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Bitcoin price jumps to over $38,000 after Elon Musk’s endorsement

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TL;DR Breakdown

  • Elon Musk updates his Twitter bio to just “Bitcoin”.
  • The update throws the crypto community into a frenzy, and the values of different crypto assets have risen.

Elon Musk, the richest man in the world, threw the crypto community into hysteria when he updated the Bio of his official Twitter profile with the Bitcoin hashtag. This made the leading crypto asset price jump from $31,000 to $38,000 within a few hours.

Bitcoin Price Surges 

The bio update took the crypto community by storm as it led to a surge in demand for Bitcoin and other crypto-assets. The crypto industry had experienced a lull in recent times, with only the value of some DeFi projects and altcoins increasing in their value. 

Bitcoin, however, has struggled greatly in recent times. The leading crypto asset lost close to 15 percent in the last week due to enormous selling pressure on the asset. This was a drop-off from its bull run that led to a new all-time high of $42,000.

Ethereum, on the other hand, was able to surge past the $1,400 mark as it appreciated by 10 percent in the last few hours. Another top gainer is the native token of Ripple, XRP. The value of the asset also got very close to the $0.30 mark. It is currently selling for $0.28.

Dogecoin continues its bull run

Dogecoin has continued the recent fine bull run that has taken it into the world’s top 10 cryptocurrencies. In the last 24 hours alone, the asset has grown by almost 900 percent.

The digital coin is being heavily invested in by a Reddit group called SatoshiStreetBets. They have successfully been able to push the market cap of Dogecoin to $9 billion. However, this pales significantly when compared to the two leading crypto assets’ market cap.

Bitcoin alone has a market cap that is now as high as $700 billion, while that of ETH stands at $160 billion. The total market cap of the crypto industry is also sitting well above $1 trillion.

Kamsi King

Kamsi King

King Kamsi is a fintech and digital currency writer and enthusiast. He is keenly interested in blockchain and cryptocurrency and their global adoption. When not busy with writing, he can be found hobnobbing in forums with the best minds in crypto, both developers and startup founders.

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