The apex cryptocurrency hovered around the psychologically important $40,000 mark on Sunday night, boosted by a tweet from Tesla Inc TSLA CEO Elon Musk, as the global cryptocurrency market capitalization rose 7.37% to $1.63 trillion.
What Happened: Bitcoin (BTC) traded 9.85% higher at $39,063.94 at press time over a 24-hour basis. On a seven-day trailing basis, BTC rose 7.59%.
See Also: How To Buy Bitcoin (BTC)
Ethereum (ETH), the second-largest coin by market capitalization, traded 5.24% higher at $2,498.95 over 24 hours.
Topping the CoinMarketCap’s chart of gainers on Sunday night was Theta Fuel (TFUEL), up 36.2% over 24 hours at $0.59. The cryptocurrency has shot up 28.85% over seven days.
TFUEL gains against BTC and ETH stand at 25.87% and 31.34% respectively.
Why It Matters: Bitcoin got a boost after Musk said in a tweet that Tesla’s liquidation of 10% of its holdings was “to confirm BTC could be liquidated easily without moving market.”
The entrepreneur said that when there is reasonable confirmation of “clean energy usage by miners with [a] positive future trend, Tesla will resume allowing Bitcoin transactions.”
Tesla had stopped accepting BTC payments citing environmental concerns in May. This had precipitated a massive decline in BTC prices.
Meanwhile, TFUEL continued its upward march. The utility token of the Theta Network has spiked 1,866.66% since the year began.
TFUEL’s recent rise can be attributed to the upcoming release of the project’s Mainnet 3.0 on June 30. The burning of TFUEL is envisaged as the upgrade is introduced.
Read Next: Why This Theta Coin Has Spiked Over 900% This Year
Among other notable gainers, The Graph (GRT) is up 13.1% at $0.69, Fantom (FTM) is up 12.2% at $0.275 and Aave (AAVE) is up 11.2% at $314.04.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
