Bitcoin price reaches $ 50,000 after Elon Musk’s Shiba Inu tweet raises cryptocurrencies
Shiba Inu coin: Bitcoin has reached $ 50,000 for the first time since early September, piercing through a level of strong resistance by many analysts.
Cryptocurrency last crossed $ 50,000 after El Salvador accepted it as a legal tender, although problems with Bitcoin led to a 20 per cent decline following the announcement.
As Bitcoin grew, so did other cryptocurrencies. The rise came after the meme coin Shiba Inu, which was promoted by Elon Musk after the heroic millionaire posted a tweet.
Shiba Inu has risen 95 per cent in the last 24 hours and 180 per cent in the past week.
The other popular crypto tokens were in a mixed bag. Ethereum traded slightly higher at $ 3,393.3, while Cardano’s fell 1 percent to $ 2.20. Dogecoin rose 8 percent to trade at $ 0.24.
The rise in the price of bitcoin has come as a surprise to some experts who have been anticipating some fluctuations as China has recently banned its trading and mining of bitcoin.
Although China’s ban on the world’s most popular crypto was predicted to cause price volatility, Bitcoin had some bright spots. Continued support from areas such as El Salvador and Miami has encouraged investors to invest in Bitcoin and other cryptocurrencies.
Tesla CEO Musk continued to speak out on behalf of Bitcoin and other cryptocurrencies. Last week, Musk said, “Although the advancement of cryptocurrencies can be curtailed, these digital assets cannot be destroyed now.”