Bitcoin Price Hits $46,794 as Altcoins, Stocks Rally to New Highs

Photo: Coin Telegraph

(Coin Telegraph) - On Feb 8, Bitcoin price broke out to a new all-time high at $46,794 after documents from Tesla revealed that the company had allocated 7.7% of its gross cash position to Bitcoin. The purchase gives Tesla a sizable $1.5 billion position in the top-ranked digital asset. 

Data from Coin Telegraph Markets and Trading View shows Bitcoin is currently up by 18.5% and trading near $46,000.

Meanwhile, the majority of altcoins and decentralised finance (DeFi) tokens have also surged to notch double-digit gains for the day.

While some analysts are speculating on which large company will be the next to jump on the Bitcoin train, Royal Bank of Canada Dominion Securities analyst Paul Steves thinks that Apple will be the next institutional player to join the trend.

According to Steves, if Apple were to launch a crypto exchange or buy Bitcoin, it could lead to an estimated $40 billion in annual revenue.

Bitcoin’s bullish price action came at a crucial time as the digital asset had seen a decline in overall sentiment in recent days as the price struggled to break above the $38,000 level.

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