Bitcoin Price Jump in February 2021 Exceeded All Expectations
February 2021 will be viewed as a paradigm shifting month in the history of Bitcoin (BTC). This month saw an explosive rise in BTC price, followed by a correction later in the month.
On February 21, 2021, the Bitcoin price hit an all-time-high (ATH) of US$58,352. On the same day, Bitcoin’s market capitalization exceeded the US$1-trillion mark. Ethereum (ETH), the second most prominent cryptocurrency, had also hit an all-time high of US$2,033.08 on the same day.
It was a rollercoaster for Bitcoin in February 2021. A sort of bell curve formation also took place in this month. At the beginning of February 2021, BTC price was hovering around US$32,889, which gradually shot up to US$58,352 on February 21. However, after hitting the ATH, BTC price came tumbling down to US$43,700 by the end of the month.
In February, Bitcoin’s price was a bit of a rollercoaster, almost drawing a bell curve of sorts. At the start of the month, BTC was trading at $32,889, gradually rising to an all-time high of $58,352 on Feb. 21 before flash crashing to around the $43,700 range toward the end of the month.
Shane Ai, the person responsible for Bybit’s product research and development of crypto derivatives said:
“The month of February saw a slew of bullish news, from Tesla, MicroStrategy, Square, and BlackRock adding BTC to their balance sheets, to BNY Mellon, Deutsche Bank, and Mastercard embracing Bitcoin. The Bitcoin rally to $58,352 was a proportional response to the weeks where decades happened.”
Many investment banks and corporates have started to include Bitcoin in their balance sheets. Some of the most renowned names who have taken a stance on Bitcoin include Tesla, Goldman Sachs, Citigroup, Deutsche Bank, BNY Mellon, and many more.
ByBit’s Shane Ai also opined:
“Bitcoin is a highly reflexive asset — the viability of it being a corporate reserve asset increases alongside its market capitalization…In a world starved of yield, financial institutions are naturally converging on crypto — which still offers superior, liquid returns relative to Traditional Finance.”
The Chief Marketing Officer of cryptocurrency exchange Gate.io, Marie Tatibouet, opined:
“It is the best time possible since this bull run is unprecedented due to the parties involved… These investors are not going to let BTC go through catastrophic drops. Also, keep in mind that not only are we in the early stages when it comes to overall adoption, but we are also in the early stages of this bull cycle.”
Tatibouet went on to say that Bitcoin is drawing more and more retail investors because it is providing way too large a return than that of other stock indices. She pointed out that Bitcoin has outperformed Nasdaq 100 and S&P 500 by around 300% and 1,600% respectively.
