Polkadot (DOT), a network protocol that allows arbitrary data — not just tokens — to be transferred across blockchains, is up nearly 30% in the last 24 hours. Polkadot's market capitalization has also surpassed $10 billion, solidifying its position as the fifth-biggest crypto asset. There are several major reasons behind DOT’s strong uptrend: strong technical market structure, the anticipation of scalable blockchain networks, and the craze around DeFi. Strong technical market structure and rising sentiment In December 2021, DOT reached a new all-time high, rising to around $11. Since that period, it has continued to see strong momentum and strong …
Bitcoin (BTC) price broke through the $35,000 resistance and appears to be stepping into a new range that would see the price trade between $38,000 to $40,000. Today’s recovery from the $34,000 level also appers to have invalidated what looked to be a bearish head and shoulders pattern forming on the 4-hour timeframe. Reclaiming the $36,000 level as support may also assist with squashing the infantile narrative that Bitcoin price was entering a new bear market after this week’s 26.5% plunge shaved off $200 billion from the total cryptocurrency market capitalization. Despite this plunge, financial advisers continue to develop a …
The top 100 richest Bitcoin (BTC) addresses have added 334,000 Bitcoin to their existing holdings over the past 30 days, a clear signal that whales and institutional-size investors bought the dip. A positive sign is that most of them have not reacted to the recent fall in Bitcoin’s price. This suggests that large investors are bullish on Bitcoin for the long term rather than looking to make a quick gain. An important element in the recent rally is many of the purchases have come from institutional investors who were critical of Bitcoin in the past. The list is likely to …
After an incredible run-up to nearly $42,000, Bitcoin (BTC) price finally entered a significant correction, and at the time of writing the price is down by about 18%. While the swift drop to $30,402 may not induce sleepless nights from the HODLer crowd, large drops like the one seen over the past 24-hours can easily blow up a leveraged trader's portfolio. The sharp downside move also threatens to wipe out a large portion of the gains accrued over the past few weeks. Data from Bybt indicates that over $2.7 billion worth of futures contracts has been squared off in the …
Bitcoin (BTC) again rose to a new all-time high on Friday as bulls continued to buy on every minor dip. As the price reached a new high, Bitcoin’s market capitalization soared above $775 billion, taking it past Facebook’s market cap, according to the website Companies Market Cap. This means, there are only six companies in the world that currently have a greater market cap than Bitcoin. The pace of the rally seems to have caught several traders off guard. Popular analyst flibflib told Cointelegraph that the sustained rise points to “accumulation algorithms and that accumulation algorithms seldom care about the …
Aggressive buying by institutional investors is one of the main reasons for the current Bitcoin (BTC) bull run. Some investors expressed their intent to hold their positions for a few years, but it is also prudent to note that many of these investors have recently developed a love for Bitcoin and their conviction to HODL may not resemble that of the early Bitcoin whales. The current bull market could also differ from the last as institutional investors simply cannot hold on to their positions if Bitcoin unexpectedly enters a sharp correction. These fund managers will have to face angry clients …
Bitcoin (BTC) price plunged by about $3,400 in an hour, warning traders that corrections during a parabolic move are likely to be sharp. Data from Glassnode shows that the fall resulted in the liquidation of Bitcoin futures long positions worth about $190 million on Binance within an hour, the largest to date. In a strong uptrend, corrections are swift but short-lived because investors who expect the rally to continue use the dips to buy. Binance US CEO Catherine Coley believes the Bitcoin could climb to “$75,000 to $100,000” by the end of this year. Meanwhile, investor Raoul Paul is even …
Bitcoin (BTC) has consistently been hitting new all-time highs over the weekend, but the latest surge has also created a new high against gold, according to MarketWatch data. This suggests that Bitcoin has been gaining acceptance as the new store of value and that may attract more customers away from gold into Bitcoin. Analysts suggest that the latest rally above $30,000 could have been triggered by aggressive buying from institutional investors on Coinbase, as suggested by the large premium of about $350 compared to the price in Binance. With the latest rally, Bitcoin hit a market capitalization of over $640 …
Bitcoin (BTC) rallied from an intraday low at $17,573.29 on Dec. 11 to an intraday high at $29,310.19 on Dec. 31, a 66.78% rally in a short span. This shows strong demand from traders at every higher level. Institutional crypto investment giant Grayscale bought 72,950 Bitcoin in December, which was 159.49% more than the 28,112 Bitcoin mined during that period, according to data from Coin98 Analytics. It is not only the institutions buying — a strong bull run also attracts speculators and momentum traders who try to piggyback on the up-move. This can be seen from the surge in Bitcoin’s …
With 2021 less than 24 hours away, Polkadot creator Gavin Wood said the project has built up a head of steam heading into the new year. In a 2020 roundup published on Wednesday, Wood highlighted Polkadot’s (DOT) rise to become the number-one crypto for staking, based on the volume of staked tokens. According to Staking Rewards, over 63% of the 1.02 billion DOT token supply is locked in staking wallets. This percentage amounts to about $5.2 billion in staked DOT “coins” based on the current token price. Indeed, Polkadot is one of the best performing top-10 altcoins in December. Since …
Bitcoin (BTC) has had a stellar 2020, but how are other top crypto assets faring? Let’s take a look at how some of the top cryptocurrencies by market capitalization performed this . Bitcoin First, Bitcoin has seen a massive gain since Jan. 1, as its price soared from $7,195 to as high as $28,422. Within 12 months, the price of Bitcoin rose by 290%, outperforming all major stock indices and most stocks, apart from a select few including Tesla (TSLA). The main catalysts behind Bitcoin’s rally have been the increase in institutional demand, favorable financial conditions as a result of …
On-chain data suggests that high-net-worth individuals continued to buy Bitcoin (BTC) after Christmas. Analysts at Santiment said that smaller traders sold about $647 million worth of Bitcoin and this sum may have been bought up by Bitcoin whales. Data also signals that large investors have been buying and holding their purchases throughout 2020, without booking profits in an aggressive manner. According to Glassnode analysts, this has caused the number of Bitcoin in circulation to decline by about 1 million. That means, out of the total available supply, 14.5 million Bitcoin are considered illiquid. Glassnode analysts say that this leaves only …