Bitcoin Targets $40,000 after Elon Musk’s Twitter Tag

Bitcoin Targets $40,000 after Elon Musk’s Twitter Tag

January 29, 2021

Bitcoin jumped from $31,000 to $38,000 in few hours after the richest person on the planet updated his Twitter profile with the Bitcoin tag. Elon Musk simply mentioned Bitcoin in his biography on the social media platform.

Musk’s recent update took social media platforms by storm as demand for Bitcoin and other cryptocurrency assets jumped significantly during the last few hours. The world’s largest cryptocurrency is currently trading around $37,000 after breaking the $38,000 level.

BTC was struggling for the last few days due to huge selling pressure as the cryptocurrency lost nearly 15% of its value in the last 7 days. Bitcoin registered an all-time high of $41,500 earlier this month due to significant institutional demand.

Ethereum, the world’s second-largest cryptocurrency jumped above $1,400 earlier today after posting a 10% increase in the last few hours. The total market cap of Ethereum stands at around $160 billion. XRP also gained significant value today as the world’s fifth-largest cryptocurrency jumped above $0.28.

Bitcoin and Dogecoin

Finance Magnates earlier reported about the performance of Dogecoin, the cryptocurrency jumped as much as 900% in 24 hours to enter into the top 10 digital currencies in the world. Dogecoin got a push from a Reddit group named SatoshiStreetBets and the market cap of Doge reached as high as $9 billion. Bitcoin remained the most popular cryptocurrency among retail investors today after the recent move by Elon Musk. The tweet from Tesla’s founder added nearly $100 billion in BTC’s value as the market cap of the world’s largest cryptocurrency reached as high as $700 billion.

The total market cap of crypto assets jumped above $1 trillion today after adding around $150 billion within a single day. Cardano, Stellar, Litecoin, and Bitcoin Cash also posted double-digit gains today. The recent jump in the prices of digital assets pushed the total value of Grayscale’s crypto assets under management to nearly $26 billion. The asset manager added more than 10,000 Bitcoin Cash in the last 24 hours.

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