Bitcoin Price Pushing Towards $40,000 After Elon Musk Endorsement

Bitcoin price pushing towards $40,000 after Elon Musk endorsement

The crypto industry just got a spring in its steps as it appears that the richest man in the world, Elon Musk, has given the leading crypto asset his green light. Earlier today, Musk updated the Bio of his Twitter account with just Bitcoin, which helped to push the asset’s price to new heights.

Bitcoin price rides on waves of Musk approval

Before the endorsement of Musk, the coin was struggling much and was under the selling pressure. The asset lost close to 15% in the space of the last seven days and was hovering around $31k. However, the coin’s value quickly accelerated when it appeared that the richest man in the world was also getting into the mix. 

Bitcoin saw its value rise by almost 20% to start selling around $38,000 as more enthusiasts began repurchasing the coin. Analysts have begun predicting that the coin may just be able to climb the $40k level again if it continues to rise on the waves of its recent endorsement. The leading digital asset market cap has also risen to $700 billion, with nearly $100 billion added in just a short while.

Dogecoin and other crypto assets also ride the wave

Other crypto assets like Ethereum, XRP, and Dogecoin also rode on the recent endorsement wave as their values also increased.

The second-largest crypto asset by market cap, Ether, saw a 10% increase that led to the asset breaking the $1,400 barrier. The market cap of the asset has also risen to nearly $160 billion.

The native token of embattled Ripple was also not left out. XRP price also rose to $0.28, helping it to consolidate its hold of the fifth position on the most considerable crypto assets by market cap.

Dogecoin continues its weeklong bull run as it also posted a 900% increase within the last 24 hours. The asset is now also among the top ten crypto assets globally, and its market cap reached as high as $9 billion.

 

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