Market Updates

Crypto Economy Shaves $100 Billion, Digital Asset Markets Recover Some Losses

22/01/2021 by Idelto Editor

Digital currency markets have dropped in value during the last two days as more than $100 billion was shaved off the entire crypto market valuation. Bitcoin slid to the lowest point of the year at $28,800 per unit on Thursday afternoon, and a number of other crypto-assets saw significant losses as well. Currently, as digital currency trading sessions head into the weekend, the crypto economy has regained some of the losses suffered during the last few days.

Crypto Markets Attempt to Heal

During the last 48 hours, the leading cryptocurrency in terms of market valuation has slid considerably in value. For instance, two days ago the price of bitcoin (BTC) was exchanging hands for $35,900 per coin and on Thursday afternoon (EST), the price dropped to $28,800 per unit. That’s a total loss of -19.77%, but BTC markets have rebounded since then and managed to climb right back over the $30k handle.

At the time of publication, bitcoin (BTC) is swapping at prices between $32,200 to $32,800 per coin and has a touch over a $600 billion market valuation.

On Friday there’s over $28 billion in global BTC trade volume, with tether (USDT) capturing 52% of all bitcoin trades today. BTC shed over 13% over the course of the week, but is still up 35% for the last 30 days. Over the 90-day span, BTC has gained 140% and 275% against the USD for 12 months. Following BTC’s lead is ethereum (ETH), as each ether is trading for $1,240 per unit. ETH’s market cap is currently hovering at around $140 billion during Friday morning’s (EST) trading sessions.

Behind tether’s (USDT) market valuation is polkadot (DOT) which is swapping for $17.36 per DOT. On January 22, XRP is currently trading for $0.27 per token and holds a $12 billion market capitalization. XRP is followed by cardano (ADA $0.34), litecoin (LTC $140.81), chainlink (LINK $21.37), bitcoin cash (BCH $448.74), and binance coin (BNB $40.57).

Bitcoin cash has a market valuation of around $8.1 billion and is down 12% during the last seven days. During the course of the month, BCH is up 56% and 56% for the 90-day span as well. Against the U.S. dollar over the course of the last 12 months, bitcoin cash (BCH) is up 32%.

Institutional Appetite for Bitcoin

In a note to investors, Etoro crypto analyst Simon Peters spoke about bitcoin’s (BTC) recent price movements and volatility. Peters said that lower prices could be “on the cards” but the analyst does not “believe it would last for long, [as] the cat is out of the bag with bitcoin.”

“This price movement is a perfectly natural correction, one which happens in all assets once the market has perceived them to be a little overbought,” Peters wrote. “And although the price is dropping, sitting at just over $31,000 at the time of writing, the demand for bitcoin is not.”

The Etoro crypto analyst added:

Appetite among institutional investors is still growing with the likes of investment trust Grayscale buying $600m of the crypto asset in a single day this week and Blackrock, the world’s largest asset manager, announced two of its funds will trade in bitcoin derivatives in the future.

Onchain Analyst Says Bitcoin Miners May Have Dumped

On Friday, the CEO of Cryptoquant, Ki-Young Ju detailed the recent sell-off may have been sparked by some mining pools selling. “This dump might have started from BTC miners in F2pool,” the Cryptoquant executive tweeted.

The onchain researcher also shared charts of the action which showed the Miners’ Position Index and miner to exchange inflows. “I got these bearish alerts yesterday,” Ki-Young Ju further added. “Miners’ Position Index went above 2.5, 569 people deposited BTC in a single block (10 min), [and] 78 miners deposited BTC in a single block (10 min).”

Growing FUD

No one truly knows what will happen from here in the land of crypto assets and the growing economy. During the last few weeks, lots of fear, uncertainty, and doubt (FUD) has been circulating wildly while crypto-assets like bitcoin (BTC) have been bullish.

