On February 8, Bitcoin (BTC) broke the price to a new high of $ 46,794 after documents from Tesla revealed that the company had allocated 7.7% of its gross cash position to BTC. The purchase puts Tesla in a significant position of $ 1.5 billion in the top-ranked digital asset.
Data from CoinTelegraph Markets and TradingView shows that Bitcoin is currently up 18.5% and is trading near USD 46,000. Meanwhile, the majority of altcoins and DeFi tokens have also risen to win the day in double digits.
While some analysts speculate on which big company is next to hop on the Bitcoin train, Royal Bank of Canada analyst says Dominion Securities Paul Steves thinks that Apple will be the next institutional player to join the trend. If Apple were to launch a crypto exchange or buy Bitcoin, it could lead to an estimated $ 40 billion in annual revenue, according to Steves.
Bitcoin’s bullish price action came at a pivotal time for BTC, which had seen a decline in overall sentiment in recent days as the price struggled to break above the USD 38,000 level.
Dogecoin (DOGE) also broke out when bulls pushed the popular meme coin to a new all-time high at $ 0.0839. This move came shortly after Mark Cuban’s one nod of approval by calling the altcoin the “best entertainment bang for your buck” in the crypto market.
– Mark Cuban (@mcuban) February 8, 2021
Cardano (ADA) price rose to another multi-year high at $ 0.72, one increase of 100% since February 1, following the successful testnet implementation of smart contracts and the potential of future DeFi integration, strengthened investors’ prospects for the project.
Traditional markets are becoming increasingly optimistic about further stimulus payments
Investor optimism regarding the possibility of a new round of stimulus from the US government, including $ 1,400 direct payments and a $ 3,000 per child tax cut, helped strengthen traditional markets on Monday.
The S&P 500, Dow, and NASDAQ all hit new all-time highs, finishing the day at 0.74%, 0.76%, and 0.94%, respectively. For the past six trading days, the longest winning streak for the S&P 500 since August 2020, and the Dow had its best start to February since 1931, up 4.7% so far this month.
Altcoins rise as Bitcoin breaks out
Altcoins also took advantage of BTC’s bullish momentum and many were up double digits and standouts like Terra (LUNA) and BitTorrent gained more than 100%.
Dot (POINT) rose 20.23% to a new high at $ 23.27, while Elrond (EGLD) gained 40.7% in the past 24 hours to set a new record at $ 191.73. Theta (THETA) also rallied 25.55% to hit a new high at $ 2.86.
The total cryptocurrency market cap is now at $ 1.32 trillion and Bitcoin’s dominance is 62.9%.