Once again, Bitcoin (BTC) is near a market cap of $1 trillion, the superior cryptocurrency faced an unavoidable correction after jumping to an all-time high $58.3K.

The digital coin was up by 4.46 percent, trading at $48,510 with a $909 billion market cap at the time this story was printed, CoinMarketCap reports.

Carl Martin, a crypto trader tweeted using a pseudonym The Moon; he believes that entrepreneurs are keeping an eye on Elon Musk and his moves in Bitcoin.

 

The owner of Tesla Motors, Elon Musk, the US giant manufacturer of electric cars and SpaceX, has shown interest for Bitcoin. In January, he stated that he would never pass on a chance to use Bitcoin as a payment method.

In February, Tesla Inc. acquired BTC roughly valued at $1.5 billion, further diversifying and optimizing returns. Martin has predicted that billions will be pouring into Bitcoin as other entrepreneurs look up to one of the wealthiest men on the planet, basing their financial decisions on his.

The Bitcoin hold is accelerating fast

Jan & Yann, co-founders of the on-line provider of data, Glassnode, have revealed that Bitcoin’s network has experienced overwhelming number of holdings.

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Their point of view is tied to Rafael Schultze-Kraft, an on-chain analyst, who has disclosed that the illiquid supply of Bitcoin expand continuously. This suggests an ongoing trend as more participants use Bitcoin for potential or speculative purposes, which reflects bullish behavior.