Bitcoin Reaches $56,000, $60K Soon? (Feb. 20, 2021)

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Good morning. Welcome to Saturday Sats, part of our new series: BitPinas Daily. We will look at the price of Bitcoin, Ethereum and the major cryptocurrencies. Crypto is global, but sometimes news that matters happens while we sleep. So we bring to you what’s happening in our space here and abroad.     

Market Price as of February 20, 2021:

Bitcoin$56,039+8.32%
Ethereum$1,969-1.57%
BNB$338+74%
DOT$35.03+12%
USDT$1+0.2%
SLP$0.07+52%


Bitcoin closed February 19, 2021, at $56,039 per BTC. We’re up 618 in the last 7 days and up 93% since the year began. This is a new all-time high.

Bitcoin’s market capitalization stands today at $1,049,417,491,004 which is 59% of the entire cryptocurrency market. The entire crypto market, by the way, now has a market cap of $1,761,993,154,177 (+9%).

On the table above, there’s the cryptocurrency SLP. If you wonder what that is, check out this article: Playing Axie Infinity vs Minimum Basic Salary in the Philippines.

By the way, check out out the following articles:

Coinbase

Coinbase Stock’s Implied Valuation is Now at $100 Billion

According to the data compiled by The Block, it appears institutional investors are very keen and looking forward to the exchange’s direct listing. The most recent cleared price was $373 per share, implying that Coinbase is worth $100 billion.

Bitcoin and Market Cap

Bitcoin Now at $56,000, Market Cap Exceeds $1 Trillion

Bitcoin is now 1,373% up since the March 2020 crash, when it briefly went below $3,800. 

To think that it’s just three days since we publish our $50,000 article. But should you get into Bitcoin at this point? Here’s Miguel Cuneta’s (non-financial) advise:

“Get a feel for it, how to use it, how to store it, etc. It isn’t for everyone, not everyone will want or need it, so find out it if it is for you. But it is there, it exists, it is open to everyone, it’s all voluntary.”

Here’s the article: Bitcoin Reaches Past $50,000, Now Worth 2.4 Million Pesos

Ethereum

Ethereum Price Eclipses $2,000 

At $2,000, Ether has grown 168% since the year began.

According to The Block, this could be fueled by two factors. The first is that the interest in Bitcoin has helped life interest in cryptocurrencies more generally. The other is, of course, decentralized finance, which allow money to lend, borrow, or earn interest with their tokens without any intermediary. According to DeFi Pulse, the total value now locked at DeFi is $42,6 billion.

BNB

BNB Now the Third Largest Cryptocurrency

The token has taken over Tether (USDT) to become the third largest market cap. 

“Binance Coin (BNB) is having its time in the sun, up 50% and trading at around $271, thanks to increased interest in decentralized exchanges and a relatively new decentralized finance (DeFi) project known as PancakeSwap. The DeFi project has flipped its doppelganger Uniswap, as Binance’s CEO Changpeng Zhao noted on Twitter a short time ago.” (By Sebastian Sinclair, Coindesk)

What else is happening

  • Novogratz Positions Firm at Center of Hoped-for Crypto ETF Boom
  • JPMorgan Joins Choir Warning of Tether’s Sway on Crypto Markets
  • Cryptocurrency Sleuths Point to Robinhood as Dogecoin Whale
  • MakerDAO is Piling on Fees as Dai Demand Booms

This article is published on BitPinas: Bitcoin Reaches $56,000, $60K Soon? (Feb. 20, 2021)

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[…] This article is published on BitPinas: Bitcoin Reaches $56,000, $60K Soon? (Feb. 20, 2021) […]

Michael Mislos

A business ad graduate from the Pamantasan ng Lungsod ng Maynila, Mike is the website manager of Bitpinas.com. He is responsible for almost every content you see on the site, from topic/news selection to editing of articles. Mike believes correct information about blockchain and cryptocurrency can empower people to make accurate decisions about the industry, which, in turn, should deter bad actors from taking advantage of crypto & blockchain. [Telegram @mikemislos]

Michael Mislos
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