The rally cryptocurrencies continued over the weekend. On Sunday evening, Bitcoin price on the trading platforms rose to 58,350 dollars. That was a little higher than the recent high on Saturday. Most recently, Bitcoin cost on the trading platform Coinbase slightly less at around $57,200 but was still above Friday’s level and still has the mark of $60,000 insights. By the end of the week, Bitcoin was worth more than $55,000 for the first time, breaking the one trillion dollar mark in its entire market capitalization.
Bitcoin is rising higher day after day. On the way up, it is pushing the price of other cryptocurrencies like (Ethereum, Bitcoin Cash, Bitcoin gold)higher.
For this reason, bitcoin’s share of the total cryptocurrency market has recently fallen somewhat, despite the massive price gains. According to a Coinmarketcap site statement, it was only slightly more than 60 per cent recently, down from just over 70 per cent some time ago. A unit of Ethereum, the second most crucial cryptocurrency, was worth more than $2000 for the first time on Saturday.
Bitcoin had been high since autumn last year. In October, for example, the price had just risen to $10,000 before advancing to more than $20,000 in mid-December. It crossed the mark of $30,000 and $40,000 within a few days at the beginning of January. After a period of consolidation until the beginning of February, things have been steadily uphill again since then. Last week, Bitcoin was worth more than $50,000 for the first time.
The multi-billionaire and Tesla CEO Elon Musk once again provided a price boost on Friday. On Twitter, he wrote why he sees cryptocurrencies as preferable to traditional currencies. Musk wrote if traditional currencies were subject to negative real interest rates, only a fool wouldn’t look elsewhere. He described the loss that many investors are currently accepting in the face of extremely low-interest rates and taking inflation into account.
The fact that Bitcoin responds to Tweets from Musk is not new. The Tesla boss is a confessed cryptocurrency fan and is a lively supporter of the issue, mostly via Twitter. The electric car maker Tesla has invested billions in Bitcoin and wants to accept cryptocurrency as a payment method in the future, which has given in return Bitcoin an extra boost.
According to expert Timo Emden of Emden Research, there are currently many reasons for the bulls in digital currencies. “It’s not just Musk who is likely to play a crucial role in this,” he wrote in a market assessment. Investors’ fear of missing out also drives the rally. “Private investors, in particular, are likely to have jumped blindly into the market in recent hours.” The climbing part seems to be out of control again.