So in 1 month we had:
✅ Mnuchin regulatory scare
✅ tether fud
✅ ledger hack
✅ Mt.Gox fud
✅ Yellen, Lagarde, Dragi scare
✅ Faketoshi nonsense
✅ scam & spam attacks
✅ bitcoin software bug bullshit

Some would say that is a bit too much coincidence. Just saying.

— PlanB (@100trillionUSD) January 22, 2021

There’s been considerable regulatory scares, uncertainty surrounding the Biden administration, negative comments from Janet Yellen and Christine Lagarde, Mt Gox discussions, environmental debates over proof-of-work, tether (USDT) controversy, and the recent Ledger customer data hack. Despite all the FUD, cryptocurrency proponents still seem very optimistic about the future of crypto assets in 2021.

Want to check out all the crypto market action with prices in real-time? Check out our crypto market aggregator at markets.Bitcoin.com.

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Crypto Prices Consolidate, Handful of Altcoin Markets Pop, Bitcoin Accumulation Addresses Rise

18/01/2021 by Idelto Editor

The price of bitcoin and a number of digital assets have been consolidating this week, after a number of crypto markets dropped over 25% the week prior. The entire crypto-economy is hovering just below the $1 trillion mark at $987 billion, gaining 1.3% during the last 24 hours.

Crypto Asset Markets Consolidate

A good number of crypto-asset markets have been meandering about in a state of consolidation, while a few tokens have seen significant gains in recent days. At the time of publication, bitcoin (BTC) has been exchanging hands for $36,400 per unit with an overall market valuation of around $677 billion. BTC’s market cap gives the crypto asset a 66% dominance rating in comparison to all the alternative digital currency valuations in existence. At the current price BTC is up 4% during the last seven days, 54% for the 30-day span, 209% during the last three months, and 324% over 12 months.

Ethereum (ETH) is trading for $1,236 per ether and holds a market valuation of around $141 billion today. ETH traders are still in the green with a gain of 15% during the week, 90% for the month, 239% for the 90-day span, and over 651% during the last year. The stablecoin tether (USDT) holds the third-largest market cap today, but below the tether market is the digital asset polkadot (DOT).

Polkadot now holds the fourth largest market cap today as each token swaps for $17 per unit. Below the DOT market cap is XRP which is currently trading for $0.28 per coin. XRP is down less than a percentage for the week but also down over 50% during the 30-day span.

Cardano (ADA) follows XRP, and each ADA token is trading for $0.37 per unit. ADA has performed considerably well in recent weeks gathering 36% this week. Over the month ADA prices have improved by 108% and 266% during the 90-day span. Litecoin (LTC) is currently trading for $148 per coin and the crypto asset is up over 9% during the seven-day span. Bitcoin cash (BCH) is swapping for $492 per unit at the time of publication jumping over 5% this week. BCH has an overall market cap of around $9.19 billion and has gained 58% in the last 30 days.

‘No Surprise to See Bitcoin Recover Relatively Easily Last Week,’ Accumulation Addresses Rise

While the price of a great number of crypto assets dropped last week, mainstream pundits said that the crypto economy was headed for a bear market. However, crypto analysts disagree with the bear market assessment and BTC’s recovery last week highlighted that things are still very bullish. “Instead of a tumultuous week with talks of crashes and bubbles, last week was relatively steady for bitcoin for the most part,” Etoro’s Simon Peters explained in a note to investors. “Starting at just $30,000, bitcoin rose to $40,000 on Thursday, before dipping again over the weekend. It currently sits at $36,389,” the market analyst added.

Peters continued:

Whilst some commentators have pointed out that, from a technical standpoint, we are currently in a bear market, I don’t personally ascribe to that view. This level of volatility is no different from what we have seen in previous bull runs, but because bitcoin is at such a substantial price, the fluctuations in dollar terms appear much more significant. In percentage terms, they are not. The backdrop for bitcoin remains supportive and so, to myself and to many in the community, it was not a surprise to see bitcoin recover relatively easily last week from its setback.

