Monday, July 22, 2024

Elon Musk Revolutionized The Market Again Taking BTC Above $ 44K

Bitcoin Price: Elon Musk Revolutionized the Market Again, Taking BTC Above $ 44K.Tesla announced that it will invest $ 1.5 billion in the market.

Bitcoin (BTC) reached a new ATH above $ 44,000 this morning , but corrected minutes later. However, the cryptocurrency appears to have found its place above 42K (which also marks uncharted territory) and will seek to maintain it. At the close of this note, the price of BTC is $ 42,661.

This morning, Tesla made its $ 1.5 billion investment in BTC official , which sent the price of the asset skyrocketing and once again exposed Elon Musk’s global influence. The crypto market as a whole showed green numbers and its total market capitalization exceeded $ 1.27 trillion .

A few weeks ago, the CEO of Testa and SpaceX changed his Twitter bio to the word “#Bitcoin.” At that point, the price of BTC skyrocketed by $ 5,000 and hit 38K. However, after a few hours he retraced his steps.

This time it is different . Musk did not make an insignificant gesture through social networks, but rather materialized his words of support for BTC with a multi-million dollar investment that moved the foundations of the ecosystem.

BTC will seek to exceed 43K, although according to specialists maintaining the level of 42K would be enough to amortize the jump . The movement ended up erasing the January 8 correction, and took with it the fears that it produced.

Unlike the first week of the year, now BTC has a 40% gain so far this year, but with a 30% correction in between. That suggests more security , and at the same time more expectations for the future .

The altcoin market also had a great day. Talking about Musk is already talking about Dogecoin (DOGE) , the cryptocurrency meme that the tycoon seems to have sponsored on social networks. DOGE grew 10% and climbed to eighth place among the top 10 cryptocurrencies, although at the end of this note it is ranked tenth, trading at $ 0.07.

Ethereum (ETH) , the benchmark altcoin, grew hours after BTC, but at a significant rate. The asset also climbed 10%, trading just below $ 1,700 .

Litecoin (LTC) and Bitcoin Cash (BCH) are up 8% and 7%, respectively, and are priced at $ 161 and $ 470 . XRP also grew 7% in the last 24 hours, reaching $ 0.43 .

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