Bitcoin May Have Shot Past $47,000 But Tesla Euphoria Has Hit Smaller Altcoins Even Harder

Tesla Inc’s TSLA $1.5 billion investment led Bitcoin (BTC) to shoot past the $47,000 mark at one point on Monday evening but the euphoria is even more pronounced in some altcoins. 

What Happened: BTC was up 20.98% at $46,485.07 in a 24-hour window as of press time, according to CoinMarketCap data.

Grayscale Bitcoin Trust GBTC ended Monday 20.62% higher at $45.69.

The apex cryptocurrency’s gains were bested by several smaller altcoins, which rallied smartly in the same period.

Telcoin (TEL), an Ethereum (ETH)-based cryptocurrency aimed at telecom operators, traded 52.42% higher at $0.004. Pundi X (NPXS) — a token aimed at facilitating payments — soared 74.27% at $0.00086.

Avalanche (AVAX) and Solana (SOL) were up 22.38% and 27.46% respectively at $29.99 and $8.29 respectively.

IOTA (MIOTA) gained 31.37% to $0.72. PancakeSwap (CAKE), a token of a decentralized exchange on the Binance Smart Chain, shot up 30.45% to $4.15.

Another Binance Smart Chain token — Venus (XVS) — was in the green 35.5% at $35.26.

Other notable gainers include Morpheus.Network (MRPH) up 35.36% at $4.22 and Holo (HOT) up 34.61% at $0.00107.

Why It Matters: Bitcoin shot past the $45,000 mark on Monday, touching $47,584.10 briefly. The apex cryptocurrency soared after Tesla’s investment news was revealed.

The exuberance in the cryptocurrency markets is visible as almost all major and minor cryptocurrencies are trading up with some exceptions like the stable coin Tether (USDT), which was down 0.33% at $0.998 at press time.

Total cryptocurrency market cap hovered at $1.35 trillion, with BTC domination of 63.4% at press time.