Bitcoin Price Records New All-Time High of $47,156
The Price of Bitcoin (BTC) hit a fresh all-time peak of $46, 794 after records from Tesla disclosed that the company had set aside 7.70% of its overall cash holdings for Bitcoin. The acquisition offers Tesla a huge $1.50 billion position in the numero uno cryptocurrency.
Data provided by TradingView indicates that Bitcoin has rallied roughly 18.5% and trades at about $46,000. In the meantime, a major portion of altcoins and DeFi crypto tokens have also jumped to record double-digit growth in the last 24 hours.
Even though a portion of analysts are guessing the next large enterprise that will enter the Bitcoin bandwagon, Paul Steves, an analyst at Royal Bank of Canada Dominion Securities, believes that Apple will turn out to be the next institutional player to enter the fray.
As per Steves, if Apple were to roll out a cryptocurrency exchange or purchase Bitcoin, it could pave way for an assessed $40 billion in yearly revenue. Bitcoin’s bullish price action has happened at a critical time when the crypto currency had recorded a drop in aggregate sentiment in recent times as the market found it hard to breach the $38,000 mark.
Dogecoin (DOGE) also surged as bulls took the well-known meme coin to a record high of $0.0839. The uptrend has come soon after Mark Cuban issued a positive view of the coin by referring the altcoin as the “best entertainment bang for your buck available” in the cryptocurrency market.
The price of Cardano (ADA) reached a multi-year high of $0.72, reflecting a gain of over 100% since February 1, after the triumphant testnet adoption of smart contracts and the likelihood of future DeFi integration improved investors’ outlook for the venture.
Investor confidence created through the likelihood of a fresh round of stimulus from the US government, including straightforward payments of $1,400 and a tax credit of $3,000 per child, assisted pushing the conventional markets on Monday.
Interestingly, the S&P 500, Nasdaq and Dow all recorded fresh highs, finishing the day at 0.74%, 0.94% and 0.76%, respectively. The last six trading days have recorded the lengthiest uptrend for the S&P 500 since August 2020 and the Dow has recorded its best beginning to February since 1931, gaining 4.7% so far in February.
— Mark Cuban (@mcuban) February 8, 2021
Altcoins also gained from the bullish momentum seen in Bitcoin and several of them recorded double-digit growth. Notably, Terra (LUNA) and BitTorrent rallied by over 100%.
Polkadot (DOT) gained 17.3% to trade at $22.97. Likewise, Elrond (EGLD) rallied 35.7% in the past 24-hours to record a fresh all-time peak of $176.86. Theta (THETA) also rallied 16.5% to set a new high at $2.89. The aggregate cryptocurrency market cap is currently $1.387 trillion, with Bitcoin’s dominance rate at 62.3%.