Bitcoin is accelerating towards a market capitalization of USD 1t as the price hits a new all-time high

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Bitcoin (BTC) hit another all-time high on February 19 as the largest cryptocurrency set out to become a trillion-dollar asset.

BTC / USD 1 hour candle chart (Bitstamp). Source: TradingView

Another day, a new bitcoin record

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

Bitcoin had $ 50,000 of support for the past two days and was prepared for further gains in the short term, analysts believed, with one area in particular spiking the Hodlers’ imaginations.

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

“It’s simple. In the old world, your money is losing value because governments are lowering currencies to finance their war and welfare state,” the quant analyst PlanB summarized on Friday.

“In the new world, #bitcoin is increasing in value because math limits the monetary base to 21 million BTC.

Grayscale adds another 1,672 BTC

Cryptocurrency investment giant Grayscale has added another $ 87 million to its Bitcoin Trust (GBTC), data confirms.

According to on-chain monitoring service Bybt, 1,672 BTC of Grayscale’s flagship fund was topped up on Feb. 19, now totaling just over $ 34 billion.

Grayscale Bitcoin Purchases. Source: Bybt

In recent purchases, Grayscale’s total assets under management (AUM) exceeded $ 40 billion for the first time. In second place after Bitcoin is the company’s Ethereum Trust, which holds nearly $ 6 billion in ETH.

“AUM has doubled since January 1st, 2021,” confirmed CEO Michael Sonnenshein on Twitter this week.

Grayscale’s bitcoin purchases have cooled off in recent weeks and are not in line with the size or frequency at the start of the year. Simultaneously, after a two-month hiatus, ether purchases reappeared in February.

The steps come as activity among the institutions shows no signs of a wider decline. MicroStrategy, which already owns over 70,000 BTC, confirmed this week that it would raise $ 900 million to further increase its holdings.

Comments from BlackRock, the world’s largest asset manager with an AUM of around $ 7 trillion, also suggested that the company was interested in some form of interaction with Bitcoin.

“It’s really about realizing the benefits of owning Bitcoin. There is certainly an angle of diversification,” Sonnenshein told CNN earlier this month.