Bitcoin breaks the $50k psychological barrier By BTC Peers

Bitcoin breaks the $50k psychological barrier

CryptocurrencyFeb 16, 2021 11:30AM ET

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Bitcoin breaks the $50k psychological barrier

Bitcoin has set a new all-time high at over $50,000. The world’s largest cryptocurrency by market cap broke the $50k psychological barrier on Tuesday, eventually reaching a high of $50,600.

Shortly after hitting $50k, Bitcoin retraced to the $48k region. As of press time, the digital asset was exchanging hands at $49,400. With a new ATH in sight, Bitcoin’s market cap is closer to toppling one trillion; about $80 billion shy of the benchmark.

Although $50k seems like such a big deal, Bitcoin needed to rise by only 3.2% to hit the benchmark. For the past few days, prices have been moving sideways with a general upward bias.

The legacy currency surpassed $40k for the first time on January 7. It took a little over a month to surpass $50,000. With $50k in its coffers, $65k could be the next stop.

Meanwhile, the rise to $50k may not be unconnected with MicroStrategy’s announcement of an upcoming $690 million purchase from the sales of senior convertible notes.

While Bitcoin is setting new highs, Ethereum is struggling to keep up. Although the second-largest digital asset has had an amazing year, Bitcoin is clearly leading for now. Bitcoin is enjoying wider adoption from corporates and even city governments like Miami.

Continue reading on BTC Peers

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iShares Russell 2000	221.72	-0.87	-0.39%
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Bitcoin breaks the $50k psychological barrier

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