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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.

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%.

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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.

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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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Cryptocurrency charts by TradingView.


About The Author

Jordan Lyanchev

Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn

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