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Summary
- Tesla has invested US$1.5 billion in Bitcoin.
- The electric vehicle maker will accept the crypto token as a form of payment for its cars going forth.
- Bitcoin jumped by over 15 per cent to hit an all-time high of US$44,500 on Monday.
Bitcoin has made yet another record! The largest virtual coin touched the US$ 44,500-mark on Monday, February 8. The topline cryptocurrency surpassed its previous all-time high of US$ $42,002.55, with over 15 per cent surge.
The surge came after Tesla announced US$1.5-billion investment in the crypto giant for the first time. The electric vehicle maker will now start accepting the crypto token as a form of payment for its cars.
The crypto coin had been trading with volatility after crossing US$40,000 on January 9, 2021. After Elon Musk changed his Twitter bio to “#bitcoin”, the blockchain-powered coin started marching towards US$40,000-level from US$32,000-level.
The Tesla co-founder has been regularly tweeting on cryptocurrencies such as bitcoin and doge.
Bitcoin has yielded more than 43 per cent this year and has a current market cap of more than US$ 828 billion. Its totally supply stands at 18.62 million. The last 24-hours trading volume rocketed to US4 50.77 billion.
Meanwhile, Ethereum also rose more than 5 per cent and crossed US$ 1700-mark, just inches way from its all-time high of US$ 1,761 per unit. The second largest virtual token has gained 126 per cent this year. Ethereum has been trading steadily compared to its rival Bitcoin amid the ongoing crypto bull-run.
Developments Behind Bitcoin Growth
The mainstream acceptance of cryptocurrencies has been counted one of the primary reasons of behind this unprecedented surge of Bitcoin. On top of that fintech companies have started investing in the crypto market, allowing users to exchange these virtual coins on their platforms.
After the cryptocurrency buzz, Coinbase, the largest US-based crypto exchange, has already announced its direct listing on US stock markets. However, it is yet to pass the regulatory scrutiny of the US Securities and Exchange Commission (SEC).
Image Source: Kalkine Group @2020
A Glance At Crypto Market
The crypto market jumped almost 22 per cent in the last 24 hours, with the one-day trade volume pegged at US$ 193.8 billion.
Ripple’s XRP tanked more than 2 per cent to US$ 0.43 per unit. However, it has gained 80 per cent this year and holds a market cap of approximately US$ 43.72 billion.
Litecoin increased by 6 per cent to over US$ 160 per token, in the last 24-hour trade. It is one of the top 10 virtual coins and has a year-to-date return of nearly 25 per cent, with a current market cap of US$ 10.7 billion.
