Market Updates

Crypto Economy Loses Billions in Market Downturn, Bitcoin Price Slips More Than 25% in 30 Days

04/12/2021 by Idelto Editor

A great number of cryptocurrencies dropped considerably in value during the early morning hours (after 12:00 a.m. EST) on December 4. At the time of writing, the crypto economy is down more than 16% and the price of bitcoin slid below the $50K zone to a low of $43,972 per unit. Since then, bitcoin has managed to climb back to just above the $47K per unit position.

Crypto Economy Value Dives

Digital currency markets have lost significant value during the last 24 hours as billions have left the crypto economy in a matter of hours. Currently, the crypto economy and its 11,388 coins in existence have lost more than 16% in USD value. Bitcoin (BTC) slipped from the $53K per unit region to $43.9K during the first hour of Saturday morning.

The downward slide took BTC down 17.16% but the crypto asset has since regained 7.28% following the market carnage. BTC has managed to rise above the $47K region and has an overall market valuation of around $895 billion. Seven-day statistics indicate bitcoin (BTC) has lost 11.5% but 30 day stats show the price is down 25.2%.

The second-largest market valuation, held by ethereum (ETH), lost 13.9% during the last 24 hours but seven-day metrics indicate ether is only down by 2.2% after reaching its all-time high (ATH) last week. The biggest loser in the top ten was dogecoin (DOGE) as it shed 21.9% in 24 hours. Polkadot (DOT) lost 21.7%.

While solana (SOL) is up 0.6% for the week, SOL lost 18.2% during the crash. XRP took a 19.8% dive and cardano (ADA) slipped 17.5% during the last 24 hours. Binance coin (BNB) was the only top ten contender to manage to stave off the losses as it only shed around 12.7% during the drop.

BTC’s market dominance today is 38.4% of the crypto economy while ethereum (ETH) commands 20.2%. Ether has a market capitalization of around $470 billion at the time of writing. Today there is $243.8 billion in global trade volume and stablecoin volume captures $147 billion worth of those trades.

The stablecoin economy’s overall valuation today is $156 billion or 6.67% of the $2.32 trillion crypto economy. While a great majority of coins lost considerable value, except for stablecoins, ecash (XEC) is still up 7.2%.

Today’s biggest losers include fantom (FTM) down 27.7%, and theta network (THETA), which dropped 27% during the crypto market slide.

What do you think about the recent crypto market downturn? Let us know what you think about this subject in the comments section below.

Ethereum Market Cap Is Less Than 50% Away From Flipping Bitcoin — ETH Nears All-Time Price High

01/12/2021 by Idelto Editor

The second-largest cryptocurrency in terms of market capitalization, ethereum, has come awfully close to reaching the digital asset’s all-time high ($4,878) it reached 21 days ago on November 10. While bitcoin dominance has slid below the 40% zone, ethereum’s market dominance, or $557 billion market valuation, represents close to 20% of the crypto economy.

Ethereum’s Price Trajectory Nears All-Time High — Ether Market Dominance Increases

During the last two weeks, ethereum (ETH) has increased 10.8% in fiat value and year-to-date (YTD), ETH is up 668%. The YTD ether gains are much larger than bitcoin’s (BTC) 190% 12-month increase. At the time of writing, there is $31 billion in global ETH trade volume and ethereum has a market capitalization of around $557 billion. While BTC commands a 38.7% dominance rating, 19.9% belongs to ethereum, and the remainder is held by the 11,289 crypto assets in existence today.

The top trading pair with ethereum is the stablecoin tether (USDT) as it commands 44.6% of all ether swaps. This is followed by USD (21.33%), BTC (9.69%), BUSD (8.37%), EUR (4.18%), KRW (2.56%), and JPY (1.69%). Over the last 24 hours of ETH trading, Binance has been the most active trading platform followed by Coinbase, Gemini, Kraken, Bitstamp, Luno, and Bitfinex. Onchain metrics from Into the Block crypto analytics indicate that holders making money at current ETH prices is around 99% today.

