18 February 2021
Binance Coin Price Shoots 40% to Enter Top-5 Crypto List; Bitcoin (BTC) and Ethereum (ETH) Register Explosive Growth
Bitcoin (BTC) and Ethereum (ETH) continue ahead their staggering hitting new all-time highs adding $100 billion to the overall crypto market cap in just 2 days. The overall cryptocurrency market cap has moved close to $1.6 trillion.
Binance Coin (BNB) price has shot another 40% today hitting its all-time high above $185 while entering the list of top-5 cryptocurrencies by market cap. The Binance Coin (BNB) has registered staggering growth this year with its price skyrocketing 400% year-to-date.
Let’s take a look at some of the top trending Bitcoin and altcoin news currently in the crypto market.
Bitcoin (BTC) Hits New All-Time High Above $52,500 Following Asset Manager BlackRock’s Entry
Earlier today, Bitcoin (BTC) price skyrocketed another 5.5% to hit its new all-time high above $52,500. At press time, Bitcoin is trading at $51,730 with a market cap of $963 billion. The world’s largest cryptocurrency is just short of becoming the first trillion-dollar cryptocurrency asset class.
On Wednesday, February 17, Bitcoin (BTC) first smashed past $50,000 with strong bullish momentum. However, the news of the world’s largest asset manager BlackRock entering Bitcoin (BTC) took the market by storm.
During an interview with CNBC’s Squawk Box, BlackRock’s chief investment officer of global fixed income Rick Rieder said that his company has started “to dabble a bit into it (Bitcoin)”. Rider also hinted that his company has added Bitcoin amid concerns of rising inflation and currency devaluation.
He said: “We’re holding a lot more cash than we’ve held historically. It’s because duration doesn’t work, interest rates don’t work as a hedge and so diversifying into other assets makes some sense. Holding some portion of what you hold in cash in things like crypto seems to make some sense to me, but I wouldn’t espouse a certain allocation or target holding.”
On the technical charts, the recent Bitcoin (BTC) price bounce has put it in the northward trajectory. Popular crypto analysts and trader Peter Brandt notes that BTC is currently undergoing a third parabolic advance in the last decade. Thus, based on historical trends, Bitcoin price is likely to explode further all the way up to $240,000.
Bitcoin-BTC-Parabolic-Advance (courtesy: Peter Brandt)
On the other hand, the institutional interest in Bitcoin (BTC) is currently at its peak as the CME Bitcoin Futures recorded its highest ever single-day trading volume of over $5 billion on Tuesday, February 16.
CME-Bitcoin-Futures-Trading-Volume (Courtesy: Skew)
Now that Bitcoin price has surged so fast above $50,000, analysts have started putting the next Bitcoin price prediction of $60,000. Interestingly, the Glassnode data shows that the unprecedented BTC price consolidation in January last month has allowed its fundamentals to catch up and other indicators to reset. Thus, Bitcoin is forming new support at $48,000.
Bitcoin-BTC-Support-$48000 (Courtesy: Glassnode)
Another big development in the last two days is that digital asset manager NYDIG has filed for a Bitcoin ETF with the U.S. SEC. The shares of the Bitcoin ETF will trade on the New York Stock Exchange (NYSE) with Morgan Stanley being an authorized participant.
Ethereum (ETH) Surges Past $1900 Levels With High Institutional Demand
Just like Bitcoin (BTC), the world’s second-largest cryptocurrency Ethereum (ETH) has left no stone unturned to be a strong participant in the rally. The ETH price has surged past $1900 for the very first time hitting its new all-time high.
With the current rally, the ETH market cap has moved past $200 billion with its year-to-date gains at 150%. Thus, ETH has given
The massive price rally in Ethereum (ETH) comes on the backdrop of a surge in whale addresses holding over 10,000 ETH coins. The number of such whale addresses has now spiked to 1287.
Ethereum-ETH-Whale-Addresses (courtesy: Santiment)
On the other hand, the Grayscale Ethereum Trust (ETH) purchased another 20,000 ETH coins on Wednesday, February 18 taking its total ETH holdings to 3.15 million. In February 2021 so far, Grayscale has purchased 215,222 ETH coins worth ~$400 million.
Also, the CME Ether Futures has seen massive trading interest since going live on February 8. During its first full week, the CME Ether Futures has crossed $160 million in total trading volume.
Binance Coin (BNB) Price Shoots 40% Today to Enter the Top 5 Crypto List
Binance Coin (BNB), the native cryptocurrency of the Binance blockchain has climbed all the way to the top-5 crypto list. The Binance Coin price has shot up 40% today hitting a new all-time high of $193.
The Binance Coin price has shot 400% year-to-date climbing to these ranks in a very short time. At a $28.5 billion market cap, Binance Coin (BNB) is the fourth most-valued cryptocurrency currently in the market.
The recent price rally comes as BNB whale addresses hit a new all-time high.
Binance-Coin-BNB-Whale-Addresses (Courtesy: Santiment)
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