Bitcoin hit new lifetime highs of more than $51,200 on Feb. 17 as it tackled what trader Peter Brandt confirms is a “parabolic advance.”
Tuesday had seen Bitcoin hit $50,000 for the first time ever, that level nonetheless failing to hold for more than a matter of minutes.
With its return, the largest cryptocurrency is in a "parabolic advance" — the fourth in its twelve-year history, analysts say.
"Big picture $BTC Bitcoin is undergoing its third parabolic advance in the past decade," Brandt tweeted alongside an annotated price chart.
"A parabolic advance on an arithmetic scale is extremely rare - three on a log scale is historic."
Ether is up 150% in 2021, causing its market capitalization to soar above $200 billion. Most traders are fixated on the unitary price, even though it is entirely arbitrary, therefore missing relevant milestones and comparables.
Investors, mainly those coming from the traditional industry, are used to compare multiples of earnings, sales, and market share. Meanwhile, when valuing a cryptocurrency with multiple use cases, there is no single metric to gauge its potential. Ether might simultaneously act as a digital store of value while functioning as the token required to access the Ethereum network.
Sweden’s central bank has extended an ongoing pilot aimed at creating a digital version of the Swedish krona until 2022, as was recently announced by the nation’s Riksbank.
In combination with professional services firm Accenture, the “e-krona” pilot program was created to address what the Riksbank sees as “the marginalization of cash”:
“The Riksbank sees potential problems with the marginalisation of cash and has therefore initiated a pilot project to develop a proposal for a technical solution for a central bank digital currency, an e-krona that can work as a complement to cash."
The recent announcement states that no decision has been made on how, or even if, the e-krona will be issued. But a brief whitepaper from 2020 details the use of R3’s Corda blockchain — a private distributed ledger created for business and enterprise. Unlike public blockchains such as Bitcoin and Ethereum, projects built on Corda will be accessible via invite only.
This Daily Dose was brought to you by Cointelegraph.