Bitcoin accelerates towards $1T market cap as price hits new all-time high

Bitcoin (BTC) reached an all-time high on February 19 as the largest cryptocurrency set its sights on becoming a trillion dollar asset.

1-hour BTC / USD candle chart (Bitstamp). Source: TradingView

Another day, another Bitcoin record

Data from Cointelegraph Markets and Tradingview showed that BTC / USD reached $ 52,932 on Bitstamp at the time of writing after surging 100 percent within an hour.

Analysts believe, with their $ 50,000 hold over the past two days, that it is poised for more short-term gains, with one area in particular capturing the imagination of the scammers.

At around $ 53,600, Bitcoin’s total market cap will exceed $ 1 trillion for the first time in history.

“It’s simple. In the old world, your money loses its value, because governments devalue their currencies to finance their war and the welfare state,” according to PlanB quantitative analyst Summarization Friday.

“In the New World, the value of #bitcoin is increasing, because mathematics sets the monetary base at 21 million BTC. The new world is eating the old world now.”

Grayscale adds another 1,672 BTC

Cryptocurrency investment giant Grayscale has added another $ 87 million to the Bitcoin Trust (GBTC), the data confirms.

According to data from Bybt Series Monitoring Service, February 19 saw an increase of 1,672 BTC for Grayscale’s flagship fund, which now contains just over $ 34 billion.

Grayscale Bitcoin Purchases. Source: Bybt

With recent acquisitions, Grayscale’s Total Assets Under Management (AUM) surpasses $ 40 billion for the first time. The Ethereum Trust is second only to Bitcoin, which contains nearly $ 6 billion in ETH.

“AUM has doubled since 1/1/2021,” CEO Michael Sonnenshein Has been confirmed On Twitter this week.

Bitcoin purchases from Grayscale have plummeted in recent weeks, failing to match the size or frequency seen at the start of the year. Meanwhile, Ether purchases made a comeback in February after a two-month hiatus.

These moves come at a time when activity between organizations shows no sign of abating on a larger scale. MicroStrategy, which already owns more than 70,000 BTC, confirmed this week that it will raise $ 900 million specifically to increase its holdings.

Comments from BlackRock, the world’s largest asset manager with nearly $ 7 trillion in AUM assets, also seem to indicate that it has been interested in interacting with Bitcoin in some capacity.

“It’s really about recognizing the benefits of owning Bitcoin. There is definitely a diversification angle,” Sonnenshein told CNN earlier this month.