Bitcoin has started the day posting significant gains. At press time, the largest cryptocurrency by market cap is trading at $47,000.54 (+19.56%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has increased to $1,794.14 (+9.26%), while XRP has jumped by 8.98% and is now trading at $0.471.
FxPro's team of analysts say:
"Cryptocurrency market participants have long wanted Elon Musk to turn his charm not only towards Dogecoin, but also pay more attention to Bitcoin. Now their wishes have come true, especially since the flattering comments about DOGE were clearly a warm-up before the news broke that Tesla has invested $1.5B in Bitcoin, which has resulted in the cryptocurrency's price skyrocketing.
Tesla's solution fits perfectly into the format and spirit of the crypto market. The market is waiting for decisions of this kind from big companies and recognized names in business. As a result, this morning Bitcoin has added 22% and is trading at around $47,000, unprecedented figures in the recent past that force us to think the cryptocurrency could soon surpass the important technical and psychological level of $50,000.
In addition to the general enthusiasm, it is worth paying attention to other views on the current situation. Some believe that the current enthusiasm corresponds to the final stage of a bubble, when an overheated company buys a hot asset in an overheated market. The greed and fear index has added 12 points to 95 over the past day to the 'extreme greed' area."
According to CoinMarketCap’s ranking, 9 currencies on the top 10 are in green.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $1,387,681,352,056.
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