On February 8, the Bitcoin (BTC) price broke to a new high of $ 46,794 after Tesla documents revealed that the company had allocated 7.7% of its gross cash position to BTC. The acquisition gives Tesla a significant $ 1.5 billion position in the best digital asset.
Data from Cointelegraph Markets and TradingView shows that Bitcoin is currently 18.5% higher and trades close to $ 46,000. Meanwhile, the majority of altcoins and DeFi tokens also rose to achieve double-digit gains for the day.
While some analysts are speculating about which big company is next to jump on the Bitcoin train, Paul Steves, analyst at Royal Bank of Canada, Dominion Securities, thinks Apple will be the next institutional player to join the trend.
According to Apple, should Apple buy a crypto exchange or Bitcoin, it could lead to an estimated annual revenue of $ 40 billion.
Bitcoin’s bullish price action took place at a significant time, as the digital asset has had a decline in overall sentiment over the past few days as the price struggles to break above the $ 38,000 level.
Dogecoin (DOGE) also broke out when bulls pushed the popular meme coin to $ 0.0839 to a new high of all time. This move came shortly after Mark Cuban gave a nod of approval by calling altcoin the ‘best entertainment for your money available’ in the crypto market.
If a Forbes reporter asks me #dogecoin and whether it’s a bad look for crypto when people buy it pic.twitter.com/YGs27Vdsxo
– Mark Cuban (@mcuban) 8 February 2021
The price of Cardano (ADA) has risen to a new multi-year high of $ 0.72, a 100% increase since February 1, after the successful test network implementation of smart contracts and the potential for future DeFi integration the investors strengthened its prospects for the project.
Traditional markets rise with expected stimulus payments
Investors’ optimism about the possibility of a new stimulus from the US government, including direct payments of $ 1,400 and a tax credit of $ 3,000 per child, boosted traditional markets on Monday.
The S&P 500, Dow and NASDAQ all reached a new record high, increasing the day by 0.74%, 0.76% and 0.94% respectively. The past six trading days have meant the longest winning streak for the S&P 500 since August 2020, and the Dow has had its best start to February since 1931, rising 4.7% so far this month.
Altcoins also benefited from the BTC bullish momentum, and many achieved double digits and standouts such as Terra (LUNA) and BitTorrent more than 100%.
Polkadot (DOT) rose 20.23% to a new high of $ 23.27, while Elrond (EGLD) rose 40.7% over the past 24 hours to set a new high of $ 191.73 . Theta (THETA) also rose 25.55% to set a new high of $ 2.86.
The overall market capitalization for cryptocurrency now stands at $ 1.32 billion and Bitcoin’s dominance rate is 62.9%.