On February 8, Bitcoin (BTC) price hit a new all-time high of $ 46,794 after documents from Tesla showed the company had given 7.7% of its gross cash position to BTC. The acquisition gives Tesla a sizeable $ 1.5 billion position in the top digital asset.
Data from Cointelegraph Markets and TradingView show that Bitcoin is currently up 18.5% and trading near $ 46,000. Meanwhile, the majority of altcoins and DeFi tokens have also risen to achieve double-digit gains for the day.
Daily market performance in cryptocurrencies. Source: Coin360
While some analysts speculate which big company will get on the Bitcoin train next, Paul Steves, analyst with Dominion Securities of the Royal Bank of Canada, believes Apple will be the next institutional player to join the trend .
According to Steves, if Apple launched a crypto exchange or bought Bitcoin, it could generate estimated annual sales of $ 40 billion.
Bitcoin’s bullish price move came at a crucial time as the digital asset had seen a decline in general sentiment over the past few days as the price struggled to break above the $ 38,000 level.
BTC price vs. 30-day average sentiment value. Source: TheTIE
Dogecoin (DOGE) also broke out as bulls took the popular meme coin to a new all-time high of $ 0.0839. This move came shortly after Mark Cuban nodded in agreement, calling the altcoin “the best entertainment bang for your buck” in the crypto market.
When a Forbes reporter asks me about #dogecoin and if it’s a bad look for crypto when people buy it pic.twitter.com/YGs27Vdsxo
– Mark Cuban (@mcuban) February 8, 2021
The price of Cardano (ADA) rose to a new multi-year high of $ 0.72, a 100% increase since Feb. 1, after the successful implementation of smart contracts in the test network and the potential for future DeFi integration broadened the prospects of investors for had improved the project.
The traditional markets are rising due to the expected economic stimulus payments
Investor optimism, which included the possibility of a new economic round from the US government, including direct payments of $ 1,400 and a tax credit of $ 3,000 per child, helped strengthen traditional markets on Monday.
The S&P 500, Dow and NASDAQ all hit record highs, ending the day up 0.74%, 0.76% and 0.94%, respectively. The past six trading days have been the longest winning streak for the S&P 500 since August 2020, and the Dow had its best start to February since 1931, rising 4.7% so far that month.
Altcoins also benefited from BTC’s upward momentum, and many bounced back on double digit and standout results like Terra (LUNA) and BitTorrent, which rose over 100%.
Polkadot (DOT) was up 20.23% to a new high of $ 23.27 while Elrond (EGLD) was up 40.7% in the past 24 hours to hit a new all-time high of $ 191.73. Theta (THETA) also gained 25.55% to hit a new high of $ 2.86.
BTC / USDT 4-hour chart. Source: TradingView
The total market cap for cryptocurrencies is now $ 1.32 trillion, and Bitcoin’s dominance rate is 62.9%.