Meanwhile, one analyst said that BTC has a few days of consolidation and in the interim altcoins will probably see some action. “Three days until bitcoin reaches any ‘relevant’ apex – this means three more days of having fun with altcoins,” Teddy Cleps said to his 51,000 Twitter followers on Saturday.

The CTO at Glassnode explained to his Twitter followers that a large amount of BTC is being sent to “accumulation addresses.”

“2.7 million BTC are held in accumulation addresses– that’s an increase of 17% in the past year,” the Glassnode CTO, Rafael Schultze-Kraft, recently tweeted. “These are addresses that have received at least 2 incoming transactions and have never spend funds. Miner and exchange addresses are excluded,” the researcher added.

Want to check out all the crypto market action with prices in real-time? Check out our crypto market aggregator at markets.Bitcoin.com.

What do you think about cryptocurrency market movements on Monday? Let us know what you think about this subject in the comments section below.

Bitcoin Price Spike Targets the $40K Handle, Crypto Economy Recaptures $1 Trillion Market Cap

14/01/2021 by Idelto Editor

Crypto asset markets have seen some significant gains over the last 24 hours recapturing much of the losses suffered a few days ago. The entire crypto-economy valuation is now back over the $1 trillion mark and bitcoin has jumped above the $40k handle on January 14.

Bitcoin (BTC) and a number of other digital assets have experienced some nice price gains during the last day. Gains that have almost erased the losses felt on Sunday and Monday. Bitcoin’s market capitalization today is around $734 billion, and the crypto asset has gained over 11% during the last 24 hours. At the time of publication, BTC is exchanging hands for prices between $39,200 to $39,700 per unit, and has $23 billion in global trade volume today. Ethereum (ETH), the second-largest market cap has gained over 11% today as well and is swapping for $1,236 per ether.

The fourth-largest market valuation belongs to XRP, but the position is awfully close to being taken by the polkadot (DOT) crypto asset. XRP is trading for $0.30 per unit on Thursday and has a market valuation of around $13.6 billion. Following XRP, is polkadot’s (DOT) market, which has gained a whopping 21% during the day. DOT is trading for $12.79 per unit and has a market cap of around $12.1 billion. Behind DOT is litecoin (LTC), which is up as well gaining 11% today and swapping for $154 per LTC. Bitcoin cash (BCH) has gathered 12% in gains on Thursday jumping to $535 per BCH. Currently, BCH is trading for $526 per coin at the time of publication.

The last three top ten contenders include ADA (up 8%), XLM (up 7%), and BNB which has gained a touch over 6% today. Today’s biggest gainers include hedgetrade (HEDG +296.88%), idle (IDLE +81.56%), insights network (INSTAR +62.47%), coinmeet (MEET +47.68%), and keeperdao (ROOK +46.24%). The biggest losers on Thursday are coins such as fuzex (FXT -49.46%), robotina (ROX -45.05%), dragonchain (DRGN -42.81%), neuroChain (NCC -25.88%), and bitcore (BTX -25.30%).

The recent value spike has added confidence to many cryptocurrency advocates after last Monday’s losses.

“Welp, that was a quick bear market,” tweeted the bitcoin proponent Anthony Pompliano on Thursday. “Bitcoin back to $40,000. Stop listening to fools with no skin in the game,” Pompliano added.

The creator of the stock-to-flow bitcoin price model, Plan B, also tweeted about the price jump after the crypto asset crossed $38k. Plan B stated:

Bitcoin $38k is nice, but I am still waiting for that larger monthly jump that usually marks the phase transition / the point of no return (red arrows).

The Civic founder Vinny Lingham, otherwise known as the ‘Oracle,’ also discussed the price on Thursday and made another prediction.

“If bitcoin breaks $42k, it’s going to run to test $50k pretty quickly,” Lingham tweeted. “If it doesn’t, then most likely we’re going to be stuck below $40k for a while, with some sideways consolidation [and] this may trigger a big run on altcoins. Keep an eye on ETH, FIL, SOL for major breakouts,” Lingham added.

