• Bitcoin hit a record high of US$68,525.84 on 9th November 2021.
• Elon Musk, Jack Dorsey, Commonwealth Bank of Australia and celebrities fueled the crypto-rally.
• The surge in cryptocurrencies pushed the market to a US$3 trillion market cap for the first time ever.

An Elon Musk poll about Bitcoin and the CEO of Twitter and Square Jack Dorsey voicing his preference of Bitcoin over alt coins, was all it took to fuel a rally for the world’s largest cryptocurrency today.

Bitcoin hit a record high price above US$68,500 on the 9th November, as did Ethereum, topping US$4800 for the first time. The fuel in crypto-momentum and surge in crypto prices has pushed the market cap over US$3tn for the first time ever today.

Alternative coins felt the flow-on effect as investors rushed into the ever-growing cryptocurrency market.

Elon Musk took to Twitter yesterday asking users to vote on whether he should offload 10% of his Tesla shareholding, to which 57.9% of respondents said yes and suggested he use the funds from the offload to purchase more Bitcoin.

Meanwhile, Jack Dorsey announced that Square is dedicated to making Bitcoin the ‘native currency of the internet’, but expressed no intentions for Square to offer other cryptocurrencies.

Just last week, the Commonwealth Bank of Australia announced it is joining the cryptocurrency space, allowing its users to hold and use Bitcoin and other cryptos through the CBA app in 2022, pending the success of a trial this month.

The move was an Australian-first for a big bank.

And it’s not just big corporations or CEO’s boarding the crypto-bandwagon in recent times, as New York mayor-elect Eric Adams requested his first three paychecks to be paid in Bitcoin, while Green Bay Packers Quarterback Aaron Rodgers asked for a portion of his salary to be in Bitcoin too.

The volatility of the emerging cryptocurrency space may be high, but so is demand for a piece of the Bitcoin pie around the world today.