After the richest person in the world updated his Twitter profile with a Bitcoin hashtag, Bitcoin rose from USD 31,000 to USD 38,000 within a few hours. Elon Musk only mentioned Bitcoin in his biography on social media platforms.
Musk’s recent update has brought social media platforms into vogue as the demand for Bitcoin and other crypto-assets has soared in the past few hours. After breaking the $38,000 level, the world’s largest cryptocurrency is currently trading at around $37,000.
Due to the enormous selling pressure, BTC has had problems in the past few days as the cryptocurrency has lost almost 15% of its value in the past 7 days. Due to important institutional demand, Bitcoin hit an all-time high of $41,500 earlier this month.
Ethereum, the second-largest cryptocurrency in the world, rose to over $1,400 earlier today after rising 10% in the past few hours. The total market value of Ethereum is approximately $160 billion. When the world’s fifth-largest cryptocurrency surged above $0.28, XRP also appreciated significantly today.
Elon Musk: Bitcoin and Dogecoin
Finance Magnates previously reported on the performance of Dogecoin. The cryptocurrency rose 900% in 24 hours, making it one of the top ten digital currencies in the world. Dogecoin is promoted by the Reddit group SatoshiStreetBets, and Doge’s market value is $9 billion. Following the recent promotions of Elon Musk, Bitcoin remains the most popular cryptocurrency among private investors to this day. The Tesla founder’s tweets added nearly $100 billion in value to BTC as the world’s largest cryptocurrency has a market value of $700 billion.
After adding about $150 billion in one day, the total market value of crypto assets rose to over $1 trillion today. Cardano, Stellar Lumens, Litecoin and Bitcoin Cash also saw double-digit growth today. The recent surge in the price of digital assets has brought the total value of Grayscale’s managed crypto assets to nearly $26 billion. The asset manager added more than 10,000 bitcoin cash in the last 24 hours.