On February 8, the most popular cryptocurrency price, Bitcoin, hit a lifetime high at $46,794. Documents from Tesla caused this. They revealed that the company had allocated 7.7% of its cross cash position to Bitcoin.
According to the news, the dominant cryptocurrency increased by 18.5% and settled near $46,000. Moreover, most altcoins and DeFi tokens have also boosted to notch double-digit increases for the day.
Royal Bank of Canada Dominion Securities analyst Paul Steves announced that Apple would be the next institutional player to join the trend.
He says that if Apple were to launch a crypto exchange or purchase Bitcoin, it could lead to an estimated $40 billion in annual revenue.
Bitcoin’s bullish price action came at a crucial time as the dominant cryptocurrency had witnessed a slump in overall sentiment in the last days as the price strived to break over the $38,000 level.
The S&P 500 increased to a record high since August 2020
Dogecoin also broke out as bulls drove the popular meme coin to a new lifetime high at $0.0839.
Cardano also boosted to a new multi-year high at $0.72, a rise of 100% since February 1.
The S&P 500 increased by 0.74%, while the Dow Jones Industrial Average surged by 0.76%, and NASDAQ boosted by 0.94%. The past six trading days was the longest winning streak for the S&P 500 since August 2020, and the DJIA has seen its best start to February since 1931, increasing 4.7% so far this month.
Altcoins also profited from BTC bullish momentum. Many boosted by double-digits, and standouts like Terra and BitTorrent gained more than 100%.
Polkadot surged 20.23% to a new high at $23.27. Meanwhile, Elrond increased by 40.7% in the last 24-hours to hit a new all-time high at $191.73. Theta also boosted by 25.55% to touch a new high at $2.86.
The overall cryptocurrency market capitalization now is $1.32 trillion. Bitcoin’s dominance rate stands at 62.9%.