Data from Cointelegraph Markets and TradingView shows that bitcoin is currently up 18.5% and is trading at around $46,000. Meanwhile, most altcoins and DeFi tokens also posted double-digit gains for the day.
Daily indicators for the crypto-currency market. Source : coin360
While some analysts speculate about the next big company to jump on the bitcoin bandwagon, Paul Steves, an analyst at Royal Bank of Canada Dominion Securities, thinks Apple will be the next institutional player to join the trend.
If Apple launches a cryptocurrency exchange or buys bitcoin, it could result in $40 billion in annual revenue, according to Steves.
The upward move in the price of bitcoin came at a crucial time, as the digital asset has seen a drop in overall sentiment in recent days as the price tried to break through the $38,000 mark.
Price of BTCrelative to the 30-day well-being point. Source: ITE
Dogecoin (DOGE) also made a breakout, with bulls pushing the popular coin to a new all-time high of $0.0839. The move comes shortly after Mark Cuban gave his approval, calling the algorithm the best entertainment explosion for an affordable amount in the crypto-currency market.
When a Forbes reporter asks me about #dogecoin and whether cryptocurrencies are frowned upon when people buy them pic.twitter.com/YGs27Vdsxo
– Mark Cuban (@mcuban) February 8, 2021
Cardano’s (ADA) share price reached a new multi-year high of $0.72, up 100% since the first trading session. The February competition, following successful smart contract testing and the possibility of future DeFi integration, strengthened investors’ prospects for the project.
Growth in traditional markets versus expected cyclical payments
Investor optimism around the possibility of a new U.S. government stimulus package, including $1,400 in direct payments and a $3,000 child tax credit, helped support traditional markets Monday.
The S&P 500, Dow and NASDAQ reached new highs and ended the day up 0.74%, 0.76% and 0.94% respectively. The past six trading days have been the longest string of gains for the S&P 500 since August 2020, and the Dow has gotten off to its best February start since 1931, rising 4.7% this month.
Altcoins have also benefited from BTC’s bullish momentum. Many of them, for example, rose by double digits. B. Terra (LUNA) and BitTorrent, which won over 100%.
Polkadot (DOT) is up 20.23% to a new high of $23.27, while Elrond (EGLD) is up 40.7% in the past 24 hours to a new high of $191.73. Theta (TETA) also rose 25.55% to a new high of $2.86.
4 hour chart BTC/USDT. Source: TradingView
The total market capitalization of cryptocurrencies is currently $1.32 trillion, and bitcoin dominates with 62.9%.
frequently asked questions
Does the price of bitcoin affect altcoins?
Altcoins are very different when it comes to price correlation with BTC – sometimes they rise with Bitcoin, sometimes their prices remain largely unchanged. At other times, during periods of great market turbulence, the altcoin pool is worth twice as much as bitcoin.
Why do altcoins go down when bitcoins go up?
First, when the price of bitcoin hit a new record high, it absorbed most of the volume in the cryptocurrency market. This naturally shifted the market to BTC, which contributed to the flight from altcoins.
Is it worth investing in altcoins?
But altcoins are incredibly risky investments. In investing, if you don’t do your research properly, you are more likely to lose than to win. Before you consider putting your hard-earned savings at risk by investing in altcoins, make sure you understand the risks and know what you are getting into.
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