Bitcoin rises to a new daily high above $50000 despite its volatility over the past few weeks. Mike McGlone, a senior strategist from Bloomberg, suggested that Bitcoin is pushing gold aside as a store of value in investors’ portfolios.
Bitcoin’s value surpassed $1 trillion on Tuesday as the price of the cryptocurrency plunged. It is the second time since the value has hit $1 trillion after first reaching the milestone on Feb 19. This can be a major recovery move for BTC.
At the time of writing this article bitcoin price was at $53,997.55. While bitcoin is holding above $50000 some analysts believe that the next resistance for the coin to break is at $52000.
“It is interesting to note that Treasury yields and the U.S. Dollar Index are both moving up but bitcoin, unlike previous times, is not moving inversely to them,” Andrew Tu, an executive at quantitative trading firm Efficient Frontier, told CoinDesk.
Altcoins Soar High, Thanks to NFTs:
NFTs are no doubt booming and are one of the fastest-growing trends in the crypto market benefitting NFT projects and token coins.
Ultras native coin UOS hit a record high of $0.452. It’s trading volume was at $31 million on Feb 21 and 22.
Theta’s price surged to $4.98, it managed to perform well throughout February. It is a block chain based video streaming platform.
ENJ price stood at $1.76. The ETH-backed value coin is trading 39% higher in the last 24 hours.
While the second cryptocurrency by market cap, ETH, traded 5.06% higher at $1,741.56.
Chainlink Price has surged by 12% to $31, making it the best performer. The widespread crypto market cap now stands at $1.65 trillion and Bitcoin’s domination rate is at 60.4%.