What do you think about the recent cryptocurrency gains and bitcoin’s jump during the last 24 hours? Let us know what you think about this subject in the comments section below.

Crypto Prices Show Signs of Recovery, Market Analyst Says ‘Bitcoin Remains in a Healthy Place’

12/01/2021 by Idelto Editor

Bitcoin and a number of other cryptocurrencies have regained some of the percentage losses they suffered this past Monday, as various crypto assets are up today between 5-25% in value. On Monday, the crypto economy dipped under the $800 billion handle after the entire market cap fell from its trillion-dollar valuation. Today, the overall market valuation of all 7,500+ digital assets in existence is hovering just above the $900 billion mark.

Digital currency markets saw some deep losses this past Monday, as the trading sessions on January 10 and into Monday saw crypto assets lose anywhere between 25% to 40% in value. For instance, the price of bitcoin (BTC) slid from a value of $41,056 per unit to $30,261 per BTC shedding over 25% in fiat value.

Today, however, the crypto asset’s value has improved a great deal jumping over 6% during the last 24 hours. BTC has done considerably well over the long run as the crypto asset is still up 3.1% over the week, 82% for the month, 206% for the 90-day span, and 332% against the USD for the year. At the time of publication, BTC is trading hands for prices between $34,600 to a touch over $35,000 on Tuesday afternoon.

The second-largest market valuation is held by ethereum (ETH), which is up 12% on Tuesday and trading for $1,115 per unit. XRP is up over 8% today and each token is swapping for $0.29. Cardano (ADA) is up 16% at the time of publication and trading for $0.29 per token on Tuesday.

Litecoin (LTC) is trading hands for $139 per LTC and is up 10% during the course of the day. Bitcoin cash (BCH) has gained 8.5% as each BCH is swapping for $470 on Tuesday afternoon (EST). Overall cryptocurrency trading volume worldwide today is up 14% and there’s $93 billion in global swaps.

Etoro’s market analyst, Simon Peters, detailed on Monday that “despite yesterday’s short-term market correction, bitcoin remains in a healthy place.”

Peters further explained that many skeptics will call bitcoin a “bubble” but BTC’s long-term outlook remains very strong. “Many detractors were quick to believe the bitcoin bubble had popped, as the price seemed destined to fall below $30,000 but this failed to materialise,” Peters explained in a note to investors.

“As a result, enthusiasts declared victory, arguing that $30,000 is a new bottom for the crypto asset. In my view, it is too early to say. Although we remain in a price range we haven’t seen before, some of the rises and falls we’re seeing in this current crypto bull market were also present in the 2017 bull market,” the Etoro analyst added.

Furthermore, in the recent “Coin Metrics’ State of the Network: Issue 85,” the research company mentioned BTC’s reaction to the January 6, 2021, Capitol breach events in the U.S.

“Bitcoin’s quick reaction to events on January 6th shows its continued maturation as an asset that responds to global events,” Nate Maddrey and the Coin Metrics Team wrote. “It also potentially adds evidence to the narrative that bitcoin is sometimes viewed as a hedge against global unrest. But the run-up to $40K also occurred on the tailwind of a strong run to start the year so it can be difficult to untangle the exact impact of January 6th’s events.”

Meanwhile, the notorious gold bug and economist, Peter Schiff, scoffed at bitcoin’s big losses this past Sunday. “Bitcoin traded near $42K on Friday and near $30K on Monday,” Schiff tweeted. “An asset that drops 28% over a weekend is not a safe-haven, a store of value, or a viable hedge against inflation. If you want to gamble on bitcoin, buy Bitcoin. But if you want to hedge against inflation buy gold,” Schiff added. Following that statement Schiff also said:

As long as people don’t realize or don’t care that bitcoin has no actual value, and continue to buy it anyway, its price can continue to rise. But eventually, those who don’t care will start caring, and those who don’t understand will figure it out. By then it’s too late to sell.