Statistics show that concentration by large ethereum holders is 42% in contrast to the 11% concentration by large bitcoin holders. 59% of ETH holders have held for a year or more while 32% have held for a month to 12 months. Only 9% of ETH holders today have held for less than a month according to onchain metrics. During the last seven days, there was $74.75 billion worth of ether transactions greater than $100K.

The aggregate of ether transaction demographics shows 51% stemmed from the Western Hemisphere, while 49% derived from the East. There are seven ETH whales with 21.19% of the circulating supply or 24.89 million ether according to Into the Block stats. Just over 20% of the ether supply is held by institutional investors and 57.89% or 68 million ether belongs to retail investors.

Ethereum Market Cap Commands 50.9% of Bitcoin’s Overall Market Valuation

Total exchange inflow last week was $8.22 billion while exchange outflow was $8.86 billion in ether. Ethereum saw a 13.45% increase in new addresses this past week and a 9.95% increase in active addresses.

Since March 2016, Ethereum’s hashrate has increased from 1.5 terahash (TH/s) to 956.25 TH/s at the time of writing. ETH’s hashrate has increased, following the rise in price, by a whopping 63,233% since 2016. Ethereum’s hashrate has never been higher, and at 956.25 TH/s or 0.957 petahash per second (PH/s), it’s awfully close to 1 PH/s.

Currently, ethereum (ETH) is only 3.8% lower than the crypto asset’s ATH which was $4,878 per unit on November 10. Ethereum’s 24-hour block rewards have surpassed Bitcoin’s (BTC) daily rewards by more than 124%. According to statistics from The Flippening Watch, ethereum commands 50.9% of BTC’s current market cap and captures 80% of the trade volume BTC has seen today.

What do you think about ethereum’s recent market and network performance during the last week? Let us know what you think about this subject in the comments section below.

Plan B Says Bitcoin Price Still ‘on Track Towards $100K’ Despite Missing November’s Price Prediction

29/11/2021 by Idelto Editor

This month, the price of bitcoin sank below the $60K zone this month after reaching an all-time high (ATH) at $69K per unit. The pseudonymous bitcoin analyst and the creator of the bitcoin price model called stock-to-flow (S2F), Plan B, called the last three months of bitcoin prices correctly but the analyst’s “worst-case scenario” forecast missed the mark in November. Despite the recent bitcoin price drop, Plan B still seems confident bitcoin’s price is “on track towards $100K.”

Plan B’s Bitcoin Price Prediction for November Misses the Analyst’s $98K Call

The infamous pseudonymous bitcoin analyst Plan B is well respected among bitcoiners and has amassed 1.5 million Twitter followers since October 2017. Plan B is the creator of the popular bitcoin price model called stock-to-flow (S2F), which quantifies the commodity’s (bitcoin) scarcity and then divides it by yearly issuance (the flow). The analyst has done well as far as bitcoin (BTC) price predictions are concerned, but this month one of his calls missed.

It started four months ago when Plan B tweeted about his “worst-case scenario for 2021” forecast in June. Plan B stated that he believed BTC prices would be “Aug>47K, Sep>43K, Oct>63K, Nov>98K, Dec>135K” in the worst-case scenario.

So far three out of four of his monthly price predictions have come to fruition and Plan B was also correct when he said: “$64K was not the top.” The miss this month was the first time Plan B’s prediction has been off so far as the call for November had a $98K target.

Plan B Acknowledges November Price Prediction Missed

Plan B acknowledged that his prediction missed this month as bitcoin (BTC) prices slid under the $60K zone following the recent $69K ATH. “Floor model $98K [November] close will probably be a first miss (after nailing Aug, Sep, Oct). S2F model not affected and indeed on track towards $100K,” Plan B stressed to his 1.5 million followers on November 25.

More than 39,000 accounts on Twitter liked the tweet and it was shared close to 5,000 times. Correctly forecasting three out of four predictions is very good and Plan B’s followers are curious about what the price will be for the month of December.

