too managed to get back above a dollar for the first time in over two years, though it didn’t quite manage to set a new all-time high. Can they continue to outperform Tether this week?

To think, this time a month ago the total market cap of the entire crypto market cap hadn’t even hit a trillion dollars yet.

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In the Markets

NamePricePrice Change (24h)Price Change (7 days) 
Bitcoin (BTC)$56,185.24+0.04%+19.37% 
Ethereum (ETH)$1,883.03-1.72%+7.90% 
XRP (Ripple)$0.5995+14.71%+5.33% 
Monero (XMR)$238.83-5.10%+11.51% 
Polkadot (DOT)$38.27-0.64%+45.60% 
Algorand (ALGO)$1.25-4.74%-9.23% 
Cardano (ADA)$1.06+4.50%+29.02% 
Chainlink (LINK)$32.69-2.26%+1.68% 
Aave (AAVE)$439.43+2.17%-2.41% 
UniSwap (UNI)$27.77-3.01%+42.17% 
Celsius (CEL)$5.38-2.35%-2.30% 
Stellar (XLM)$0.5011+2.64%+1.96% 
     
Crypto market cap$1,710,168,016,250   
     
MVIS CryptoCompare Digital Assets 100 Large-Cap Index-2.82   
MVIS CryptoCompare Digital Assets 100 Small-Cap Index+0.20   
MVIS CryptoCompare Ethereum VWAP Close Index-3.89   
Prices and data as of [08:30, 22/02/2021]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 21 2021, at a price of $57,539.94 – up from $56,099.52 the day before. That’s the highest daily and weekly close in Bitcoin’s history.

The daily high yesterday was $58,330.57 and the daily low was $55,672.61. That’s the highest daily high and highest daily low in Bitcoin’s history.

This time last year, the price of Bitcoin closed the day at $9,686.44. In 2019, it was $3,954.12.

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 $1,050,556,365,611. 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 $300 billion bigger than Facebook. To put it into context, the total market cap of gold is now $11.371 trillion. Still a way to go before that particular flip.

Bitcoin volume

The volume traded over the last 24 hours was $55,866,988,049. 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 94.

Bitcoin’s market dominance

Bitcoin’s market dominance is currently 62.34. Its lowest ever recorded dominance was 37.09 on 8 January, 2018.

Relative Strength Index (RSI)

The daily RSI is currently 74.86. 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

“Of all the technologies that came of age in 2020 be it click and collect, the online video call or the vaccine cryptocurrency is the one that will yet have the most profound effect on the ways we understand, hold and use our money. That is because the most far reaching consequences of Covid19 are economic. As Governments globally injected trillions into economic life support schemes this year, the inherent value of our traditional currencies plummeted and attached a millstone of debt to future generations. Everyday consumers, powerless to the financial system they inhabit, have looked around and found our current structures wanting.”

Nick Jones, the CEO of the Edinburgh based cryptocurrency wallet and exchange platform Zumo

What they said yesterday…

Arguing with Peter Schiff on Twitter! Musk really has joined the crypto legion…

Cool

Back with more gems

The world moves pretty fast, make sure you move with it

Crypto AM editor writes…

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

Breaking: Bitcoin smashes through $50,000

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

What’s Next for Crypto Webinar

Baker Botts & Team Blockchain

March 3 2021 – 17:00 GMT

https://event.on24.com/wcc/r/3025235/72862B4A2DA17F4097395FBA84B845BF

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 to 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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