The price of the leading cryptocurrency Bitcoin [BTC] hits an all-time high today on 19th Feb. as the largest cryptocurrency set its sights on becoming a trillion-dollar asset.
In line with data by CoinMarketCap, BTC/USD is trading at a price near to $53k USD on major cryptocurrency exchanges at the time of reporting after inflation within an hour.
Holding $50k support over the past two days, Bitcoin was primed for further gains within the short term, analysts believed, with one area especially capturing hodlers’ imagination.
At around $53,600 USD, Bitcoin’s total market cap will pass $1 trillion for the primary time in history.
“It is straightforward. Within the old world your money loses value because governments debase currencies to fund their warfare & state,” quant analyst PlanB added earlier 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 immediately.”
On the other hand, Cryptocurrency investment giant Grayscale has added another $87 Mln to its Bitcoin Trust [GBTC].
In line with official data from on-chain monitoring service Bybt on 19th Feb., a 1,672 BTC top-up of Grayscale’s flagship fund, that now contains a sum of just over $34 Bln.
With the newest buys, Grayscale’s total assets under management [AUM] surpasses $40 Bln for the primary time. Next to Bitcoin is the firm’s Ethereum Trust, which consists of almost $6 Bln of ETH.
“AUM has doubled since 1/1/2021,” CEO Michael Sonnenshein confirmed on Twitter earlier this week.
Grayscale’s Bitcoin purchases have cooled off in recent weeks, failing to match the dimensions or frequency seen at the beginning of the year. At the same time, Ethereum purchases reappeared in February after a two-month hiatus.
The moves come as the activity among institutions reveals no sign of abating more broadly. MicroStrategy, which already owns over 70k BTC, confirmed within the week that it might raise $900 Mln specifically to extend its holdings further.
Additionally per BlackRock, the world’s largest asset manager with around $7 trillion AUM, also seemed to suggest that it had been curious about interacting with Bitcoin in some capacity in the mere future.
“It’s really about recognizing the advantages of owning Bitcoin. there is definitely the diversification angle,” Sonnenshein told CNN within an interview earlier this month.