Bitcoin price fell slightly this morning after setting a record above $ 56,000

Bitcoin price fell slightly this morning February 21 after setting a record above $ 56,000. At press time, BTC is trading around $ 56,504, up 19% over the past seven days. Over the past 24 hours, Bitcoin’s price traded as low as $ 54,039 and as high as $ 57,492.

bitcoin-price-fell-slightly-this-morning-after-setting-a-record-above-56000BTC/USD 4-hour chart | Source: TradingView

Bitcoin price has been consistently breaking high, now its capitalization has surpassed $ 1 billion

According to data from CoinMarketCap, the volume of Bitcoin transactions during the period above was $ 67.4 billion, the capitalization recorded $ 1,040 billion.

Influence from Bitcoin, some of the top altcoins also plunged. Specifically, Ethereum decreased by 3.17% to $ 1,902, Binance Coin dropped 23.66% to $ 253.2, Tether fell 0.48%, Ripple dropped 8.03%, Litecoin decreased by 5.58%, Bitcoin Cash fell. 6.08%.

In contrast, some other cryptocurrencies still maintained their performance, such as Polkadot up 12%, Cardano up 17.5%. Total market capitalization is currently recording at $ 1,700 billion, down 0.35%.

Bitcoin is famous for being a cryptocurrency with high price volatility. From the beginning of the year, Bitcoin has been consistently making new highs as more financial institutions and market influencers show interest in Bitcoin.

Accordingly, Tesla has just revealed it has invested $ 1.5 billion in Bitcoin, and MicroStrategy has pushed the scale of selling convertible bonds to $ 900 million to buy more cryptocurrencies.

However, Tesla CEO Elon Musk says the electric carmaker’s $ 1.5 billion bet on Bitcoin is a reckless investment.

Anthony Pompliano, the co-founder of asset management firm Morgan Creek Digital Assets, forecasts Bitcoin could hit $ 500,000 by the end of the decade and possibly reach $ 1 million at a later date.

Pompliano commented:

“I think Bitcoin will eventually become the global reserve currency. BTC will also have a much larger market cap than gold.”

You can see the BTC price here.

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