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Market Musings

Bitcoin Breaks $54,000, Binance Coin Up 57% in a Day, XRP Tumbles to No. 7 Spot

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Published on:
February 19, 2021

Ethereum has reached record highs... but it's struggling to break through $2,000.

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There’s been a lot of frenzied activity in the crypto markets to round off the week — and the top 10 coins by market cap is now starting to look a lot different.

 

Bitcoin hit a long-awaited milestone when its market cap surpassed $1 trillion for the very first time… resulting in a price of $54,395.46 per coin at one point. The crazy gains come a year after BTC plumbed to depths of $4,106.98 last March.

 

Most of these gains have also occurred in the past 90 days. Back in November, 1 BTC would have cost $16,000 on most exchanges.

 

The latest surge has seen Bitcoin outperform Ether over the past seven days, which is something of a rare achievement. The world’s second-largest cryptocurrency hit new highs of $1,955.44 on Friday, after a prolonged period of consolidation in the $1,800 range. It appears ETH is struggling to crack $2,000.

 

But the best performer by a country mile has been Binance Coin, which has now cemented itself as the No. 3 cryptocurrency for the very first time. BNB managed to hit $342.88 in intraday trading before cooling down to $309.24. The altcoin has surged by 57.74% over the past 24 hours — and 131.01% over the past seven days.

 

Binance Coin’s market cap is now $15 billion above Tether’s, with the stablecoin relegated to the No. 4 spot. USDT currently has a total valuation of $33.5 billion — putting it in danger of being overtaken by Polkadot, the blockchain dubbed as the “Ethereum killer.” Cardano is in No. 6 and has been trading sideways for much of this week.

 

This staggering turn of events means that XRP is languishing behind in the No. 7 spot, as the lawsuit between Ripple and the U.S. Securities and Exchange Commission starts to heat up.

 

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