- Bitcoin surges and reaches a new ATH of $48,000.
- BTC price spiked 22% post Tesla purchase announcement.
- If the current pump continues $50,000 ATH might be reached soon.
Bitcoin has done it again, achieving a new ATH of $48,000 after surging 22.9% in 24 hours. The top cryptocurrency traded an excess of $119 trillion in the last 24 hours to set this new record.
Bitcoin started trending worldwide after Tesla announced that it bought $1.5B worth of Bitcoin. In addition, the luxury car brand stated its intention to start accepting Bitcoin as a mode of payment. In light of the news Bitcoin price shot up to $42.656.78 from about $39,244.28 according to Coingecko.
Tesla CEO, Elon Musk is a huge crypto fan and has often tweeted about various cryptocurrencies namely Bitcoin and Dogecoin. Musk even briefly added the “Bitcoin” hashtag to his Twitter bio causing prices to soar.
As Bitcoin continues its market dominance the news has been received with mixed emotions.
User @lexfridman tweeted, “Bitcoin is the future currency of Earth. Dogecoin is the future currency of Mars.”
While famous YouTuber @KSI tweeted, “Every time I think it’s ALT season, Bitcoin just f*** the base.”
EVERYTIME I THINK IT’S ALT SEASON, BITCOIN JUST FUCKS UP THE BASE LMAO
— KSI (@KSI) February 8, 2021
Analysts are predicting that Bitcoin’s bullish trend will continue till April and could reach an ATH of $84,180. The bold prediction was based on analysis of previous market data and corrective shifts done by analyst Lark Davis. As the Bitcoin pump continues it seems $50,000 ATH might be imminent.