{"id":565735,"date":"2021-02-14T19:47:50","date_gmt":"2021-02-14T16:47:50","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=565735"},"modified":"2021-02-14T19:47:50","modified_gmt":"2021-02-14T16:47:50","slug":"bitcoin-btc-becomes-a-1-trillion-asset-at-53680","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/bitcoin-btc-becomes-a-1-trillion-asset-at-53680\/","title":{"rendered":"Bitcoin (BTC) Becomes a $1 Trillion Asset at $53,680"},"content":{"rendered":"<p><strong>In brief:<\/strong><\/p>\n<ul>\n<li><strong>Bitcoin&#8217;s market cap will reach a value of $1 Trillion at a BTC price of $53,680<\/strong><\/li>\n<li><strong>Bitcoin&#8217;s current market cap stands at $904.5 Billion with its fully diluted market cap exceeding $1 Trillion<\/strong><\/li>\n<li><strong>Bitcoin is inches away from the $50k price ceiling that could be a short term challenge<\/strong><\/li>\n<li><strong>BTC analyst Timothy Peterson has forecasted $60k as a possible top for Bitcoin<\/strong><\/li>\n<\/ul>\n<p><a href=\"https:\/\/en.ethereumworldnews.com\/category\/news\/latest-bitcoin-btc-news\/\" target=\"_blank\" rel=\"noopener\" data-schema-attribute=\"\">Bitcoin (BTC)<\/a> becomes a $1 Trillion asset at a value of $53,680. This fact was shared by the team at Documenting Bitcoin via the following tweet.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">At $53,680, <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">#Bitcoin<\/a> becomes a trillion dollar asset.<\/p>\n<p>&mdash; Documenting Bitcoin \ud83d\udcc4 (@DocumentingBTC) <a href=\"https:\/\/twitter.com\/DocumentingBTC\/status\/1360934658234589187?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">February 14, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2>Bitcoin&#8217;s Current Market Cap Stands at $904.494 Billion<\/h2>\n<p>At the time of writing, Bitcoin is trading at $48,715 with its current market cap of $904.494 Billion. Additionally, Bitcoin&#8217;s fully diluted market cap (if all BTC were minded and in circulation) currently stands at $1.019 Trillion as seen in the screenshot below courtesy of <a href=\"https:\/\/coinmarketcap.com\/currencies\/bitcoin\/\" target=\"_blank\" rel=\"nofollow noopener\" data-schema-attribute=\"\">Coinmarketcap<\/a>.<\/p>\n<h2><a href=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/02\/BTC-CMC-Feb-14th.jpg\"><img class=\"aligncenter size-large wp-image-565736\" src=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/02\/BTC-CMC-Feb-14th-1024x380.jpg\" alt=\"\" width=\"1024\" height=\"380\" srcset=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/02\/BTC-CMC-Feb-14th-1024x380.jpg 1024w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/02\/BTC-CMC-Feb-14th-300x111.jpg 300w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/02\/BTC-CMC-Feb-14th-770x286.jpg 770w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/02\/BTC-CMC-Feb-14th-500x185.jpg 500w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/02\/BTC-CMC-Feb-14th-240x89.jpg 240w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/02\/BTC-CMC-Feb-14th-717x266.jpg 717w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/02\/BTC-CMC-Feb-14th.jpg 1313w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" title=\"\"><\/a>Bitcoin Could Test $50k this Month<\/h2>\n<p>With respect to price, Bitcoin has printed an ascending triangle with an upper boundary at $49k as seen in the 6-hour BTC\/USDT chart below.<\/p>\n<p><a href=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/02\/BTCUSDT-Feb-14th.png\"><img class=\"aligncenter size-full wp-image-565737\" src=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/02\/BTCUSDT-Feb-14th.png\" alt=\"\" width=\"1014\" height=\"586\" srcset=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/02\/BTCUSDT-Feb-14th.png 1014w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/02\/BTCUSDT-Feb-14th-300x173.png 300w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/02\/BTCUSDT-Feb-14th-770x445.png 770w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/02\/BTCUSDT-Feb-14th-500x289.png 500w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/02\/BTCUSDT-Feb-14th-240x139.png 240w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/02\/BTCUSDT-Feb-14th-717x414.png 717w\" sizes=\"(max-width: 1014px) 100vw, 1014px\" title=\"\"><\/a><\/p>\n<p>Also from the chart, it can be observed that Bitcoin&#8217;s 6-hour MACD is in the process of attempting to cross in a bullish manner above the baseline. The 6-hour trade volume is also in the green with the MFI yet to hit overbought territory at a value of 70. However, the 6-hour RSI is hinting at an overbought scenario in the short term.