Binance Coin, the native token of the Binance Smart Chain (BSC), added as much as USD 27 billion to its market cap since Thursday. Even this morning, BNB had a market cap of USD 35 billion.
On Friday, BTC’s market cap surpassed USD 1 trillion for the first time, while weekend trading added another USD 65 million to the coin’s capitalization. This move comes on the back of new BTC investment products coming to market and sustained inflows into such offerings.
The number of addresses holding over 1,000 BTC began increasing in August 2018 and continued to do so over the past 3 years. However, the jump in addresses since the end of December marks the largest increase in the metric in a span of about 7 weeks.
BTC has made new all-time highs on the back of prominent investors endorsing the asset’s attractiveness as an investment. At the same time, a number of actors have integrated BTC into their product offering.
The new offering, which will trade on the Toronto Stock Exchange and is described as “the world’s first bitcoin exchange traded [fund],” will invest directly into physical BTC and is an incremental improvement to the asset's mainstreaming as an investment class.
BTC has found buoyancy on the back of mainstream adoption and high profile endorsements. Despite fundamentally bullish headlines, extremely elevated funding rates suggest the current price has also seen substantial contribution from stretched long positions.
Recently heightened interest in the broader crypto market comes on the back of endorsements of key selling points of many altcoins.
Media pundits and crypto-native business leaders that joined news programs throughout the day treated Tesla’s announcement as a historic moment. The coin’s ethos is being validated by prominent investors and corporations on a regular basis now. 
According to publicly available data, Tesla had USD 14.53 billion in cash reserves. This makes Tesla’s purchase of BTC approximately 10% of its cash holdings.
Barring any last-minute regulatory interventions, the launch of the product represents a major milestone for ETH’s mainstreaming at a moment when the asset is setting new record price levels.