Bitcoin Tops $60K Following Elon Musk’s Tweet “To the Moon”

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Created by TradeOr

3rd Party Analysis 12 Apr 2021

Key Takeaways

  • Bitcoin trades above $61,000 for the first time in three weeks
  • Price appreciation came on Saturday, following Elon Musk’s tweet

Bitcoin Trades Above $60k

Bitcoin is now trading well above $60,000, following an early weekend rally that pulled bitcoin out of the week-long consolidation near $55,000. The biggest crypto asset posted a 5% move to the upside on Saturday and reached a three-week high of $61,200, just a few hundred dollars shy of the all-time record made in mid-March when the digital asset briefly traded above $61,800.

The Elon Musk Effect

The spike came in the early hours of Saturday, arguably propelled by a tweet of Elon Musk who recently made a reputation of himself as a bitcoin booster. The proliferate billionaire and CEO of Tesla and SpaceX tweeted “…going to the moon very soon.” The tweet was largely understood by his broad group of followers as a reference to the popular cryptocurrency slang “to the moon.”

 

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The sharp spike in bitcoin’s price following the tweet, however, was short-lived and soon after, bitcoin dipped near its opening price on Saturday around $58,300. The weekend jitters turned out to be a positive element to the cryptocurrency market as bitcoin has now embarked on another journey to higher grounds.

The price of the world’s largest digital asset is now above $61,000, nearing $61,500 as bitcoin is trading in the green for a fifth straight day today. The current market price of bitcoin now sits just 1% below its all-time high.

BTC Rises but Other Cryptos Drop

As bitcoin’s price continues to rise, its market value in relation to other cryptocurrencies continues to drop. With a market capitalization of $1.1tn, bitcoin now represents roughly 54% of the total crypto space. A significant drop has been registered this year in bitcoin’s dominance. In January, bitcoin accounted for nearly 70% of the total cryptocurrency capitalization. Additionally, the total cryptocurrency market capitalization is now just below $2.1tn.

So far on Monday, bitcoin has kicked into gear rather strongly and has moved to the upside by roughly 3%.

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