More

    Bitcoin Sets New All-Time High at $49,400

    Bitcoin just rocketed to a new all-time high at $49,400 despite consolidation in the price of Ethereum. The leading cryptocurrency set this new high after spending most of the past week in the $47,000 range.
    Bitcoin is moving higher on continued institutional support of the coin.
    Tesla revealed last Monday that it holds a significant amount of the cryptocurrency, which it purchased to hedge its cash position and to provide liquidity for its intent to accept BTC payments.
    Related Reading: Wall Street Veteran Kickstarts Own Bitcoin Fund With $25m Investment
    Institutional Support to Drive Further Bitcoin Demand
    Raoul Pal, the chief executive of Real Vision and a former Goldman Sachs head of hedge fund sales in Europe, stated that the introduction of institutions like Tesla will create a recursive feedback loop that will drive demand for Bitcoin:
    “Remember that as the market cap of BTC rises, it forces more institutions into it. The more institutions that adopt it, the more the others have to and the harder it is for regulators to stop it. A perfect reflexive loop with the little guy front running it all.”

    Remember that as the market cap of BTC rises, it forces more institutions into it. The more institutions that adopt it, the more the others have to and the harder it is for regulators to stop it.
    A perfect reflexive loop with the little guy front running it all.
    Bravo everyone!
    — Raoul Pal (@RaoulGMI) February 14, 2021

    For instance, the news that Tesla bought Bitcoin to diversify its cash portfolio has sparked discussions about the cryptocurrency with other corporations across the United States. For instance, Twitter’s chief financial officer stated that they are looking into Bitcoin and even paying salaries in the cryptocurrency in a recent CNBC interview.
    Bitcoin’s technicals may also indicate there is room to move higher.
    “PlanB,” a BTC-focused analyst, noted that the cryptocurrency’s relative strength index is on a similar path to the one it was on in the previous cycle. Should history rhyme, Bitcoin still has room to extend to the upside before it undergoes a correction.

    #bitcoin looking strong .. RSI 90🚀 pic.twitter.com/eFJbBtACsa
    — PlanB (@100trillionUSD) February 13, 2021

    Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
    Featured Image from Unsplash
    Chart from TradingView.com
    Price Tags: xbtusd, btcusd, btcusdt
    Bitcoin Sets New All-Time High at $49,400

    Related articles

    Comments

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    Share article

    Latest articles

    Newsletter

    Subscribe to stay updated.

    bitcoin
    Bitcoin (BTC) $ 41,473.00
    ethereum
    Ethereum (ETH) $ 2,586.38
    tether
    Tether (USDT) $ 0.998956
    binance-coin
    Binance Coin (BNB) $ 339.18
    cardano
    Cardano (ADA) $ 1.36
    xrp
    XRP (XRP) $ 0.755810
    usd-coin
    USD Coin (USDC) $ 0.998920
    dogecoin
    Dogecoin (DOGE) $ 0.207981
    polkadot
    Polkadot (DOT) $ 18.30
    binance-usd
    Binance USD (BUSD) $ 0.999584
    uniswap
    Uniswap (UNI) $ 22.41
    bitcoin-cash
    Bitcoin Cash (BCH) $ 546.27
    chainlink
    Chainlink (LINK) $ 22.71
    litecoin
    Litecoin (LTC) $ 145.68
    solana
    Solana (SOL) $ 35.31
    wrapped-bitcoin
    Wrapped Bitcoin (WBTC) $ 41,475.00
    matic-network
    Polygon (MATIC) $ 1.08
    stellar
    Stellar (XLM) $ 0.286939
    ethereum-classic
    Ethereum Classic (ETC) $ 51.93
    theta-token
    Theta Network (THETA) $ 6.11
    vechain
    VeChain (VET) $ 0.089613
    internet-computer
    Internet Computer (ICP) $ 42.32
    dai
    Dai (DAI) $ 0.999073
    okb
    OKB (OKB) $ 19.71
    filecoin
    Filecoin (FIL) $ 55.71
    compound-usd-coin
    cUSDC (CUSDC) $ 0.022056
    terra-luna
    Terra (LUNA) $ 11.33
    tron
    TRON (TRX) $ 0.065324
    cdai
    cDAI (CDAI) $ 0.021514
    monero
    Monero (XMR) $ 242.05
    aave
    Aave (AAVE) $ 324.80
    eos
    EOS (EOS) $ 4.10
    compound-ether
    cETH (CETH) $ 51.84
    ftx-token
    FTX Token (FTT) $ 35.06
    cosmos
    Cosmos (ATOM) $ 12.99
    amp-token
    Amp (AMP) $ 0.071045
    pancakeswap-token
    PancakeSwap (CAKE) $ 16.44
    the-graph
    The Graph (GRT) $ 0.698649
    crypto-com-chain
    Crypto.com Coin (CRO) $ 0.128431
    shiba-inu
    Shiba Inu (SHIB) $ 0.000006
    neo
    NEO (NEO) $ 44.00
    leo-token
    LEO Token (LEO) $ 3.02
    bitcoin-sv
    Bitcoin SV (BSV) $ 144.36
    algorand
    Algorand (ALGO) $ 0.861406
    maker
    Maker (MKR) $ 2,992.60
    klay-token
    Klaytn (KLAY) $ 1.05
    celsius-degree-token
    Celsius Network (CEL) $ 6.15
    tezos
    Tezos (XTZ) $ 3.12
    iota
    IOTA (MIOTA) $ 0.899498
    avalanche-2
    Avalanche (AVAX) $ 13.55