The cost of the bitcoin cryptocurrency exceeded $ 52,600, having risen by more than $ 2,000 on the night of February 18. This is evidenced by data from CoinDesk.
The market capitalization of the world’s most popular cryptocurrency exceeded $ 970 billion, with a total daily trading volume reaching $ 66 billion.
Bitcoin price went up after the company MicroStrategy, which is called the “major corporate sponsor” of Bitcoin, announced plans to borrow $ 600 million to buy it.
Investors are actively getting rid of bitcoin. The price fell to a monthly low
Bitcoin, the most popular cryptocurrency, fell 20% on Tuesday to $ 45,800, the lowest in three weeks. By the middle of the day, the price leveled off and fluctuated around $ 48,000, Reuters reported .
Bitcoin has lost 11% of its value this week. The last time such a weekly drop in the price of cryptocurrency was recorded in September 2020.
Bitcoin pushes its rival Ethereum to a new high
On February 10, the rate of the second largest cryptocurrency by capitalization, Ethereum, for the first time rose to $ 1,825 and even $2,000, according to Coingecko data .
Over the past 7 days, there was a decline of over 10%. On Ethereum blockchain, the GAS fee is getting very high when the price reaches around $1900 or $2000 which might be a hurdle too for ETH to reach $2500 or $3,000 . Will Rising Gas Fees Affect ETH Prices? – “Gas fees fluctuate depending on demand. The higher the demand, the more ETH prices rise. This is directly linked. Therefore, as long as users wish to pay more to participate in DeFi and other dApps, the higher ETH prices will be. But this is not to say Gas fees must remain at these excessive levels” Says Bohdan Prylepa CTO of Prof-it Blockchain Ltd and COO in Bitcoin Ultimatum
According to analysts, now the cost of Bitcoin is associated with the rush demand from investors.
- On February 16, Bitcoin broke the $ 50,000 mark for the first time . The cryptocurrency began to rise in price after Tesla announced the purchase of bitcoins . Investors’ interest was also piqued by Visa, which announced the release of its own system for buying cryptocurrencies and Mastercard, which plans to start working with several cryptocurrencies this year.