Elon Musk’s Tesla drives Bitcoin to a new all-time high, reaches $48,000


“One of the things that connect bitcoin and Musk’s Tesla and solar stocks and ESG investing is millennials and gen Z. Young people are buying into the future, and they see cryptocurrencies – bitcoin and other cryptos – as their currencies,” he added.

Bitcoin gained more than 1000% since March 2020. The digital token was trading at $4,000 back then. However, with more billionaires endorsing Bitcoin, it’s estimated that it will gain more momentum in the future.

Edward Moya, senior market analyst at currency firm Oanda, said: “All eyes are for bitcoin to hit $50,000 at some point in the near future, and it could go much further if the dollar resumes its slide. Bitcoin volatility remains elevated, but it looks like we are at the beginning of the breakout from a consolidation pattern. If crypto-mania continues, $60,000 could become a reality before the quarter ends.”

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Meanwhile, the second-largest cryptocurrency Ethereum is breaking new records. The digital token surged above $1,800 on Tuesday, after CME Group launched trading in ETH on Monday. Furthermore, Grayscale bought $100,000 additional Ethereum, and currently holds $5 billion in crypto asset.