Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.
Top Stories This Week
Bitcoin hits $57,500 — And $1-trillion market cap signals it’s here to stay
Bitcoin’s price continued to smash records this week, surging by more than 20% and hitting highs of $57,505.23 at one point. But the most significant milestone came when BTC’s market cap exceeded $1 trillion for the very first time.
This is a feat that took the likes of Amazon and Google decades to achieve, with Bitcoin cementing its status as a major global asset in just 12 years. BTC even managed to overtake Tesla and Tencent as bullish momentum shows no signs of slowing down.
Recent historical data suggests that Bitcoin rallies in 2021 have tended to occur on weekends, and many analysts believe the world’s biggest cryptocurrency could attack the $60,000 level as the weekend progresses.
BTC has outshone Ether over the past seven days, which has clocked gains of just 10% by comparison. ETH has been struggling to smash through the $2,000 barrier in recent days but did manage to break through this threshold on Monday.
MicroStrategy raising $600M… no, $900M to buy more Bitcoin
BTC’s surge came as MicroStrategy upped the ante in its aggressive acquisition spree, announcing that it is selling $900 million in convertible senior notes to institutional buyers so it can “acquire additional Bitcoin.”
Should the purchase go to plan, the business intelligence firm will hold more than 90,000 BTC in its reserves, and control 0.48% of Bitcoin’s circulating supply.
MicroStrategy’s spending splurge began back in August 2020, when it purchased 21,454 BTC for $250 million — a price of about $11,650 per coin. At the time of writing, this stash alone will have generated a paper profit of $950 million. Two further bulk buys occurred in September and December.
Binance Coin becomes third-largest crypto following parabolic rally
This week’s drama has led to a rather radical shake-up in the crypto rankings. Binance Coin is now the third-largest cryptocurrency by market cap for the first time in history.
BNB’s price has more than doubled this week, and at one point, the coin hit highs of $342.88. It was issued by Binance, one of the world’s largest crypto exchanges, with a view to giving users discounted fees.
The surge comes amid the success of PancakeSwap, a decentralized exchange based on the Binance Smart Chain. The platform overtook Uniswap as the largest DEX by trading volume this week.
Binance’s chief executive officer, Changpeng Zhao, noted that BNB has also been setting new all-time highs against Bitcoin. He said: “From a humble 0.00001 BTC per BNB, we have grown 480x against BTC in the last three-and-a-half years.”
Over $100M in crypto collectible NFTs sold in last 30 days