Crypto Cap

Bitcoin Value Leaps Over the $31K Handle, BTC Sees an All-Time Price High in 2021

02/01/2021 by Idelto Editor

Bitcoin Value Leaps Over the $30K Handle, BTC Price Sees a Lifetime High in 2021

The price of bitcoin has crossed a new all-time high on Saturday morning (EST), spiking over $31k per coin. At around 8:43 a.m., bitcoin’s value climbed to $31,417 per unit with roughly $12 billion in global trade volume.

Bitcoin (BTC) has surpassed the $31k price zone, and has jumped very close to the $32k range. At around 8:43 a.m. (EST), the crypto asset spiked to $31,417 per bitcoin reaching another all-time price high.

BTC is up 5% during the last 24 hours, 15% for the week, 58% during the last month, and 187% for the 90-day span. Over the course of the last 12 months against the U.S. dollar, bitcoin (BTC) has gained 315%.

Bitcoin Value Leaps Over the $31K Handle, BTC Sees an All-Time Price High in 2021 — At 8:43 a.m. (EST) bitcoin (BTC) touched an ATH of $31,417 on Bitstamp.

The crypto asset’s hashrate on Saturday morning is hovering around 135 exahash per second with 18 mining pools dedicating hash at the Bitcoin blockchain. The mining operation F2pool captures 18% of the hashrate or 26.31 exahash per second.

Lots of crypto supporters celebrated bitcoin’s new price rise. After the $30k crossing, the market maniac Holger Zschaepitz said: “Bitcoin tops 30k for the first time ever only 17 days after cryptocurrency crossed 20k.”

Another individual wrote: “Well, bitcoin breaking $30k is [definitely] a solid way to start the year.”

A number of bitcoiners wholeheartedly believe the price of BTC will climb much higher than the $30k handle. “Don’t sell your sats to mega institutional investors at $30k,” tweeted Phil Geiger. “They have far more resources than you and they will happily pay you $200k for a bitcoin.”

The onchain researcher, Willy Woo, has said people shouldn’t stress investing in bitcoin at this price when the price could very well reach $300k. “If you’re looking for an entry to HODL Bitcoin long term, don’t nickel and dime an entry,” Woo tweeted. “You’re not going to sweat a few thousand dollars of non-perfect entry when it’s $100k, $200k, $300k in a year.” Woo added:

The main bull phase is here. Capital inflows [have] gone nuts.

Since bitcoin (BTC) started its bullish rise crushing the 2017 all-time high, the crypto asset has not seen any major pullbacks yet. In 2017, BTC saw roughly four 25-38% losses during the ride up. One analyst says that the monthly momentum indicator shows we may see a big pullback soon.

“Something interesting that I’ll be on guard for (interesting, but, not actionable by itself),” the trader Mr. Anderson told his 64,000 Twitter followers. “The last and only time that BTC saw a monthly momentum reading this high we saw a 38% retrace [and] a recovery intra-month and continued exponentially.

At the time of publication, the entire market valuation of all 7,500+ digital assets is near $800 billion and steadily inching toward $1 trillion. Bitcoin’s market cap captures $573 billion worth of the entire crypto market economy.

Currently, bitcoin (BTC) is trading for $31,200 per unit on Saturday, January 2, 2021.

What do you think about bitcoin surpassing the $30,000 price zone on Saturday morning? Let us know what you think in the comments section below.

The post Bitcoin Value Leaps Over the $31K Handle, BTC Sees an All-Time Price High in 2021 appeared first on Bitcoin News.

If Bitcoin Passes $14K, Analysts Say Traders ‘Should Look to $20,000’ Instead of Looking Back

27/10/2020 by Idelto Editor

If Bitcoin Passes $14K, Analysts Say Bitcoin Traders 'Should Look to $20,000' Instead of Looking Back

While bitcoin prices touched all-time 2020 highs on Tuesday, a few analysts say they are expecting only a few more hurdles to surpass the 2017 all-time high (ATH). For instance, the market analyst from Etoro, David Derhy, says to look to $20,000 instead of back at $12,000.

