The bitcoin price exceeded $50,000. Since the beginning of the year, the first cryptocurrency added $20,000.
Bitcoin reached another all-time high, breaking the $50,000 mark. On February 17, the cryptocurrency is trading at $50,700. Over the past week, bitcoin rose in price by 10%. Since the beginning of the first cryptocurrency added almost 70%, and since November 2020, it jumped in price by 260%.
The market capitalization of bitcoin approached $1 trillion, amounting to $945 billion. The daily trading volume exceeded $82 billion. According to this indicator, bitcoin is traditionally second only to the USDT stablecoin, the daily trading volume of which amounted to $142 billion. USDT is used on crypto exchanges as an analogue of the US dollar. With an increase in intensity and trader activity, USDT trading volumes traditionally increase.
According to trader and analyst Peter Brandt, bitcoin is experiencing its third parabolic growth in the last decade. “Bitcoin is undergoing its third parabolic advance in the past decade. A parabolic advance on an arithmetic scale is extremely rare – three on a log scale is historic.” Brandt attached a graph to his tweet that shows how previous parabolic rallies were accompanied by a strong bullish rally in bitcoin. The third wave of bitcoin growth may end with a jump to $240,000.
The current growth of bitcoin is associated with the arrival of institutional investors in the cryptocurrency market.