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%.

analytics6021666424dec.jpg

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 – www.instaforex.com

Leave your vote

🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.

As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.