A few traders and popular cryptocurrency analysts think that bitcoin (BTC) simply needs to cross the $14k region and its lift-off from there. Tuesday’s 2020 ATH of $13,684 is just shy of last year’s ATH at $13,796 per bitcoin which was accomplished on June 26, 2019.
Macro strategist Raoul Pal said on Tuesday that there are only two major BTC price resistances left. “There are literally only two resistances left on the bitcoin chart – $14,000 and then the old all-time high at $20,000,” Raoul Pal tweeted on Tuesday. “I fully expect new all-time highs by early next year at the latest.”

Senior market analyst for Etoro, Simon Peters, explained this week in an investor’s note that “stimulus fears could stoke the fire for bitcoin.
“We may also see an uptick of inflation, another important aspect of Satoshi Nakamoto’s view of modern economies that drove him/her/them to create Bitcoin,” Peters wrote. “It will also be interesting to see how this impacts the correlation between bitcoin and equity markets.”

#BTC HTF targets pic.twitter.com/RgZLoDwfRJ

— //Bitcoin 𝕵ack 🐐 (@BTC_JackSparrow) October 27, 2020

“Okex futures order book asks being pulled/executed at market in the last few days as BTC consolidates,” the popular crypto analyst dubbed ‘Light’ told his 25,000 Twitter followers on Tuesday. “A move above $14k in the near term is increasing in probability,” Light added.
In the same investors note, market analyst from Etoro, David Derhy, detailed that people should “look to $20,000 instead of back at $12,000.”

“The current run could simply push through all the way to $14,000,” Derhy wrote this week. “If that is the case, then the next level from a technical and fundamental perspective would be $20,000. With the U.S. election coming up next month, further economic stimulus from the government is going to happen even if the size of that stimulus is still up for discussion. I am of the view that we won’t see a drop back down below $12,000 for a while yet.”
Just recently, the ‘Oracle’ Vinny Lingham said similar statements and doesn’t expect the price to drop below $12k during the next 30 days.
Meanwhile, bitcoin’s (BTC) hashrate has seen a 45% slump during the last three days.

What do you think about the price pushing past the $14k zone and do you think $20k is coming next? Let us know what you think in the comments section below.

The post If Bitcoin Passes $14K, Analysts Say Traders ‘Should Look to $20,000’ Instead of Looking Back appeared first on Bitcoin News.

Market Update: Bitcoin Nears $13,000, Holds Record-Breaking 87-Day Streak Above $10K

21/10/2020 by Idelto Editor

Cryptocurrency markets have seen intense gains on Wednesday after the payment processor Paypal announced it would be supporting digital currencies. At the time of publication, the market cap of all 7,000+ digital assets has gained 5.6% hovering above $379 billion during the afternoon trading sessions.

Digital currency markets have increased a great deal during the last 24 hours as the aggregate crypto market capitalization is nearing $400 billion. The price of bitcoin (BTC) spiked on Wednesday morning after Paypal revealed cryptocurrency support during the morning trading sessions.

BTC has gained 7.1% during the last seven days and the price is close to touching $13k per coin. During the last 30 days, BTC is up 22% and over 76% year-to-date. At the time of writing, BTC is currently swapping for $12,839 a unit.

Behind BTC, is ethereum (ETH) which has gained 6.9% during the last week as the coin is currently trading for $397 per unit. ETH is followed by tether (USDT) and XRP which is up 4.4% today at $0.25 an XRP.

The fifth-largest market cap is held by bitcoin cash (BCH) and its markets have gained 7.1% on Wednesday. BCH is trading for $261 per coin and is up 22% for the last 30 days and 26.9% for the last year.

No one’s quite sure where bitcoin and the rest of crypto markets will go from here but bitcoin (BTC) is inching toward a key macro level. BTC’s price is higher than it was in mid-August and slowly approaching the 2019 all-time high (ATH).

On June 26, 2019, bitcoin’s ATH that day touched $13,796 per coin. This means at today’s price of above $12,800 per coin, BTC will need to gain more than 7.5% to surpass the June 2019 ATH.

A number of crypto proponents are attributing Wednesday’s bullishness to the Paypal news but also the number of firms joining bitcointreasuries.org as well. Furthermore, traders are eying bitcoin futures and options markets as well, as bitcoin options traders are prepping for big moves ahead.