Of course, a number of crypto assets said that Schiff was just talking about bitcoin to gain some attention, and they believe this is why the gold bug often discusses the cryptocurrency so regularly. “It sounds like bitcoin is helping you grow your following more than gold at this point,” one individual responded to Schiff’s tweet about bitcoin. “It seems like that’s where the real value to you is. Ironic. Appreciate the warnings, if you’re right, and forgive you if you’re wrong. Best of luck,” the person added.

Schiff replied back and said that he’s been trying to get people to jump off the bitcoin bandwagon. “It’s hard to tell, but my guess is that I would have even more followers if I got onboard the bitcoin train, rather than trying to convince others to jump off,” Schiff said.

Meanwhile, today’s top token gainers include coins like stakenet, district0x, genaro network, dmarket, and nano which are up between 40% to 91% today. Tuesday’s biggest losers are tokens such as golem, bitnautic, everex, acute angle cloud, and coinmeet. Those five tokens have seen percentage losses between 5% to 19.99% on Tuesday afternoon.

Check out all the latest cryptocurrency price action in real-time at markets.Bitcoin.com.

What do you think about the cryptocurrency percentage gains on Tuesday? Let us know what you think about this subject in the comments section below.

Crypto Markets Suffer Heavy Losses, Bitcoin Price Sinks More Than 25% in 24 Hours

11/01/2021 by Idelto Editor

Cryptocurrency markets have suffered significant losses during the last 24 hours, as the entire crypto market cap has dropped below a trillion to $823 billion losing roughly 9.9% in value. Since the bitcoin price height on Sunday, January 10, bitcoin’s price plummeted over 25%, seeing the largest price dive of the year.

Digital currency markets are in the red on Monday, as crypto assets have lost anywhere between 15% to over 35% during the last 24 hours. The leading digital asset by market valuation, bitcoin (BTC) is down over 20% at the time of publication.

Bitcoin (BTC) dropped to a low of $30,261 on Monday afternoon (EST) losing 25.2% after reaching a high of $41,056 on Sunday. At the time of writing, BTC is swapping for prices above $32k per unit with $38 billion in global BTC trade volume.

Bitcoin (BTC) touched a low of $30,261 at approximately 11:35 a.m. (EST) on Monday.

Ethereum lost significant value during the last 24 hours as well as the crypto asset is currently down 27%. Ethereum (ETH) is swapping for $933 per unit after reaching well above the $13k handle the day prior.

XRP took a 15% loss as it trades for $0.27 per token and bitcoin cash (BCH) is down 30% today. BCH hit a 2021 high on Sunday, capturing a value of over $625 per coin. Right now, however, bitcoin cash (BCH) is changing hands at $413 per unit.

The biggest gainers today are up between 8% to 91% on Monday with the token stakenet leading the pack. This is followed by other crypto-assets that have seen gains on Monday including STK, ZEN, MXC, and DAG.

The biggest losing token today in the crypto economy is CTXC which has lost 47%. Following CTXC, coins such as DMT, BCD, RCN, and MKR have seen some deep losses as well.

The CME bitcoin futures chart now has an upside gap.

Since bitcoin’s (BTC) significant drop this past weekend, there’s now an upside gap on the CME Group bitcoin futures chart. The two large gaps on both sides are between $23,670 – $26,645 (downside) and between $39,165 – $40,535 (upside).

Simon Peters, an analyst at Etoro, explained in a note to investors that crypto markets are still in a healthy position. “Despite the dip yesterday— we are still in a healthy position,” Peters wrote. “Not only are we continuing to see institutional investment, but bitcoin being held on exchanges is decreasing as investors move their tokens to wallets, with Glassnode data showing an increasing level of illiquid bitcoin as more and more investors hodl.”

The Etoro analyst further added he wouldn’t be surprised to see BTC prices above the $70k range at the end of the year. “I believe we can look to the $70,000-90,000 range as a price target for the end of 2021,” Peters said. “There will inevitably be bumps along the road, and no doubt a number of retracements will occur, but there are also gains still to be had.”

Check out all the latest cryptocurrency price action in real-time at markets.Bitcoin.com.

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