- Both Bitcoin and Ethereum saw a major surge on the 29th January
- While Bitcoin’s growth comes as a consequence of it being mentioned by Elon Musk, ETH grew in correlation
- Both coins have strong potential to go higher in 2021
Bitcoin price skyrocketed as the weekend approached
In January 2021, Bitcoin went through a lot, making for an action-filled start to the year. The first week was marked by strong growth, while the second week saw the coin hit a new all-time high and then crash by around $10,000. In the third week, the coin mostly traded sideways, which continued into the last week of the month.
On 29th January, the coin skyrocketed from $32,000 to $38,647 after BTC was mentioned by Elon Musk on Twitter.
Musk has had numerous interactions with the crypto industry in the past, and usually in his well-known joking manner. However, when the world’s richest man changed his Twitter bio to “#Bitcoin,” and also commented “In retrospect, it was inevitable,” the coin’s price started skyrocketing.
Bitcoin doesn’t stay still for long, and sooner or later, its price tends to coil up and push into new price territory. The only problem is that nobody knows which way it will go. Fortunately, it went up, although it did soon return to its former levels.
It is also likely that the recent GameStop short squeeze made people consider the crypto industry a bit more carefully. After all, the short squeeze did demonstrate how fragile and unfair the financial system can be. In a decentralised environment, the entire incident could have been avoided — including the censorship of WallStreetBets, a group that stood up in defense of GameStop.
A report by
