Bitcoin price tests $48,000

Bitcoin continued its ascent to new highs — shortly after a momentum-driven rally on the back of positive news from Tesla, the price breached the $48,000 level.

At the time of writing, digital gold was trading around $47,220 on Bitstamp.

30-minute BTC/USD chart from Bitstamp on TradingView.

Here is the top ten by market capitalisation:

Data: CoinGecko.

Polkadot and Cardano displaced Ripple’s XRP from the fourth spot in the rankings. Fueled by celebrity attention, Dogecoin pushed Bitcoin Cash out of the top ten.

Raoul Pal, founder of Global Macro Investors, wrote on Twitter that friends he has known since childhood have started asking him about Bitcoin. Only a small portion of them own cryptocurrency.

Noted trader Peter Brandt told him that despite the hype around digital gold, the uptrend in price looks healthy compared with the end of 2017.

Raoul, this trend feels healthy, unlike late 2017, more like early 2017.
Yet, when in a crowded place it is always good to know where the exit door is.
You have done very well with this market.
Thanks for introducing me to $BTC in March 2016 and opening the door to your exchange

— Peter Brandt (@PeterLBrandt) February 9, 2021

“This more closely resembles the start of 2017,” the technical analyst noted.

Earlier ForkLog brought expert opinions regarding the implications of Tesla’s investment in Bitcoin.

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