Bitcoin has just hit a new all-time high of $ 48,600 on the top exchanges, just days after it hit its previous high of $ 48,300 on Coinbase. The cryptocurrency is up 8% in the past 24 hours and has outperformed the stock market, although Bitcoin outperforms some of its peers.
The rally comes as Tesla has confirmed it owns over $ 1.5 billion worth of Bitcoin to secure its balance sheet and provide liquidity for its upcoming plan to accept BTC for payments from vehicles.
Related Reading: Wall Street Veteran Kickstart’s Own Bitcoin Fund with a $ 25M investment
Bitcoin hits new all-time highs
Some attribute Bitcoin’s ongoing move to recent events in the introduction of the cryptocurrency.
The Twitter account for “Zerohedge” noted that both Mastercard and BNY Mellon, which is a famous bank, have introduced some bitcoin and cryptocurrencies today.
Mastercard announced that merchants will be able to accept payments in cryptocurrency later this year, while BNY Mellon announced its intention to launch crypto custody and other white glove services for institutional players.
Mastercard up 2% on Bitcoin introduction
BNY Mellon up 2% on Bitcoin launch
But don’t worry, no more companies will be tempted to do the same
– Zerohedge (@zerohedge) February 11, 2021
Bitcoin’s rally to new highs has led many to expect further gains.
Willy Woo, a well-known on-chain analyst, emphasized earlier this week that Bitcoin holders with little historical precedence in selling BTC recently acquired a large portion of the cryptocurrency.
The coins went into strong hands (RED), those who buy without much sales history. pic.twitter.com/R4I65kWsXQ
– Willy Woo (@woonomic) February 5, 2021
Related Topics: 3 Bitcoin On Chain Trends Show A Macro Bull Market Is Brewing
Selected image from TradingView.com’s Unsplash chart Price tags: xbtusd, btcusd, btcusdt Bitcoin Just set a new all-time high – here are what analysts said
