With Musk’s Tesla accepting the cryptocurrency — Bitcoin is gaining the attention it needs to thrive. Last year, Paypal, Fidelity Investments and Square, accepted the digital asset. Consequently, the broader acceptance of the digital token drove more interest from financial institutions.
Ruffer Investment profited $750 million from Bitcoin in two months, meanwhile, Guggenheim filed with the SEC to buy $500 million worth of Bitcoin. Additionally, billionaire Chamath Palihapitiya, Paul Tudor Jones, and Stanley Druckenmiller endorsed the digital currency. On Sunday, Ricardo Salinas Pliego — 3rd richest person in Mexico added Bitcoin to his Twitter profile.
Michaël van de Poppe, a cryptocurrency analyst said that Bitcoin can reach $50,000 if it breaks the next level of resistance. Michaël said in a tweet Saturday, “#Bitcoin reached the next area of resistance and final hurdle before new ATH’s. $35,000 was the crucial area and it broke, therefore, we’re at the next level of resistance. Breaking this and I think $50,000 is on the horizon.”
Altcoins suffer as BTC recovers
In conjunction with the BTC all-time-high record, several altcoins are suffering from heavy corrections. One reason can be that traders are shifting from altcoins into Bitcoin again as the cryptocurrency can soon hit the $50,000 mark. That being said, other altcoins might experience heavier corrections, if the BTC rally continues to breaking a new record,
