Bitcoin extended gains in Asia, reaching record highs over $47,000 just after Tesla had announced on investing $1.5 billion in the cryptocurrency in its 2020 annual report. The leading cryptocurrency gained more than three years overnight and a high of 61% in 2021. Other major cryptocurrencies such as Ethereum, Tether and Ripple were also also trading up to 11% higher. Bitcoin Crosses Another Milestone by Touching Above $47,000 ATH Bitcoin crossed yet another milestone by touching $47,000 ATH on certain exchanges. The cryptocurrency’s market cap has also gone past $800 billion. While the cryptocurrency hit a new ATH within 4 hours of the Tesla announcement, hourly social volume on $BTC also hit a 6-month high at the same time. Bitcoin’s latest rally has made the cryptocurrency more valuable at $888 billion compared with Tesla’s market capitalization of around $869 billion. Besides the positive price movement, the network fundamentals have also confirmed the healthy state of the Bitcoin network. Data from blockchain.com shows that the network hash rate has hit 155 EH/s in Jan 2021 with the same maintaining a level above 150 since. Despite the high hash rate, the network difficulty too is at its peak. Finally, the 200-day moving average for active addresses on the Bitcoin network seems to be also continuously rising. It might just be a matter of time before the world’s largest cryptocurrency will be valued above $50,000. 🥳 #Bitcoin managed to hit a new #AllTimeHigh about 4 hours ago, after #Tesla announced an investment of $1.5B and its intention to accept #crypto payment for their vehicles in the future! Hourly social volume on $BTC has hit a 6-month high in the process. https://t.co/7pjshuYscH pic.twitter.com/zPn55Dtb6L — Santiment (@santimentfeed) February 8, 2021 Bitcoin’s Network Difficulty Highest in 12 Years Currently, the network difficulty is at its highest as last seen in 12 years. This indicates that it is tough for miners to mine a BTC block or even find a hash below the given level. Following the last difficulty adjustment on 23 January, the mining difficulty saw a 1% adjustment higher and was set to 21 trillion before the end of the week. Even after the drop on 21 January when BTC briefly dipped to $30,000, most Bitcoin miners were profiting at this level. At the time, miners’ revenue stands at $45.6 million, equivalent to what miners earned earlier in January when the price of the cryptocurrency spiked.
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