Bitcoin and Ethereum in lockstep on new records – and Elon Musk finds them too expensive

Adrian Ovalle
Bitcoin and ether coin. (Photo:

The two largest cryptocurrencies Bitcoin and Ethereum each reached new record highs on the weekend. Meanwhile, Tesla boss Elon Musk seems to be stepping on the euphoria brakes.

On Friday, Elon Musk had described Bitcoin on Twitter as almost as bad as fiat money, although he was the Abbreviation bs used for bullshit. But that couldn’t stop Bitcoin’s soaring – on the contrary. The world’s largest cryptocurrency reached a market capitalization of $ 1 trillion. On Saturday the prices of Bitcoin and Ethereum recorded new record values ​​again.

Bitcoin cracks $ 57,500, Ethereum $ 2,000

If the Bitcoin price remained just below the $ 55,000 mark on Friday, it continued to rise sharply on Saturday. According to Coinmarketcap, the end was only beyond the $ 57,500 mark. And the price of Ethereum / Ether, the second largest crypto currency behind Bitcoin, also reached a new all-time high: $ 2,000. While Bitcoin continues to rise towards the $ 60,000 mark on Sunday, Ethereum / Ether is still hovering around the 2,000 mark.

In view of this development, a comment from Elon Musk should of course not be missing. Bitcoin and Ethereum appeared too high, Musk wrote on Twitter. However, this statement was preceded by a response from Musk to crypto critic and gold trader Peter Schiff. He wanted to turn Musk’s Bitcoin money bullshit message off as if gold were the only real alternative.

Elon Musk: Money replaces barter

Musk said, among other things, that money is only about data, thanks to which people can avoid bartering. The system will evolve to minimize latency and errors. Against this background, Musk said, BTC and ETH seemed too high. After that he put a lol. Musk had previously stated that gold could also be replaced by crypto as security for money at banks.

Depending on how you look at it, Musk’s response to the sharp critic of crypto currencies, Schiff, could also be rated as a vote of confidence in Bitcoin and Co. The Tesla boss recently drove the rate of the fun currency Dogecoin up with a few mentions on Twitter. The Bitcoin course has also benefited several times from Musk’s support tweets and Tesla’s 1.5 billion investment.

Ether future is driving Ethereum price

Meanwhile, the start of the To be Ether-Futures on the world’s largest futures exchange CME, as the Handelsblatt writes. The price has risen by more than 170 percent since the beginning of the year. Overall, the increasing interest of professional investors in Bitcoin and Co. is driving the crypto market. All cryptocurrencies together now have a market value of $ 1.8 trillion. In the wake of Bitcoin and Ethereum, the prices of most Altcoins are currently also rising. Right at the forefront is the Binance Coin.

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