Two days later, the pseudonymous bitcoin analyst tweeted about the crypto asset’s relative strength index (RSI). “Bitcoin RSI 66 and 10% below monthly close ATH,” Plan B said. The following day, Plan B noted that “bitcoin has better risk-adjusted returns than all other assets.”

The analyst also created a poll, which has 18 hours left, but so far has received 142,490 votes. The poll asks if $69K was the top for this halving cycle or if the price of bitcoin (BTC) will exceed the $69K ATH reached on November 10. Stats from Plan B’s poll indicate that at the time of writing, 78.4% think BTC’s price will surpass $69K while 21.6% voted that “$69K was the top.”

What do you think about Plan B missing the November prediction but correctly forecasting the last three months prior? Do you think bitcoin is headed for $100K or do you think $69K was the top? Let us know what you think about this subject in the comments section below.

Crypto Economy Slides 8% in Value Shaking Out Billions, Blame Placed on New Covid Variant

26/11/2021 by Idelto Editor

During the last 24 hours, the crypto economy has lost 8% in value as a great number of crypto asset prices dropped significantly during the overnight trading sessions. Crypto markets lost more than $22 billion in value as the leading digital currencies in the top 20 standings lost anywhere between 6% to 20%.

Global Markets Lurch in Fear Over B.1.1.529 Variant

Global markets are shaken today as headlines declare that a new Covid-19 variant called B.1.1.529 is spreading beyond South Africa where it was discovered. The B.1.1.529 variant is said to be more contagious than the Delta variant and it is said to have around 30 mutations. As soon as the headlines broke, markets in nearly every nation worldwide started to tank, and investments tied to the oil and gas sector dive-bombed. For instance, the international benchmark for a barrel of Brent crude slipped in value by 5.3%.

On Friday, the economist and bitcoin advocate Alex Krüger tweeted about how the new variant has roiled global markets. “Global markets spooked today on this new Covid variant,” Krüger said. “Big moves across global markets. Growth stocks trashed, crude oil lower, rates down, rotation back to tech. Traders’ pricing in higher odds of renewed lockdowns on low liquidity conditions. It’s OK, no Covid in the metaverse,” the economist added.

$22 Billion in Value Exits Crypto Economy Leading to an Accumulation of ‘Downtrend Momentum’

The crypto economy lost 8% in value during the overnight sessions on Thursday and into Friday’s mornings trading sessions. At 11:00 p.m. (EST) on Thursday, bitcoin (BTC) was swapping for over $58K per unit but by Friday morning, BTC changed hands for just over $54K per unit. Bitcoin is down 7.9% during the last 24 hours and its market cap is just above the $1 trillion mark. Ethereum (ETH) lost 9.4% during the last day and each ether is changing hands for just above $4K per unit on Friday.

The 11,000+ crypto coins in existence lost more than $22 billion in value and there’s around $200 billion in global trade volume today. Stablecoin trades command more than half of the recorded volume with $115.1 billion in 24-hour stablecoin trade volume. On Friday, Du Jun from Huobi Global shared some market insights tied to bitcoin’s (BTC) current state.

“According to data from Huobi Global, BTC has continued to fall since the morning, and its momentum has increased sharply in the afternoon, and it quickly fell to 54,500,” the Huobi Global analyst said. “The daily decline has exceeded 4,000, and it is still falling. The current position has broken through the minimum point of 55500 in the last round of decline. From a long-term perspective, the downward trend of BTC prices has not changed, and a new round of downward adjustment has arrived,” the analyst added. Du Jun’s market outlook further noted:

Judging from the 4h k-line, the transaction volume increased sharply, which intensified the changes in bitcoin’s price. The price crossed to the lower rail of the Bollinger Band, EMA lines turned down, and DIF crossed DEA downward significantly, which formed a sell signal. It can be expected that the downtrend will weaken and even adjust horizontally in the short term, but the long-term downtrend remains unchanged. From the daily perspective, today’s bitcoin price jumped out of the horizontal adjustment in the past week, and formed a clear linear response to the downtrend one week ago, which means that the adjustment of bitcoin’s price last week is only accumulating the downtrend momentum. In the short term, pay attention to the magnitude of the price correction.

