Bitcoin price runs towards $60k and altcoins are following

We’re living now a historic time that probably no one ten years ago would’ve guessed. The bitcoin price is running quickly towards the $60k mark, having surpassed non-stop records since late 2020. We have for now an All-Time-High (ATH) of $56,240 after an over 17% increase during the last week, according to CoinMarketCap (CMC).

This is kind of no wonder since there are out there so many companies, firms, and organizations (besides the classical retail bitcoiners) interested in cryptocurrency. We already heard about the giant purchase by Elon Musk’s Tesla and the adoption by Mastercard and BNY Mellon. However, there are more since then.

From the public sphere, the Swiss Canton of Zug (better known as the Crypto-Valley) announced recently that they’ll be accepting Bitcoin (BTC) and Ethereum (ETH) for tax payments. Likewise, the Dubai Government-owned Foreign Direct Investment (FDI) liaison Kiklabb just started accepting BTC, ETH, and Tether (USDT) as a payment for trading licenses and visa fees.

The CEO of Kiklabb, Tasawar Ulhaq, commented about it:

Meanwhile, the first Exchange-Traded Fund (ETF) of Canada and North America just had a millionaire debut, with over $100m in volume. In the United States, the investment advisory firm The Motley Fool announced a soon purchase of $5m in Bitcoin; and Rick Rieder, chief investment officer at BlackRock Financial Management, almost confirmed a Bitcoin/crypto investment by this firm.

MicroStrategy, a firm that was already a huge Bitcoin investor, is expanding its reserves as well, with over $1b more.

Beyond Bitcoin price

As we said, Bitcoin price is doing great, but it’s not alone with the good news. The total cryptocurrency market capitalization has increased by over 16% in the last seven days, heading quickly to the $2t mark. And the DeFi ecosystem keeps growing, with PancakeSwap (CAKE) leading now over Uniswap (UNI) by volume. Additionally, its native token (CAKE) has increased in price by 320% during the last week.

Other remarkable winners of the week are Monero (42%+), Zcash (44%+), Dash (63%+), NEM (65%+), Lisk (95%+), and Bancor (113%+). The first three increases might imply a bright season for privacy coins, even if the budding regulations worldwide aren’t seeing them without suspicion. Indeed, the Monero community already prepared a proposal to Elon Musk for accepting payments in Monero along with Bitcoin in Tesla.

At the same time, Ethereum (ETH) is getting closer to the $2,000 mark, with a new ATH of over $1,969 per token. Binance Coin (BNB) has claimed third place by market capitalization, and Cardano (ADA) has surpassed XRP in sixth place. The Dogecoin-mania have receded by now, but the Non-Fungible Tokens (NFTs) and Collectibles demand keep growing.

Featured Image by Tumisu / Pixabay

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Originally published at https://blog.alfa.cash on February 19, 2021.

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