Bitcoin (BTC/USD) tops $57,000, Elon Musk says price seems high

Yohay Elam FXStreet

Bitcoin has been extending its upwards move over the weekend. After the granddaddy of cryptocurrencies reached a market capitalization of $1 trillion, it has hit a new peak of $57,663, as quoted on Coinbase.

Elon Musk, founder of Tesla – and Dogecoin enthusiast – has tweeted that prices of both BTC and Ethereum (ETH) "seem high." Here is the daily chart of BTC/USD, which has changed hands below $20,000 around two months ago.

Earlier on, the world's second-richest person said that digital coins are a "less dumb" version of cash. Apart from Musk, institutional interest from others such as Mastercard, BNY Mellon and Morgan Stanley has one of the critical upside drivers for BTC.

Author

Yohay Elam

FXStreet

Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.

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Pi Network hits record low as market-wide risk-off sentiment weighs

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