Bitcoin Skyrockets Above $47K Following Largest Ever Daily Candle

February 8 was a historic day for the crypto ecosystem… All thanks to Elon Musk’s influence.

After the disclosure that Tesla – Elon Musk’s main company – had invested $1.5 Billion in Bitcoin, the cryptocurrency soared, breaking several records and liquidating billions of dollars in short positions.

Bitcoin Makes History… Twice

Bitcoin had a memorable day not only for reaching a new ATH – the cryptocurrency reached $47,550 – but also for having the largest bullish candle in its history.

From a low of $38058 to a high of $46,929, the growth of cry in 24 hours marks an all-time record in terms of gross valuation. Currently, the price corrected a bit, moving somewhat to the order of $46409 at the time of writing this article.

Bitcoin USD. Image: Tradingview — Bitcoin USD. Image: Martinlukeaof via Tradingview

2021 has not been a year for the faint of heart. In these 39 days, Bitcoin recorded not only its biggest growth but also its biggest 24-hour drop. On January 11, amid the bull hype, Bitcoin fell from $38273 to $30100 after false rumors spread that a double spend of about $20 had been executed on the network.

From that point on, the cryptocurrency was unable to regain its uptrend, reaching lows of $28732 on January 22, which served as a bounce point for a new market rally.

The ‘Musk Effect’

The Musk Effect would be no stranger for those who follow the markets. The man is no less than the wealthiest human being on the entire planet earth, so he must know something about investments. But Bitcoiners are not the only ones reacting effusively to his comments.

Back in 2020, a tweet from Elon Musk saying that in his opinion, Tesla’s stocks were “too high” led to a nearly 12% drop in the company’s valuation… Just after he had settled with the SEC over issues related to his use of Twitter and other social media.

Tesla stock price is too high imo

— Elon Musk (@elonmusk) May 1, 2020

Elon Musk may be the king of Bitcoin now, but the Tesla CEO has long held a place in the hearts – and pockets – of the Dogecoin community. His tweets, memes, and bios have caused cryptocurrency pumps, and in fact, the most significant pumps in the cryptocurrency’s history can also be attributed to an Elon Musk and his tweets.

And outside the crypto world, investors are stalking Musk, trying to catch the slightest sign in one of his tweets, aware that the Musk effect is real and applies to anything that can be invested in.

For example, Elon has tweeted about Sandstorm, Shopify and Etsy recently. All of them went up inmediatly after. He did the same with Signal, and GameStop, pumping their prices up. He even had a possitive effect on the stocks of CD Projekt Red after the Cyberpunk 2077 dissaster.