Market

Bitcoin Price Jumped 4% to $12K Despite Most Altcoins Lagging Behind

Published

2 Monaten ago

Oktober 21, 2020

Bitcoin price has performed rather well during the pandemic in comparison to the Dow Jones that was down 0.80% year to date.

Against all odds, Bitcoin price jumped over 4% on Tuesday to trade comfortably above $12K while many altcoins are in red. At the time of writing, the asset was trading around $12,269.29. Notably, Bitcoin price has now retested the $12K resistance level again after it was unable to push beyond it in August.

With the asset being closely watched by high-value institutional investors, analysts and more retail investors, such a tweak can be regarded as an indication of an imminent bull rally.

Furthermore, Bitcoin has gotten more clarity in most jurisdictions besides boosted adoption. According to metrics provided by CoinGecko, Bitcoin had a market capitalization of $227,261,604,812 out of $380,034,174,510 total market capitalization. Hereby putting Bitcoin’s market dominance at 59.8% followed by Ethereum with a market dominance of around 11.3% and USDT closing the top three with a market dominance of around 4.22%.

As the asset got traded more globally, CoinGecko reported Bitcoin daily trading volume at $24,271,572,166. Notably, there were 18,522,800 Bitcoins in circulation reciprocating to approximately 88.20% of total bitcoin mined at the time of publication.

Bitcoin Price and Performance of Major Altcoins

With the clock counting down to the next halving event scheduled to take place approximately on 07 May 2024 07:21:23 UTC according to Bitcoinblockhalf, investors are rushing to accumulate more of the asset as the supply diminishes by the day amid heightened global demand.

As the activity within the Bitcoin blockchain increases by the day, the reported hash rate at the time of reporting was approximately 124.47 Exahashes/s. The hash rate is a metric apparently used to indicate the level of security within the Bitcoin blockchain.

It is associated with miners who maintain the blockchain security as they significantly control Bitcoin’s supply rate. Having jumped to trade above. $12K, Bitcoin price was up 48.9%, 11.9%, 15.3%, 7%, and 4% in the past one year, 30 days, two weeks, seven days and the past 24 hours respectively through Tuesday.

Bitcoin price has significantly done well during the pandemic in comparison to the Dow Jones that was down 0.80% year to date. Notably, the Dow Jones stock index was up 5.68% in the past year, indicating it has dropped during the pandemic whereas Bitcoin has risen.

In most instances, the Bitcoin bull run is accompanied by altcoins bull rally. However, the case seems to be decoupling as market fundamentals especially asset utility significantly govern assets’ market price.

In the past 24 hours with Bitcoin price up over 4%, Ethereum, the second in market capitalization, was down 0.3%. On the other hand, XRP, the third in terms of market capitalization, was stagnant.

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A financial analyst who sees positive income in both directions of the market (bulls & bears). Bitcoin is my crypto safe haven, free from government conspiracies.
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Grayscale’s AUM Hits $19B, Up from $16.4B Announced Week Ago

Published

20 Minuten ago

Dezember 29, 2020

While it may be too early to project the possible performance of Grayscale in 2021, the spate of patronage the company recorded in the last two quarters of 2020 looks quite inspiring.

In what confirms the continued embrace of Bitcoin (BTC) and altcoins by institutional investors and the big-money clients, Grayscale’s total Assets Under Management (AUM) has been reported to top $19 billion, a significant uplift from the $16.4 billion reported a week ago. According to a report by CoinDesk, Grayscale hit this AUM milestone on December 28, and Grayscale’s Bitcoin Trust holds by far the largest chunk of the total assets at $16.3 billion.

The recent rally of Bitcoin to new highs as recorded in the past days started as a chain reaction that took its precedent months ago when Wall Street firms and institutional investors began betting big on Bitcoin. The investment made by the likes of MicroStrategy Incorporated (NASDAQ: MSTR), Square Inc (NYSE: SQ), and PayPal Holdings Inc (NASDAQ: PYPL) did not just help put Bitcoin in the limelight through mainstream media, it also prompted the embrace of the digital assets by other firms.

