The bullish sentiment in the overall cryptocurrency market is currently at new highs making Bitcoin (BTC) the first crypto asset to have trillion-dollar valuations. With this, Bitcoin becomes the sixth most valued asset in the world.
It looks like the entire crypto market is on a wild ride today. The overall crypto market cap has topped $1.7 trillion surging more than 5% in a single day. The recent price rally comes as Bitcoin (BTC) and many other altcoins continue hitting their all-time highs. Binance Coin (BNB) has given a jaw-dropping performance surging all the way to becoming the third-largest cryptocurrency by market cap.
To reach the current highs, the overall crypto market has added more than $250 billion over the last week surging more than 15%. As said, Bitcoin and other altcoins continue to crusade to new highs as market sentiment remains extremely bullish.
Earlier today, the world’s largest cryptocurrency Bitcoin (BTC) surged all the way hitting its new all-time high above $56,300 levels. After some heavy consolidation throughout January and the first week of February, Bitcoin (BTC) continues to break all resistances in the north. So far since Tesla‘s $1.5 billion Bitcoin (BTC) purchase, the BTC price has surged another 40% as it continues to make new highs every single day.
The recent price rally in Bitcoin (BTC) comes al the world’s richest man Elon Musk changed his Twitter profile picture in favor of Bitcoin (BTC) investors. Writing about it, Musk said: “Just for a day. I want to start a flame in your heart”. Three days back, Bitcoin evangelist Max Keiser raised his short Bitcoin (BTC) price target from $65K to $77K.
I’m raising my short term #BTC price target from $65K to $77K based on growing supply-shock issues – as coins are removed from exchanges
My 2021 target of $220,000 remains pic.twitter.com/y1SKIYQW53
— Max Keiser (@maxkeiser) February 17, 2021
Crypto Market Rally: Binance Coin (BNB) Jumps to 3rd Position
The altcoin market continues to rally further with a majority of top-ten altcoins hitting their respective all-time highs. The world’s second-largest cryptocurrency Ethereum (ETH) has shot above $2000 for the very first time while hitting its new all-time high.
At press time, ETH is trading at $2007 with its market cap at $230 billion. Over the last month, Ethereum (ETH) price has gained over 50% and nearly 170% year-to-date. The ETH price rally comes on the backdrop of strong institutional inflows as the Grayscale Ethereum Trust (ETHE) has purchased over 200,000 ETH coins so far in February 2021. Also, the CME Ether Futures has seen a good response recording nearly $200 million of trading volume in the first complete week of going live.
Binance Coin (BNB), the native cryptocurrency of the Binance blockchain, has emerged as the star performer during the entire market rally. BNB has recorded the best performance in the top-ten list surging more than 120% on weekly charts. Earlier today, the BNB price hit an all-time high of $332 and at press time, it is trading at a price of $301 with a market cap of $45 billion.
The Binance Coin (BNB) price has surged 9x year-to-date registering a staggering 800% gains. The BNB price comes as the demand of decentralized exchanges (DEXs) on the Binance Smart Chain (BSC) has shot significantly as the Ethereum blockchain continues to face congestion due to high DeFi activity. This has pushed the average transaction fee on Ethereum (ETH) to new highs thereby pushing the traffic to BSC-based DEXs.
The surge in DeFi activity has also pushed Cardano’s (ADA) price to above $1 for the first time in three years. Earlier today, the ADA price shot above $1 with its market cap going above $32 billion.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
