Yesterday(2/20 00:00 - 24:00, UTC+0), bitcoin price recorded its starting as $55934, its lowest as $55552, its highest as $58464 its closing as $57542. Bitcoin took over the momentum from the rise of the previous day's low of $54,000 and started to rise right after the start of Sunday, approaching $58000 after 15 minutes with a large buy volume at 10:00, and getting adjustment by -2% and after reaching a new ATH at 19:00, ending a final increase of 2.9%.
Btc rose 18.1% weekly, and the dominance moved between 62.2-62.8 throughout the week, setting a bull market for altcoins. Ethereum rose by only 7.1% weekly, but broke the new ATH by breaking through $2000. In particular, bnb started the week with $136 and reached a peak of $348, rising 256% to the third place in cryptocurrency market cap.
Regarding the altcoin bull market, which has been going on for a long time, there is a rumor saying that Chinese cryptocurrency investors, who are concerned that their funds will be exposed when the CBDC being promoted in China Government soon becomes a reality, are trying to gain profits by investing in altcoins.
To some extent, it is convincing that China will challenge the dollar hegemony by introducing China-made CBDC at the Winter Olympics which will be held in Beijing in early 2022. When CBDC spreads out in China, there might be some government policy to prevent cryptocurrency in China, so there could be Chinese investor's intent to increase profits through altcoin investments before that happens.
Bitcoin ETF, listed on the Canadian exchange that started trading last week, raised $400 million in two days of trading, and if investment continues at this rate, it is said to be the first largest ETF listed on the Canadian exchange in one month. It is said that the size of ETF on the Canadian exchange is roughly 1/20 of that of the US exchange, and it is exciting to imagine what will happen if bitcoin ETF are listed in the US market.