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Bitcoin: record high at $50000
Bitcoin: record high at $50000
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Bitcoin: record high at $50000

By Federico Izzi - 16 Feb 2021

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The day opened with new records for Bitcoin, which for the first time ever exceeded 50000 dollars

In the morning the $50,000 mark had only been surpassed on Coinbase, the world’s leading exchange, but confirmation on the remaining major exchanges was lacking. At 12 PM UTC+1, the general break of the $50,000 was achieved, pushing it to within a hair’s breadth of $50,500. Given the current euphoria, it is likely that the record will be revisited as early as today. 

But today is not just Bitcoin’s day. Among the big players, also Polkadot (DOT) and Cosmos (ATOM), both projects that enable interoperability between the various blockchains, set new records. Polkadot rose above $31 for the first time, while ATOM reached $26. They are similar projects but between the two Cosmos emerges again after months of retreat. 

Polkadot’s record high raises its capitalization to over $27 billion, putting it in third place for the first time among the most highly capitalized coins. Cosmos had made it into the top 10 in recent months, but is now in 17th place. 

ATOM was the day’s best performer, rising about 30% today, while Polkadot, still in the top 5, climbed 15%.

coin360 20210216
Source: COIN360.com

Overall, the day saw a substantial balance between positive and negative signs. 

Total capitalization rose for the first time to over $1,503 billion, thanks to altcoins, which took the market cap, excluding Bitcoin, to over $580 billion. Despite the confirmation of the altseason Bitcoin maintains its dominance above 61%

Ethereum’s dominance fell for the first time in exactly one month to below 14%. On the other hand, Polkadot’s market share has surpassed that of XRP, rising to over 1.8%.

Despite the day of new record highs, total volumes are below the average of the last week. In the last few hours, total trade falls below $600 billion. 

DeFiPulse 20210216

Total value locked in decentralized finance remains above $40 billion. The podium remains unchanged with Maker in the lead followed by Aave and Compound. 

BTC 20210216
Bitcoin chart by Tradingview

Bitcoin (BTC) breaks the $50000 wall

Bitcoin is breaching the psychological $50,000 level. The next technical resistance level is $51,500. Bitcoin with today’s break enters history. The $50,000 level was considered a science-fiction level until a few months ago. At these levels, it is necessary to observe the evolution of the situation without looking back too much. At these levels, it is natural to enjoy the spectacle of the rise. To observe the support levels it will be useful to wait for the next few days. We are in a moment of irrational controlled euphoria. 

ETH 20210216
Ethereum chart by Tradingview

Ethereum (ETH) 

Ethereum stands idly by watching Bitcoin’s new highs and remains close to the highs reached over the weekend. Ethereum prices continue to hover above $1,800 and are about 15% away from the first dynamic support currently located in the $1,550 area.

For Ethereum, the same applies as before with the trend usually remaining set to the upside. 

 

Federico Izzi
Federico Izzi

Financial analyst and independent #trader – S.I.A.T. & Assob.it partner. He operates actively on stock and derivatives markets (futures and options) since 1997. A precursor of cyclic-volumetric analysis he is known for having identified the most important upward and downward movements in the financial markets of recent years. He participates annually as a speaker at the ITForum in Rimini since the 2010 edition and InvestingRoma and Napoli since the first edition of 2015. He is a guest and market expert on the "Trading Room" and "Market Driver" broadcasts of Class CNBC, Borsa Diretta.tv and on the evening news of Traderlink. Since July 2017 he is a permanent guest on LeFonti.TV, the only weekly national space dedicated to cryptocurrencies alongside the most important international experts in the field. He was interviewed as a cryptocurrency expert for Forbes Italia, Panorama, StartupItalia and DonnaModerna. He was recognized as the first Italian technical analyst to have published the first secular cyclic analysis on Bitcoin. Periodically publishes articles on ITForum News, Sole24Ore, MILANOFINANZA, TrendOnLine and Wall Street Italy. Federico Izzi is... "Zio Romolo".

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