In addition to BTC nearing the $13k zone, the cryptocurrency has stayed above $10k for 87 days straight which means the 62 day run in 2017 has been broken.

What do you think about the positive action within crypto markets during the last 48 hours? Let us know what you think in the comments section below.

The post Market Update: Bitcoin Nears $13,000, Holds Record-Breaking 87-Day Streak Above $10K appeared first on Bitcoin News.

Market Update: Bitcoin Captures $11K, Flash Buy Signals, Bollinger Band Squeeze

09/10/2020 by Idelto Editor

Cryptocurrency markets are seeing decent gains on Friday following the announcement Square made the day prior about purchasing $50 million worth of bitcoin for reserves. During the morning trading sessions, the overall market capitalization of all 7,000+ crypto assets is up over 2% hovering at $340 billion.

Digital currency markets are doing well on October 9, as a number of the top crypto markets have seen 24-hour gains. The positivity increased on Thursday, when the publicly listed firm, Square, told the public it purchased 4,709 BTC. Bitcoin is up 4.4% for the last seven days, 8.1% for the last 30, and over 19% for the last 90 days.

Moreover, bitcoin (BTC) has surpassed the $11k price range and is currently trading for $11,062 per coin at the time of publication. BTC’s market capitalization is over $205 billion and captures 61% dominance today amongst all the other market valuations.

Ethereum is also doing well, as the crypto asset has gained more than 4.4% during the last week. At press time, ETH is swapping for $359 per coin and captures 12.14% of the crypto economy’s aggregate market value. ETH’s position on Friday is followed by tether, XRP, and bitcoin cash (BCH).

Bitcoin cash is trading for $237 per BCH and has gained over 4.2% this week and 6.7% during the last 30 days. One of the biggest market performers before the weekend is Yearn Finance’s native token YFI, which has jumped 27.5% to $18,519 per coin.

This weekend cryptocurrency traders are expecting some possible big moves. The popular analyst, Cantering Clark, told his 28,000 Twitter followers the lengthy consolidation period for BTC may be coming to an end.

“I think that given this prolonged state of compression that we get a big move before the weekend for BTC,” the trader tweeted.

“Either direction, I doubt we get some cookie-cutter retest. It’s one of those candles where you need to commit quick or the trade is already behind you,” the analyst added.

Meanwhile, as the social media crowd has been talking about Square purchasing 4,709 BTC at $50 million, one trader believes that bitcoin (BTC) was already “bullish” before the announcement.

“Bitcoin BTC was already bullish before the Square news,” the crypto commentator Light told his Twitter fan base. “With no supply selling bottom of this trendline even as YFI tried to kamikaze the whole market. Obvious what comes next.”

The popular financial analyst Peter Brandt also told his 376,000 followers that he believes a “big buy signal” may come to fruition.

“It is a major development that a global corporation (Square) is now putting BTC onto its balance sheet,” Brandt tweeted on Thursday.

“The weekly and daily charts are poised to flash a big buy signal,” Brandt concluded. However, not everyone agreed with the Veteran trader, as Square only put 1% of the firm’s holdings into BTC. “1% pathetic where are the real bulls?” an individual responded to Brandt’s optimistic tweet.

Furthermore, a number of traders have been eying BTC/USD chart technical indicators and have noticed the Bollinger Band-width is around 0.95 this week. The trader Nunya Bizniz on Twitter noticed this chart development on October 5.

“BTC Monthly: Bollinger Band-width has never been more narrow. Volatility incoming?” Nunya Bizniz tweeted.

The last time BTC’s Bollinger Band-width was this narrow was in 2016, just before the 2017 run-up. Meanwhile, the current tight width does not necessarily mean BTC’s price will go northbound, and it’s quite possible there could be some downside risk. A number of people seem hesitant on which way the BTC price will go, despite the very narrow Bollinger Band-width.

What do you think about the positive action within crypto markets during the last 48 hours? Let us know what you think in the comments section below.

The post Market Update: Bitcoin Captures $11K, Flash Buy Signals, Bollinger Band Squeeze appeared first on Bitcoin News.