Insititutional and Coronavirus Fears

Alex Kuptsikevich, the Fxpro senior market analyst, also explained how the lurch in global markets put pressure on crypto markets. “Because of the institutional love affair, bitcoin is substantially vulnerable to moments of exit from risky assets when it sells off everything, regardless of the outlook,” Kuptsikevich explained to Bitcoin.com News in a markets update note sent on Friday. “[Bitcoin’s] severe sell-off risks dragging the entire cryptocurrency down with it. From a different perspective, retail investors have developed a reflex to buy crypto on coronavirus fears, with WHO discussing new virus variants and restrictions on air travel,” Kuptsikevich added. The Fxpro analyst concluded:

This means that real crypto-enthusiasts and long-term investors in cryptos may consider buying it out of the severe downturn on the exit of traditional financial institutions.

What do you think about the current state of bitcoin prices and the crypto economy? Let us know what you think about this subject in the comments section below.

Bitcoin Dominance Slides Below 40% for First Time in 6 Months

25/11/2021 by Idelto Editor

During the last week, the price of bitcoin has been hovering below the $60K range and digital currency advocates are wondering which way the market is headed next. At the time of writing, the crypto economy is valued at $2.81 trillion and bitcoin’s market dominance has sunk below the 40% region for several days now.

Bitcoin Dominance Slips to 39.7%, While Ethereum Dominance Commands 19%

The price of bitcoin (BTC) reached $69K on November 10, and six days later on the 16th, the price fell below the $60K zone and hasn’t returned above that region since then. Today, according to crypto coin market aggregators there are around 11,117 coins being traded on 525 cryptocurrency exchanges. The value of all more than 11K crypto coins in existence is around $2.81 trillion and it increased in value 3.9% over the last 24 hours.

Bitcoin (BTC) has an overall market capitalization of around $1.1 trillion and on Thursday, November 25, BTC dominance is 39.7%. BTC’s dominance has not been this low since mid-May 2021, or around six months ago. The last time it was lower than 40% prior to the mid-May drop was three years ago on June 17, 2018. Statistics from Coingecko.com indicate that the second leading crypto asset, ethereum (ETH), has around 19% of the market dominance on Thursday. Ether has a market valuation of around $525 billion at the time of writing.

While ethereum (ETH) has a significant portion of dominance, a slew of other crypto assets in the top 20 positions have also been swelling in value and increasing their own dominance levels. Binance coin (BNB) commands 4.02% of the $2.81 trillion crypto economy and the stablecoin tether (USDT) captures 2.74%. Solana (SOL) has increased in value a great deal this year and currently, SOL commands 2.43% of the crypto economy’s overall value. Cardano (ADA) is another that holds more than 2% as ADA’s market valuation on Thursday is 2.13% of the crypto economy.

11,116 Crypto Assets Command $1.71 Trillion in Fiat Value

Only five other crypto assets command more than 1% of the crypto economy’s fiat value and six coins have more than 0.5% of the $2.81 trillion in value. Interestingly, bitcoin (BTC) dominance held above the 60% range for two months this year, but BTC dominance slipped below 60% at the end of February. Another interesting factoid is that BTC dominance held above the 80% region during its whole lifetime (minus a few brief instances) up until the end of February 2017.

BTC’s dominance has never returned back above the 80% region but did reach 70% on January 3, 2021, the network’s 12th anniversary. Bitcoin has a lot more competition than it did in the early days, as before 2013 there were only a few hundred competitors. By the time BTC slid below the 80% dominance range in 2017, there were a few thousand alternative digital assets. Still, BTC is holding its own with $1.1 trillion in fiat value while 11,116 crypto assets hold $1.71 trillion in fiat value.

What do you think about bitcoin’s dominance sinking below the 40% zone? Let us know what you think about this subject in the comments section below.