Bitcoin price today continues to make new highs above $ 56,000, market cap surpassing $ 1,000 billion

By Selena On Feb 20, 2021

At press time, the cryptocurrency market has more than 71/100 coins gaining points, the remaining 29 altcoins are falling. Bitcoin price is up 9.39%, listed at $ 56,029.

After yesterday’s slight correction, Bitcoin continued to break out and set a new record high at $ 56,563, consolidating its position as one of the most valuable assets at the moment.

BTC/USD 4-hour chart | Source: TradingView

A small move on Twitter by Elon Musk and … Bitcoin price hit $ 56,000

Just recently, a small move by Elon Musk on Twitter triggered an impressive rally in just a few hours for Bitcoin.

Tesla CEO Elon Musk, who previously decided to buy $ 1.5 billion worth of Bitcoin for the company this year, just started a new trend on Twitter, with an avatar showing Bitcoin and his character in Japanese comics.

The fact that Elon Musk changed his Twitter profile picture to Bitcoin has also been featured on US media channels as a catalyst for BTC to surpass the $ 1 trillion market cap.

Elon Musk announced that he will only leave his Bitcoin profile picture on Twitter for 1 day

Besides changing Bitcoin’s profile picture, another trend is blossoming with the crypto community on Twitter: to put laser eyes on their avatar.

Other Bitcoin supporters, including CoinShares director Meltem Demirors and MicroStrategy CEO Michael Saylor, have both posted images with bright eyes.

i have spent 10 long years on this website and this is easily one of my favorite ever moments on here https://t.co/Fv3f26Xcd9

— unfettered nic carter (@nic__carter) February 19, 2021

Immediately after the new move of Elon Musk and many supporters of Bitcoin, the market price of this cryptocurrency soared to the threshold of approximately $ 56,000. Bitcoin’s market cap has also reached $ 1 trillion, even surpassing China’s tech giant Tencent.

Bitcoin continues to have a great leap in today’s trading session, creating a growth engine for many altcoins

The attractiveness of Bitcoin has created an extreme craving from major investment institutions around the world. Data from Glassnode shows that an increasing number of high net worth investors are pouring money into Bitcoin. Up to now, the total number of Bitcoin stores worth over $ 1 million has reached 94,000.

Data from Whalemap shows that during Bitcoin’s bull cycles, the number of wallets holding between 1,000 and 10,000 Bitcoin after each price correction tends to decrease. However, in the recent bull cycle, the number of whale wallets has not decreased but also increased dramatically.

Treyce Dahlem, the data analyst at TheTie, said the social media Bitcoin keyword has increased 38% since Feb. 18, of which more than 102,000 tweets were posted within 24 hours of discussion about Bitcoin. . The number of Twitter accounts talking about Bitcoin daily hit a peak of 38,500, an increase of 325% from the previous year.

Now, with a market capitalization of over $ 1 trillion, Bitcoin has been comparable to the world’s leading corporations such as Amazon, Apple, Google, which helps this electronic currency receive more and more attention. from major banks when a continuous cryptocurrency custodian service is provided to customers.

Experts say that the tremendous growth of Bitcoin comes from the need to find a stable asset capable of preventing inflation of large investment institutions and the money world.

Along with the rise of Bitcoin, the top 10 digital currencies simultaneously increased in the price: ETH up 1.89% to 1,954 USD; Binance Coin increased by 38.67% to reach $ 296.36; Tether increased 0.01% to reach 1.00 USD; Polkadot increased 24.57% to 37.91 USD; Cardano increased 16.33% to 1.05 USD; XRP increased by 7.86% to reach $ 0.566; Litecoin increased by 8.39% to reach $ 244.68; Chainlink increased by 7.72% to 34.75 USD; Bitcoin Cash is up 4.65% to $ 726.93.

You can see the BTC price here.

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