Market Update: Blood in the Crypto Streets, Bitcoin Miner Dumps, CME Gap, Defi Doldrums

04/09/2020 by Idelto Editor

The cryptocurrency economy slid significantly on Thursday afternoon (ET), as the aggregate market cap of all the crypto coins shaved more than 10% during yesterday’s trading sessions. More than 12 hours later, a number of the top crypto assets are still down in value between 4-12%, and some digital coins saw even bigger losses during the last 48 hours.

Things change quickly in the crypto ecosystem, as digital currency proponents have been dealing with extremely volatile prices this week. For instance, bitcoin (BTC) touched a top on September 1, as prices touched $12,044 per coin on Tuesday.

Ever since then the crypto asset has been tumbling downward. BTC hovered around $11,200 on September 3, but shuddered once more to a low of $10,000 the following day. Bitcoin (BTC) is down 5.4% on Friday, over 10% for the last seven days, and down 11% for the last 30 days. At the time of publication, BTC has been coasting along between $10,250 to $10,400.

Following BTC’s drop, ethereum (ETH) also lost a decent chunk of value during the last 48 hours. ETH is down over 5% today as the crypto asset is trading for $395 per coin. Ethereum has lost only a half of a percentage during the week and is still up over 10% for the last 30 days.

Tether has removed XRP from the third-largest market cap position with a valuation of roughly $13.7 billion between all the circulating USDT. XRP has lost 2.5% today and the crypto asset is currently swapping for $0.25 per token.

The number five position now belongs to the Polkadot (DOT) project with it’s $4.5 billion market valuation. Chainlink (LINK) holds the sixth position trading for $12.67 per coin and has a market cap of around $4.4 billion on Friday.

Bitcoin cash (BCH) markets are down over 5% today as each BCH swaps for $235 per coin. BCH is down 7.5% for the last 90 days, over 20% during the last 30 days, and one-week stats show bitcoin cash is down 12.8%.

All over Twitter and forums like Reddit, crypto proponents are trying to figure out why digital currency markets shuddered. Some people think the price could go lower as there’s a $9,700 CME gap in the waiting.

A CME gap happens when the Chicago Mercantile Exchange’s Bitcoin futures markets pause trading during the weekend, but futures prices don’t reflect spot prices that have risen higher until the next week’s open. Not all CME and futures gaps get filled but sometimes they do and some large price dumps in the crypto economy have been attributed to CME price gaps.

Other theories have pointed to miners selling bitcoins as BTC deposits from mining operations into exchange wallets were the highest they had been in weeks. Data stemming from mining pool outflows via large pool operations like Poolin, Slush, and Haobtc show that it’s a possibility bitcoin miners sold off a good number of coins during the last 48 hours.

Analytics from Glassnode and Cryptoquant, indicate that bitcoin miners transferred a great number of BTC on Thursday which corroborates with the miner sell-off theories.

Another cause people are looking at during the dump is the decentralized finance (defi) economy simmering down. A great number of crypto asset holders have been complaining about ETH’s massive transaction fees and a lot of money has left defi since September 1.

On Tuesday, defipulse.com stats show the total value locked (TVL) in defi was $9.5 billion, but that has since shuddered to $8.8 billion on Friday. Many crypto speculators assume that a great number of defi players may have exited their positions in recent days.

Lastly, the Crypto Fear and Greed Index (CFGI) has changed quite a bit in the last few days as well. Last month the chart read “greed” and similarly the chart was reading “greed” during the last week. However, just before the big price slide, the CFGI slid from “extreme greed” to “fear” during the last 24 hours of trading.

Despite this, the overall market valuation of all 7,000+ crypto assets is still well above a quarter of a trillion dollars at $326 billion. Alongside this metric, is $49 billion worth of global trade volume, but tether (USDT) commands most of the volume today.

However, many traders look at the stablecoin economy’s backdrop of funds a positive outlook as many believe that money will eventually flow right back into more decentralized crypto assets like bitcoin (BTC) and ethereum (ETH).

What do you think about crypto markets taking a huge hit in value during the last 48 hours? Let us know what you think about this subject in the comments below.

The post Market Update: Blood in the Crypto Streets, Bitcoin Miner Dumps, CME Gap, Defi Doldrums appeared first on Bitcoin News.