Bitcoin Clings to $57k All-Time High as Institutional Investors Pour In

Feb 21, 2021 | Decrypt News | 0 comments

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Bitcoin is on the up yet again. Yesterday, the booming cryptocurrency hit a new all-time high of $57k, a rally that hasn’t abated today as Bitcoin’s price sits at a heady price of $57,500. It’s up 3.83% in the last 24 hours, capping a seven-day increase of 17.37%.

Bitcoin’s versatile rival, Ethereum, also hit a new ATH yesterday when it crossed $2,000. It has since slid back down to $1,969, a 2% drop over the last 24 hours. Still, that hasn’t soured its general upward trajectory; the coin increased in price by almost 7% over the last week.

Who’s talking about Bitcoin?

The biggest news to come out of Bitcoin this week was that institutional interest is still surging after Bitcoin finally secured a market capitalization of $1 trillion. Rick Rieder, the chief investment manager of the world’s largest asset management company BlackRock, responsible for a pot of $8.67 trillion worth of assets, announced that the company has now “started to dabble” in Bitcoin. 

BlackRock is not the first high-profile asset management company jumping onboard, either. Guggenheim Partners, a firm holding almost $300 billion in assets under management, has recently been investing some of its private funds in Bitcoin, according to its CIO Scott Minerd. Between January and February, Minerd’s Bitcoin price projection jumped from $400,000 to $600,000, up 50% in a fortnight.

Crypto evangelist and MicroStrategy CEO Michael Saylor also announced a debt sell-off of $1.05 billion in debt securities to fund further investment into Bitcoin. That would add yet more value to MicroStrategy’s 70,000 Bitcoins, currently valued at $3.7 billion.

What’s happening to the altcoins?

Binance’s token BNB hopped over regular top ten stalwarts Polkadot, Cardano and Tether yesterday to become the third largest coin by market capitalization. Today, it sits at a price of $282.49 down 4.49%, though still firmly in its new seat with a seven day gain of 119%.

Polkadot’s DOT is now worth $39.76, having risen 4.48% in the last day. Cardano’s ADA surged 8%, currently valued at $1.14. And Uniswap’s UNI is up almost 20% at a price of $31.25.

After eliciting an amusing Twitter repartee last week between KISS bassist Gene Simmons, rapper Snoop Dogg and Elon Musk, Dogecoin today whimpers at a price of $0.05479. That’s down more than 5% drop in the last 24 hours. Much drop. Very ow!

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

News Source from Decrypt.co

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