<\/p>\n<p>In the case of moving averages, Bitcoin has deviated quite a bit from the 50 MA (white). Such a deviation implies that Bitcoin will at some time in the near future, fall back to this moving average and perhaps find some support from it.<\/p>\n<p>Summing up the brief technical analysis, Bitcoin is very much <a href=\"https:\/\/en.ethereumworldnews.com\/bitcoin-btc-closed-its-largest-daily-candle-thanks-to-elon-and-tesla\/\" target=\"_blank\" rel=\"noopener\" data-schema-attribute=\"\">in bullish territory<\/a> that could result in a new all-time high at, or above, the <a href=\"https:\/\/en.ethereumworldnews.com\/50k-is-bitcoins-resistance-in-2021-10k-is-btcs-support-report\/\" target=\"_blank\" rel=\"noopener\" data-schema-attribute=\"\">$50k price ceiling<\/a>. However, the weekly close is only hours away. Chances are, that Bitcoin could experience a brief period of selling pressure before the new week, thus postponing its journey to new highs.<\/p>\n<h2>$60k Might be Bitcoin&#8217;s Local Top<\/h2>\n<p>In an earlier analysis, Timothy Peterson of Cane Island Alternative Advisors pointed out that $60k might be Bitcoin&#8217;s local top for the current parabolic move. Mr. Perterson&#8217;s analysis and $60k value is derived from his <a href=\"https:\/\/en.ethereumworldnews.com\/bitcoin-analyst-30k-would-be-a-red-alert-zone-for-btc\/\" target=\"_blank\" rel=\"noopener\" data-schema-attribute=\"\">Metcalfe model<\/a> as demonstrated in the two tweets below.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">I now have 2 indicators suggesting <a href=\"https:\/\/twitter.com\/hashtag\/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">#bitcoin<\/a> 60k is the top. One is price to metcalfe value 2017 level (shown).  The other is based on historical behavior of 200MA which I posted earlier here:  <a href=\"https:\/\/t.co\/RTzetWoxOJ\" rel=\"nofollow\">https:\/\/t.co\/RTzetWoxOJ<\/a> <a href=\"https:\/\/t.co\/gNxBtHnjt5\" rel=\"nofollow\">pic.twitter.com\/gNxBtHnjt5<\/a><\/p>\n<p>&mdash; Timothy Peterson (@nsquaredcrypto) <a href=\"https:\/\/twitter.com\/nsquaredcrypto\/status\/1360627609202270208?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">February 13, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In brief: Bitcoin&#8217;s market cap will reach a value of $1 Trillion at a BTC price of $53,680 Bitcoin&#8217;s current market cap stands at $904.5 Billion with its fully diluted market cap exceeding $1 Trillion Bitcoin is inches away from the $50k price ceiling that could be a short term challenge BTC analyst Timothy Peterson has forecasted $60k as a possible top for Bitcoin Bitcoin (BTC) becomes a $1 Trillion asset at a value of $53,680. This fact was shared [&hellip;]<\/p>\n","protected":false},"author":22,"featured_media":563552,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[800],"tags":[1233,6961,7000],"_links":{"self":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/565735"}],"collection":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/users\/22"}],"replies":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=565735"}],"version-history":[{"count":0,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/565735\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media\/563552"}],"wp:attachment":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=565735"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=565735"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=565735"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}