Bitcoin has experienced a sudden spike in price shortly after the CEO of Tesla and SpaceX Elon Musk updated his bio on Twitter with the caption “Bitcoin.”

Bitcoin spiked to over $37,000 and increasing by over 15% after this endorsement. Bitcoin has been on a low for quite a while now, trading between $29,000 and a little above $30,000 range in recent times.

It is unlikely that Bitcoin will maintain this tempo and keep going up, but it is still good that there is a positive shift in value since January 19.

Elon Musk has proven to be a trend-setter in the online space, thanks to his recent feat as the richest man on earth, a title he bagged after dethroning the e-commerce giant Amazon founder holder Jeff Bezos.

The current price of bitcoin is $37,463.66, climbing up by 18.09% in the last 24 hours. Bitcoin has a current market cap of $697.31B and market volume of $95.49B. In the last 24 hours, bitcoin has dropped to $31,712.56 and experienced a $38,566.94 high.  Currently, 18,613,843.75 bitcoins are in circulation.

Stats and Image from Coin Desk

Musk also has great influence over the cryptocurrency industry. His tweets about the meme-based crypto dogecoin caused the dramatic increase in the price of the crypto, where dogecoin gained by 613%, with $0.056820 price after Musk dropped an endorsement tweet about it.

Meanwhile, the largest pool by hashrate F2 Pool has embedded Elon Musk’s tweet “In retrospect it was inevitable” in the Bitcoin block 668,197. A spokesperson of the pool told CoinDesk that the caption was inscribed to do ‘something special for Bitcoin community.’

The tweet showed his view on the recent WallStreet/GameStop Saga.