Bitcoin and ether surpassed Monday’s price records. In ether’s case, CME’s futures launch has given the asset more credibility than ever before.
Bitcoin (BTC) trading around $47,174 as of 21:15 UTC (4:15 p.m. ET). Gaining 7.1% over the previous 24 hours.
Bitcoin’s 24-hour range: $43,948-$48,226 (CoinDesk 20)
BTC well above the 10-hour and the 50-hour moving average on the hourly chart, a bullish signal for market technicians.
Bitcoin’s price is in mega-bull mode again Tuesday. For the second day in a row, the price per 1 BTC hit a new all-time high, $48,226, according to CoinDesk 20 data.
“Bitcoin’s rush from $38,000 to a high of $48,000 marks a new all-time high, blasting through the previous all-time high set a month ago, and reignites the recent bull run,” noted Jason Lau, chief operating officer for San Francisco-based cryptocurrency exchange OKCoin.
“Elon [Musk] and Tesla’s [bitcoin] purchase of $1.5 billion and accepting bitcoin as payment is now the largest confirmation of a trend months in the making – corporations are worried about their cash reserves losing value and are taking concrete actions to diversify into bitcoin,” added Lau.
“Tesla’s $1.5B boost provides us a great example of leadership that will eventually push other S&P 500 companies to allocate part of their treasury reserve into bitcoin,” predicted Constantin Kogan, partner at crypto investment firm Wave Financial.
Kogan made an extremely optimistic forecast to CoinDesk. “If all S&P 500 companies allocate at least 1% of their treasury, the price of bitcoin would increase by about $40,000.”
Interestingly enough, with all this bullish bitcoin activity, the ETH/BTC pair has gone bearish. It’s a sign traders are selling ether for bitcoin, with a particularly large red selling candle at 12:00 UTC Monday when BTC jumped on the Tesla news.
“Bitcoin having just hit all-time highs again, we might have a bit of a pullback for all tokens,” noted Andrew Tu, an executive at quant trading firm Efficient Frontier. ”In general though, the market looks bullish. It seems like bitcoin dominance is due to make another brief run upwards again as it’s hard to see alts (especially DeFi) continue to perform like they have recently without a break.”
On Tuesday, bitcoin’s dominance, its percentage of the larger crypto market share, has jumped. At one point it was up 2% for February and as of press time it is sitting at 0.94%.
Jean-Baptiste Pavageau, partner at ExoAlpha, told CoinDesk not to dismiss ether (ETH), the native asset of decentralized finance (DeFi) network Ethereum, during this run because it is also making gains Tuesday. “DeFi definitely fuels up the use of the…