As of 9 am on the 12th, Bitcoin is $48,387, up 7.8% from the previous day. Based on the coin market cap, Ethereum rose 2.8% to $1792, Cardano (ADA) rose 0.98% to $0.92, and Polkadot rose 5.47% to $25.02.
As for the domestic market price, upbit based bitcoin is trading at 51.5 million won. It is about 2 million won cheaper than the dollar market price.
# Wall Street, related stock rally
After Twitter said it was considering direct investment in bitcoin, companies that declared adoption of cryptocurrency on Thursday (11th) also attracted attention in the stock market.
Bank of New York Melon, one of the nation’s top banks, said it offers cryptocurrency services for its asset management customers. It was up 0.93% in the regular market.
Mastercard also announced that it will start paying cryptocurrency later this year. Mastercard rallyed 2.59% this day.
As a result, the cryptocurrency’Coming Out’ triggered by Tesla is spreading to banks, payments, SNS, and other technology companies.
On this day, Tesla rose 0.85% and MicroStrategy (MSTR) rose 3.64%. MSTR gained an additional 3.67% in after-hours trading. Twitter also rose 1.17%.
Amazon, which said it would recruit personnel to carry out blockchain-related projects, fell 0.74%. The previous day, Bloridge Bank Share Bank, which decided to support the purchase of bitcoins at ATMs, also fell 5.23%.
Uber also said it was considering cryptocurrency payment options, but the stock price fell 3.91%.
# “A weak dollar is key”
As for altcoins, Ethereum continues to test $1,800, while Cardano and Polkadot are on a strong uptrend.
Cointelegraph predicted that if the US dollar continues to weaken, Bitcoin’s breakthrough of 50,000 dollars will be possible.
The dollar bullish index (DXY), which has been proven to have the opposite correlation with the price of bitcoin, continued to decline while the price of bitcoin was hitting an all-time high recently, and the bullish rally of bitcoin ended with the rebound of DXY.
Cointelegraph pointed out that the level of DXY could be the key to rising bitcoin prices. If the index continues to decline below 92, it is expected that there will not be many factors that will prevent Bitcoin from breaking through the $50,000 mark through a high altitude.
# Increased Bitcoin forecast
According to Yahoo Finance, Fundstrat’s leading digital asset strategist David Gryder said the company is more than doubling Bitcoin’s existing forecast.
He said in his 2021 Cryptocurrency Outlook report two weeks ago that he had raised the Bitcoin target price from $40,000 to $100,000.
The company has a stronger outlook for Ethereum. Bloomberg reported last month that Fundstrat raised its Ethereum price target for 2021 to $1500.
Grider emphasized that Ethereum has the highest risk-reward ratio of all cryptocurrencies.