World’s richest man and CEO of Tesla Elon Musk has brought his magical touch to the Bitcoin market after consistently driving DogeCoin to the trend table.
News broke on Monday that Elon Musk’s electric car manufacturing company Tesla bought $1.5 billion worth of Bitcoin, and it will start receiving payment in Bitcoin for its products.
Since the announcement was made, the price of Bitcoin entered an acceleration mode, setting and breaking records.
Bitcoin first increased by $4,000 on Monday and went ahead to add $1000 in value at short intervals. The price first moved from $39,000 to $44,000. It also increased to $45,000 shortly and went up to $46,000. Bitcoin is currently sitting at $47,000 high, a new all-time record.
The current price of bitcoin is $46,504.78, climbing up by 18.79% in the last 24 hours. Bitcoin has a current market cap of $866.08B and market volume of $102.82B. In the last 24 hours, bitcoin has dropped to $39,169.34 and experienced a $48,226.25 high. Currently, 18,623,956.25 bitcoins are in circulation.
Stats and Image from Coin Desk
Bitcoin holders, including institutional investors are currently smiling to the bank with the current state of the market.
The BTC holding of an institutional investor like MicroStrategy has crossed the $3 billion mark following the recent price rally. This feat was attained within a short period of six months since the company made its first $250 million worth investment in Bitcoin.
The price of MicroStrategy’s stock also caught the fire as it increased from $124 per share to $951 per share within six months.
Meanwhile, Ethereum has continued proving to be a worthy second-place holder in the global cryptocurrency market as it breaks the $1800 barrier to set a new all-time record of $1,812.78.