The Price of Bitcoin Hits a New All-Time High of $46,500 As Altcoins and Stock Market Get to New Highs
The price of Bitcoin reached a new all-time high of $46,500 on Feb. 8. This happened after news broke that Tesla had put aside 7.7% of its gross cash position to BTC as revealed by their Form 10-K filing for the fiscal year ended Dec. 31, 2020. The percentage gives Tesla a $1.5 billion position in Bitcoin.
Data from TradingView and CoinMarketCap shows that Bitcoin is currently up by 18.52% and trading above $46,500 now. Bitcoin’s surge has also affected the entire market, with majority of altcoins and DeFi tokens having doubled gains for the day.
With many large companies investing in Bitcoin, some analysts are speculating on the next to join the train. According to Royal Bank of Canada Dominion Securities analyst Paul Steves, Apple will be the next institution to invest in BTC. Steves claimed that if Apple were to launch a crypto exchange or purchase BTC, it could lead to an estimated $40 billion in annual revenue.
Bitcoin’s price has been struggling to break above the $38,000 level in recent days so the recent bullish price action was very crucial.
The Rise of Altcoins
Dogecoin (DOGE) has also been breaking bounds recently as bulls pushed the piece to a new all-time high of $0.0839. The bull run came shortly after Mark Cuban gave a statement that was received as a nod of approval, calling DOGE the best entertainment bang for a buck available in the crypto market.
Cardano (ADA) price also increased to a new year high at $0.72. This is a 100% increase since Feb.1, after the successful implementation of smart contracts and the potential of future DeFi integration boosted investors’ outlook for the project.
The standouts in the altcoin market are Terra (LUNA) and BitTorrent that gained more than 100% from this BTC bullish momentum.
Polkadot (DOT) gained 20.23% attaining a new high of $23.27, Elrond (EGLD) gained 40.7% in 24-hours getting to an all-time high of $191.73 and Theta (THETA) rallied 25.55% to set a new record at $2.86.
Traditional Markets Rise Because of Expected Stimulus Payments
The possibility of a new round of stimulus from the U.S. government has evoked optimism from investors. The stimulus is expected to include a direct payment of $1,400 and a tax credit of $3,000 per child. These played a role in the boost traditional markets experienced on Monday.
The S&P 500, Dow and NASDAQ attained new record highs, closing the day up 0.74%, 0.76% and 0.94% respectively. S&P 500 has registered its longest winning streak in the last six trading days since August 2020. On the other hand, Dow has experienced its best start to February since 1931, surging by 4.7% so far this month.
The overall cryptocurrency market cap currently stands at $1.32 trillion, with Bitcoin dominating at a 62.9% rate.
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