With this chain reaction, the price of Bitcoin continued to soar in response to boosted demand for the coin, and institutions like Grayscale that serves institutional investors benefited from this new demand, and hence, the continued increase in the firm’s AUM. Besides BTC, Grayscale’s Ethereum (ETH) AUM is now worth $2.1 billion, while the bulk of smaller holdings in Litecoin (LTC), XRP, and ZCash amongst others helped Grayscale’s total AUM to reach the new milestone.

Grayscale’s AUM May See More Boost in 2021

While it may be too early to project the possible performance of Grayscale in the coming year 2021, the spate of patronage the company recorded in the last two quarters of 2020 makes the case for improved performance provided the tempo is sustained.

Just as has been noted earlier, the continued embrace of cryptocurrency assets by highly liquid companies will continue to have a positive reaction on the price of Bitcoin, and by extension, this will even make more people pick interest in BTC. As a relatively young asset class, Bitcoin and altcoins have tremendous room to grow as the adoption rate is still not optimized owing to certain regulatory provisions in most countries, Grayscale and other hedge funds have enough room to compete for new clients entering the space.

With Grayscale been among the institutions at the forefront of helping to drive the acceptance of BTC, ETH, and other digital currencies, enjoying the dividends of its works through impressed AUM figures does not come as much of a surprise.

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Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

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Market

eToro Said to Be in Talks With Goldman About Possible $5B IPO: Report

Published

1 Stunde ago

Dezember 29, 2020

The crypto trading/investment management platform is also considering the possibility of a merger with a special purpose acquisition company.

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Market

Altcoin Rally Dimming Bitcoin’s Shine, Polkadot Gains 34% in One Week

Published

2 Stunden ago

Dezember 29, 2020

Polkadot (DOT) saw daily gains of 22.5% wrapping up an impressive week with an almost 34% rise in its value.

Bitcoin bullish run looks to have come to a halt amidst an altcoin rally which has seen relatively lower coins put up impressive performances in the past few weeks. Bitcoin dominance is gradually fading as many experts believe the biggest digital coin is backing down as some top altcoin are showing strong “moves” or signals.

Bitcoin hit an all-time high over the weekend, the third time its price has done so in just over 2 months. The price of the biggest digital coin touched $28,400 on December 27, before a lightning drop took it to $27,000 just hours of that incredible feat.

Bitcoin failed to hold onto the $27,000 mark as its price further dropped to $26,000 a day after and is now testing lower levels centered on $26,000 as immediate support. Reports from crypto exchanges revealed BTC/USD trading at lows of $25,830 during the early hours of December 29.

While Bitcoin has seen red over a couple of days, some altcoins are putting up impressive numbers, giving off signals of a strong altcoin rally. Despite XRP’s current issues, the altcoin market is showing glimpses of its glory days as some digital coins are poised to see major gains over the next couple of weeks. Ethereum (ETH) is at the forefront of the rally, with its price climbing above $700 for the first time since May 2018.

Polkadot (DOT) also saw daily gains of 22.5% wrapping up an impressive week with an almost 34% rise in its value. The coin is now the seventh-largest token by market cap. Kusama (KSM), a cousin of Polkadot, also saw its price gain 46% last week, pushing its price from $43.1 to $63. The digital token is currently trading at $56 but experts are adamant a breakout above $65 is possible as the token has rebounded off the 20-day exponential moving average ($50.90)

Speaking on the possibility of a long term altcoin rally, analyst Van de Poppe stated that altcoins are next in line to see greens. He added that the next “impulse wave” on Bitcoin next year should be able to take the market to $40,000 or $50,000, but until then, the possibility of a continuance altcoin rally is very much likely.

Although many factors could be in play with regards to the latest Bitcoin price dip, it’s recent fallout with Ripple’s XRP leads the way. Ripple was hit with a lawsuit from the United States Security and Exchange Commission (SEC) and subsequently suffered drops that left its price in a pit. XRP, the fourth-largest cryptocurrency by market cap, is now trading at $0.20 as news broke that Coinbase, a major US cryptocurrency exchange has decided to suspend its trading from next month.

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Crypto fanatic, writer and researcher. Thinks that Blockchain is second to a digital camera on the list of greatest inventions.

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