Bitcoin (BTC) price has crossed $47,000 after Tesla revealed its $1.5 billion investment into BTC and stock markets rallied to new highs.
It has been reported that the majority of altcoins and DeFi tokens have also surged to notch double-digit gains for the day.
However, while some analysts are speculating on which large company will be the next to jump on the Bitcoin train, Royal Bank of Canada Dominion Securities analyst Paul Steves thinks that Apple will be the next institutional player to join the trend.
The report said that according to Steves, if Apple were to launch a crypto exchange or buy Bitcoin, it could lead to an estimated $40 billion in annual revenue. Bitcoin’s bullish price action came at a crucial time as the digital asset had seen a decline in overall sentiment in recent days as the price struggled to break above the $38,000 level.
#Bitcoin price hit a new high at $46,794 as the #stock market and select #altcoins rallied new to all-time highs https://t.co/4WcOwkA4tI — Cointelegraph Markets (@CointelegraphMT) February 8, 2021
Likewise, Dogecoin (DOGE) also broke out as bulls pushed the popular meme coin to a new all-time high at $0.0839. This move came shortly after Mark Cuban gave a nod of approval by calling the altcoin the “best entertainment bang for your buck available” in the crypto market.
When a Forbes reporter asks me about #dogecoin and whether it’s a bad look for crypto when people are buying it pic.twitter.com/YGs27Vdsxo — Mark Cuban (@mcuban) February 8, 2021
Thus, altcoins also benefited from BTC bullish momentum and many rallied by double-digits and standouts like Terra (LUNA) and BitTorrent gained in excess of 100%.
Source: Cointelegraph
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