Bitcoin Eyes $50K As BNB Shoots for $100 (Market Watch)

The Tesla-driven rally boosted BTC’s price by nearly $10,000 to a new ATH. Most altcoins also joined the party with records of their own, and the total market cap went for, yes, an all-time high as well at $1.4T.

Bitcoin’s Impressive 24H Ride

Approximately 24 hours ago, CryptoPotato reported the situation in the cryptocurrency space when BTC was struggling below the $40,000 after another rejection. All seemed somewhat familiar as the asset was unable to stay above it for longer since early January.

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However, everything changed when news broke that Elon Musk’s electric vehicle giant, Tesla, had purchased $1.5 billion in bitcoin in January.

BTC’s price reacted immediately with a $6,000 surge to nearly $45,000. While this was an impressive new record of its own, the cryptocurrency wasn’t done yet. It continued upwards, broke into uncharted territory again, and just a few minutes ago painted a new all-time high at above $48,000.

This became the largest daily candle in BTC’s history. Its market capitalization skyrocketed to about $900 billion. Additionally, bitcoin’s surge helped the asset to reclaim some of its recently lost dominance over the market, which is at almost 64% now. Just yesterday, it had dropped below 61%.

BTC/USD, Bitstamp. Source: TradingView

The Altcoin Market: Green Everywhere

Although some altcoins were a bit late to the BTC surging fiesta, they are all in now with some remarkable price pumps as well.

Ethereum jumped by about 12% to an all-time high of above $1,800. Ripple is up by 12% to $0.47, Bitcoin Cash (12%) to $495, and so forth.

More ATH records came for Chainlink at above $26, Polkadot at nearly $24, and Binance Coin. BNB has been among the best performers in the past several days, and it doubled-down in the past 24 hours with another 25% surge. Consequently, the token came just inches away from breaking above $100.

Cryptocurrency Market Heatmap. Source: Quantify Crypto

Even more gains are evident from lower and mid-cap alts. BitTorrent leads with a massive increase of 200% in a day and 300% in the past seven days to $0.0015. Elrond (50%), Terra (50%), PancakeSwap (40%), IOTA (36%), DigiByte (33%), Filecoin (30%), and Stacks (25%) are just some of the representatives of the double-digit price pump club.

Ultimately, the crypto market cap added nearly $200 billion in a day for a new record of $1.4 trillion.

Crypto Market Cap. Source: CoinMarketCap
Crypto Market Cap. Source: CoinMarketCap


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