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Bitcoin looks set to push towards $50,000 while ethereum (ETH) has its sights on $2,000. Major alts are also showing strength.
The bull market is providing all-time highs for coins across the board. Bitcoin (BTC) most recently broke its all-time high once again, touching $48,142 on Binance.
Following the news that Tesla would purchase over $1.5 billion in bitcoin, the crypto saw positive momentum to reach a new all-time high. Bitcoin does not look set to slow down as it gains worldwide interest.
Most notable are corporate investors eyeing out the leading cryptocurrency. Grayscale most recently purchased over 42,000 BTC in January alone. The amount purchased exceeded the amount mined in January.
Source: TradingView
This follows growing interest from Elon Musk and fellow American entrepreneur Mark Cuban who have both purchased bitcoin. Max Keiser speculates that the Oracle co-founder, Larry Ellison, may be the next large purchaser.
Bitcoin adoption is likely one of the key aspects to the recent price surge, which suggests that BTC will climb rapidly towards the $50,000 mark. The question now is simply a matter of when and not if.
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BTC and ETH See New All-Time High
While BTC recently saw a new all-time high, ethereum (ETH) has also managed to scale the cliff. The world’s second most popular crypto reached $1,821 on Tuesday, Feb 9.
Ethereum has seen an incredible uptick in price, with speculators calling for $2,000 as the next possible target. ETH saw heavy fund flows of $195 million compared to BTC’s $42 million over the first week of February. The record represents growing investor confidence in Ethereum’s fundamentals.
Ether may be growing in popularity. However, the struggles around gas fees remain evident. It has become a clear thorn for users wanting to transfer smaller amounts.
A gas-saving proposal called EIP-1559 is currently in the works and will look to offer ETH holders the opportunity to gain fees on transactions in the future. The move could potentially catapult ethereum up to $20,000. That’s according to Predictions Global founder Ryan Berckmans
XRP Fighting for Fifth Spot
While BTC and ETH separate themselves from the rest of the field, XRP continues to battle for the fifth spot. XRP and Cardano (ADA) are battling it out. At press time, price movements were favoring ADA.
DOGE in the Dog Box
Dogecoin (DOGE) too has a fight on its hands. DOGE briefly reclaimed the tenth spot before being knocked out at press time by Bitcoin Cash (BCH).
Doge has had a dramatic resurgence in recent weeks following attention from Elon Musk and others. It appears the project has run its course in terms of retail hype and now ranks eleventh.
