Bitcoin accelerates towards $1T market cap as price hits new all-time high

Bitcoin (BTC) hit yet another all-time high on Feb. 19 as the largest cryptocurrency set its sights on becoming a trillion-dollar asset.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Another day, another Bitcoin record

Data from Cointelegraph Markets and Tradingview showed BTC/USD reaching $52,932 on Bitstamp at the time of writing after rising % in an hour.

Holding $50,000 support over the past two days, Bitcoin was primed for further gains in the short term, analysts believed, with one area in particular capturing hodlers’ imagination.

At around $53,600, Bitcoin’s total market cap will pass $1 trillion for the first time in history.

“It is simple. In the old world your money loses value, because governments debase currencies to fund their warfare & welfare state,” quant analyst PlanB summarized on Friday.

“In the new world #bitcoin increases in value, because math caps the monetary base at 21M BTC. The new world is eating the old world right now.”

Grayscale

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