As Bitcoin (BTC) approaches a market value of $ 1 trillion, again, the leading cryptocurrency had to deal with an impending correction after making a record move to $ 58.3 thousand.
BTC rose 4.46% to $ 48,510, with a market capitalization of $ 909 billion to date, according to CoinMarketCap.
Crypto trader Carl Martin, tweeting under the pseudonym of The Moon, said businesspeople are keeping an eye on Elon Musk’s movements.
“Every entrepreneur looks at the richest person in the world. Elon bought it. Billions and billions will soon flow into Bitcoin. In fact, it is happening NOW! “
Elon Musk, the founder of Tesla Motors, an American giant behind electric car manufacturing and SpaceX, has shown his approval for Bitcoin. For example, in January, he indicated that he would never refuse the chance to be paid in Bitcoin.
Later, in February, Tesla Inc bought $ 1.5 billion in Bitcoin with the intention of further diversifying and maximizing returns. Martin believes that billions will soon be injected into Bitcoin, as entrepreneurs are looking at the richest man on the planet based on the financial decisions he makes.
Bitcoin retention is rising through the roof
Jan & Yann, the co-founders of chain data provider Glassnode, recognized that the Bitcoin network is showing an overwhelming amount of control. They stated:
“There is a shift in the supply of Bitcoin during this bull run compared to 2017 … The fluctuation in the network keeps decreasing, no matter if the price goes up or down – it just indicates the insane amount of confusion and confidence at the moment.”
His feelings are echoed by network analyst Rafael Schultze-Kraft, who revealed that the illiquid supply of Bitcoin is growing steadily. This means a culture of retention, as more participants are storing Bitcoin for speculative or future purposes, which is indicative of optimistic behavior.