While some political and corporate leaders have been eager to invest in and adopt cryptocurrencies, others are entirely hostile. Turkish President Tayyip Erdogan recently declared outright war on the Bitcoin network. President Erdoğan: "We Are At War" President Erdoğan expressed his opposition to Bitcoin in a meeting with Turkish students this Saturday. The event comes after one of them asked if the country's central bank would adopt cryptocurrencies. Erdogan responded with total rejection: "We have absolutely no intention of embracing cryptocurrencies. On the…
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This Week’s Summary
- The Crypto Market ends the week at a total market capitalization of $1,744 trillion.
- Bitcoin increased by over 17% to set a new ATH at $57,505.
- Ethereum increased by more than 8% to trade above $2,000 for the first time.
- XRP dropped by roughly 7% to trade below $0.52.
- Elon Musk continues to drive the BTC surge with tweets and obvious support for crypto.
- The DeFi sector sees a constant increase in the total value protocols, which is now above $41 billion.
Crypto Trends 15th – 21st of February 2021: PERFORMANCE & ANALYSIS
The cryptocurrency market ends yet another historical week in its existence. After adding roughly $250 billion to its market cap, it now has more than $1,744 trillion in market capitalization.
Bitcoin is again the best-performing crypto of the week after breaking past the $50,000 resistance level and trading as high as $57,505, its new all-time high (ATH).
Last week, there were clear signs that BTC will not waste too much time before climbing over the $50k barrier. Many were expecting a natural increase of the crypto asset, which was already all over the news and social media.
Still, Elon Musk again pushed the crypto sentiment into overdrive and sent the investors into a frenzy. The CEO of Tesla and SpaceX briefly changed his Twitter avatar to an image of BTC, and the crowd went wild. Bitcoin started rising immediately. In just a few hours, it went from $51,000 to $56,000, and many were hoping for the most popular crypto to overcome $50k and $60k in the same week.
Steadily, Bitcoin corrected its position. Now, it ends the week trading at around $57,000. While it did not reach $60,000, the primary cryptocurrency can be proud of its recent surge. Not only has it passed a psychological level at $50,000, but it also became a trillion-dollar asset after surpassing $1 trillion in market capitalization.
Another crypto to set a new all-time high (ATH) this week is Ethereum. The second crypto in command increased by more than 8% and reached a historical price at $2,036.29 on Saturday. Unfortunately, there wasn’t enough buzz around ETH to fuel its surge. In the meantime, it has corrected its position just below the $2k psychological resistance level. Ethereum is now trading at around $1,950.
Last week, XRP was battling with Tether for the 3rd position in the market cap table. Today, both assets have now fallen further down the ranks, with the latter sitting in 6th place and Ripple’s token 7th. Their places have been taken by three cryptocurrencies that registered spectacular value boosts.
Firstly, Binance Coin grew by more than 100% for the second week in a row. BNB benefits from the increasing appeal of the Binance Smart Chain among new crypto investors. At the moment, Binance Coin is trading at around $260 and has a total market cap of nearly $40 billion.
Just below Polkadot is Cardano, which increased by over 25% over the week. At the moment, Cardano is trading at $1.12 and has a market cap of nearly $35 billion. The interest in Cardano is high after several celebrities bought substantial amounts of ADA tokens, with legendary rock star Gene Simmons purchasing $300,000 in Cardano (ADA).
What’s in the News?
- After speaking against crypto investments a few years ago, Bill Gates declares his neutrality on the matter.
- An electricity retailer in Portugal announced that it accepts Bitcoin as payment from its customers.
Next Week’s Market Forcast
The next week, the cryptocurrency market may settle on its recent gains. The surge for Bitcoin and most of the ensuing altcoins has been constant from the start of the year. We might have a period of correction ahead. Still, it doesn’t mean that we will not see most of the top-10 crypto assets setting new ATHs in the coming months.