The world’s most valuable crypto asset soared to a new lifetime high this morning after breaching the psychological 50,000 hurdle on Tuesday for the first time ever. The crypto asset set a record high of $51,500 on Wednesday after a sudden upsurge last night from the $48K region.
The OG cryptocurrency pierced $25,000 for the first time in late December 2020. This means that its price has doubled in less than eight weeks and the crypto’s record-breaking run is showing no signs of slowing down.
Meanwhile, most crypto enthusiasts are filled with optimism at the moment. Some have posited that the cryptocurrency has officially entered a historic “parabolic advance”.
BTC Makes History Yet Again With $51,000
The latest price milestone was reached a day after business intelligence firm MicroStrategy announced that it is planning to add to its BTC warchest yet again. In particular, MicroStrategy revealed that it would sell $600 million worth of convertible notes and use the proceeds to purchase bitcoin.
With bitcoin now at $51,000, the crypto asset’s market capitalization has crossed $958 billion. The dormant crypto is now the world’s sixth-largest asset by market cap, according to data from AssetDash.
Additionally, bitcoin is also outshining gold. Hodlers of the precious alloy could also be thinking about jumping ship. A German-based strategist recently pointed that gold prices have been nose diving while bitcoin sets records.
Is $50K BTC The Beginning Of Another Historic Parabolic Advance?
While it remains to be seen whether the unprecedented rally past the $50K barrier will be sustainable, analysts believe bitcoin has entered a new price discovery phase.
In a Feb. 17 tweet, chartist and veteran trader Peter Brandt indicated that bitcoin is now in its third “parabolic advance”, captioning the chart that can be seen below.
When asked where he estimates the bottom would be should the current parabolic movement be violated, Brandt noted that “80% corrections are most common”.
Bitcoin’s price is now steadily in uncharted waters. This is the very first time the crypto asset has been worth more than $51K. With the arrival of well-known Wall Street investors and some of the world’s biggest companies like Tesla, good times for bitcoin holders are likely to keep rolling.