Crypto Market Cap Shoots 17% Above $1.3 Trillion In A Day, Top Crypto News Behind the Rally

By Bhushan Akolkar
Published February 8, 2021 Updated February 8, 2021
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Crypto Market Cap Shoots 17% Above $1.3 Trillion In A Day, Top Crypto News Behind the Rally

By Bhushan Akolkar
Published February 8, 2021 Updated February 8, 2021

The overall cryptocurrency market has added ~$200 billion to its valuations in a single day. At press, the overall crypto market cap is up 17% and has moved past $1.316 trillion in a ‘no holds barred’ kind of market rally. It is a rare sight that both Bitcoin (BTC) and the altcoin market have surged solid movement upwards. Of the total $200 billion to the overall market, Bitcoin (BTC) alone has contributed 2/3rd.

At press time, Bitcoin (BTC) is up 14% trading at $43,364 with a market cap of $813 billion whereas Ethereum is leading the altcoin market rally with over 11% gains as of writing this story. A few moments back, the ETH price surged to hit its new all-time high of $1767.

However, there’s one man behind pumping up the massive euphoria in the crypto space. Elon Musk! Let’s take a look at the top three news today that has taken the entire market by storm.

1. Elon Musk’s Tesla Announces $1.5 Billion Bitcoin Purchase

Earlier today, Elon Musk’s electric car company and the largest automobile firm worldwide Tesla Inc (NASDAQ: TSLA) announced that it purchased $1.5 billion in Bitcoin as part of the company’s plans to diversify the reserve cash holdings. This announcement was enough for Bitcoin (BTC) to break past all the resistance thereby shooting to new highs in a matter of minutes.

Within half an hour of the Tesla announcement, the BTC price surged by $4000 moving all the way above $44,000 o hits its new all-time high. Well, a massive $500 million worth of short positions were liquidated immediately as BTC surged past new highs.

Tesla has announced that it will continue to invest in crypto in the future as and when it finds the right opportunity. Besides, it also stated that the company will accept Bitcoin payments against its car sales.

2. Ethereum (ETH) Hits New ATH As CME Ether Futures Go Live

Finally, the CME Ether Futures are now live opening up doors for massive institutional participation in the world’s second-largest cryptocurrency. After showing a downward momentum on Sunday, ETH is back in action today.

The ETH price surged all the way to a new high of $1767 with a market cap above $200 billion. The CME Ether Futures are cash-settled based on the CME CF Ether-Dollar Reference Rate. The Ether Futures are backed by some top liquidity providers including some big names like NYDIG, CoinShares, BlockFi, Genesis, and Galaxy.

The launch of CME Ether Futures will open doors for companies to launch new financial instruments and products around Ethereum.

3. DogeCoin (DOGE) Enters Top-Ten Crypto List With New All-time High

Surpassing giants like Bitcoin Cash (BCH) and Chainlink (LINK), meme cryptocurrency Dogecoin (DOGE) has surged all the way to becomes the 9th most valued crypto asset by market cap. At press time, DOGE is trading 19.29% up at a price of $0.078 with a market cap of $10.3 billion.

The Dogecoin rally comes after Elon Musk’s multiple tweets in the last 24-hours. Joining Musk in this pump are other popular personalities like Snoop Dog and Gene Simmons. In his Twitter poll, Musk referred to Dogecoin as the ‘future currency of earth’. DOGE price has surged ~100% in a week’s time.

Other altcoins have also registered solid rallies. Cardano’s ADA has hit $0.70 with a $21.6 billion. ADA price has gained 100% on weekly charts. Polkadot (DOT) has also surged 21% today dethroning XRP as the fifth-largest crypto. Binance Coin (BNB) has hit a new all-time high above $70.


The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Bhushan Akolkar
833 Articles
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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