{"id":112420,"date":"2021-02-11T18:33:48","date_gmt":"2021-02-11T18:33:48","guid":{"rendered":"https:\/\/precoinnews.com\/?p=112420"},"modified":"2021-02-11T18:33:48","modified_gmt":"2021-02-11T18:33:48","slug":"bitcoin-just-keeps-on-rising-hits-new-high-of-47000","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/bitcoin\/bitcoin-just-keeps-on-rising-hits-new-high-of-47000\/","title":{"rendered":"Bitcoin Just Keeps On Rising; Hits New High of $47,000"},"content":{"rendered":"

For anyone who had doubted bitcoin in the past, now is the time to feel foolish considering the world\u2019s number one digital currency by market cap has just incurred another major surge that sees it trading at a new all-time high of roughly $47,000.<\/p>\n

Bitcoin Just Keeps Heading Higher<\/h2>\n

This is about $5,000 more than where it was trading just 24 hours ago. The currency is experiencing another major burst after it was announced that Tesla \u2013 the electric car company owned and run by South African entrepreneur Elon Musk \u2013 had bought approximately $1.5 billion worth of bitcoin, thereby making one of the largest institutional purchases of the digital currency yet.<\/p>\n

The asset has risen by more than 12 times its value since March of last year. The currency had experienced a major drop \u2013 like all major assets \u2013 following the introduction of the coronavirus pandemic, which ultimately caused huge dips in the world economy. Bitcoin ultimately fell to roughly $4,000 or less during this time, though it only took about two months for the asset to recover and begin trading for around $9,000 by early May.<\/p>\n

From there, it rose to $10,000 during the summer and began trading for as high as $40,000 per unit by the end of December. It has since managed to add more than $7,000 to this price in just the past month and a half alone.<\/p>\n

Now that companies such as Tesla are entering the fray, it\u2019s likely that the bitcoin market is going to become much more mainstream and similar firms are likely to begin investing in the world\u2019s primary cryptocurrency. Billionaire hedge fund manager Mike Novogratz has commented that the currency is likely to hit $100,000 per unit by the end of the year granted further institutional plays of this magnitude continue throughout 2021.<\/p>\n

He states:<\/p>\n

\n

You\u2019re going to see every company in America do the same thing [as Tesla]. One of the things that connect bitcoin and Tesla and solar stocks and ESG investing is millennials and generation Z. Young people are buying into the future, and they see cryptocurrencies \u2013 bitcoin and other cryptos \u2013 as their currencies.<\/p>\n<\/blockquote>\n

Derek Halpenny \u2013 head of global markets research at MUFG in Europe \u2013 provided similar sentiment, explaining in a recent interview:<\/p>\n

\n

Any steps taken that has the potential to improve credibility and lift bitcoin as a more viable means of exchange is going to be positive.<\/p>\n<\/blockquote>\n

$60,000 By the End of the Quarter?<\/h2>\n

Edward Moya \u2013 senior market analyst at Oanda \u2013 also rung in, saying:<\/p>\n

\n

All eyes are for bitcoin to hit $50,000 at some point in the future, and it could go much further if the dollar resumes its slide. Bitcoin volatility remains elevated, but it looks like we are at the beginning of the breakout from a consolidation pattern. If crypto mania continues, $60,000 could become a reality before the quarter ends.<\/p>\n<\/blockquote>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

For anyone who had doubted bitcoin in<\/p>\n","protected":false},"author":3,"featured_media":112419,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[47],"tags":[],"yoast_head":"\nBitcoin Just Keeps On Rising; Hits New High of $47,000 - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/bitcoin\/bitcoin-just-keeps-on-rising-hits-new-high-of-47000\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Just Keeps On Rising; Hits New High of $47,000 - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"For anyone who had doubted bitcoin in\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/bitcoin\/bitcoin-just-keeps-on-rising-hits-new-high-of-47000\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-02-11T18:33:48+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/02\/ccryptafotobitcoin-3290060_1920.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/bitcoin\/bitcoin-just-keeps-on-rising-hits-new-high-of-47000\/\",\"url\":\"https:\/\/precoinnews.com\/bitcoin\/bitcoin-just-keeps-on-rising-hits-new-high-of-47000\/\",\"name\":\"Bitcoin Just Keeps On Rising; 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