The cryptocurrency market is experiencing a real “boom” in early February. The indices of the main digital assets grew rapidly, but Bitcoin and Ethereum stand out against this background. Also at the very top, “meme” asset Dogecoin suddenly appeared, which increased in price by 50%. It is noteworthy that Elon Musk had a hand in all this positive news for the cryptocurrency market.

The billionaire promoted Dogecoin on Twitter, and went even further with bitcoin and ether. Elon Musk’s company invested a whopping $1.5 billion in bitcoin, which was reflected in Ethereum, which rose in price by 9%. The main cryptocurrency has completely “flown into space,” having updated its historical maximum. In just an hour, bitcoin has grown by 14%, and the price of the digital asset now has exceeded the mark of $45 thousand. Now, the cryptocurrency is held at the level of $43.3 thousand, but the overall price increase for the day was 12%.


There were two reasons for the occurrence of such an explosion in the cryptocurrency market. The first one has already been pointed out: Tesla reported to the Securities Commission about an investment in bitcoin in the amount of $1.5 billion. The second reason is even more decisive. The company Tesla said that in the near future it will accept cryptocurrency as payment in accordance with the terms of the legislation. This statement was a real catalyst for the active growth of all major cryptocurrencies.

It is estimated that since bitcoin set a local minimum of $ 3.8 thousand in March 2020, the cryptocurrency has risen in price by 1084%, and as of February 8, the total capitalization of the first digital currency is $810 billion. Of course, this event can be called decisive in the further growth of prices for cryptocurrency. And companies such as Tesla and Visa will become the guides and main lobbyists of the cryptocurrency market in the implementation of financial transactions.

The material has been provided by InstaForex Company –

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