ZKP Crypto Sets Up an 8,000x Run While Dogecoin and Hyperliquid Look Tapped Out openPR.com
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Dogecoin Tapped New 3.5-Year Peak, Bitcoin Price Slips Below $100K (Weekend Watch) CryptoPotato
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Market Watch: Shiba Inu Skyrockets 16%, Bitcoin Tapped 3-Month High CryptoPotato
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Bitcoin continued to climb higher in the past 24 hours, reaching its highest price tag since early September.
Most altcoins are also slightly in the green, with ETH nearing $1,600. Shiba Inu, though, is on another level following a 16% daily surge.
Bitcoin Touched $21.5K
It’s safe to say that the start of 2023 has been quite positive for the primary cryptocurrency. After a quiet first few days, it finally broke above $17,000 last Monday and hasn’t looked back since.
Just the opposite, it began to overcome round-numbered milestones in the following days, culminating in a surge beyond $21,000 on Saturday and hundreds of millions of dollars worth of liquidations.
Sunday was calmer, as usual, and so were the next few days. Nevertheless, bitcoin maintained above $20,000 and had frequent jumps to $21,000.
The past 24 hours brought one more minor price increase that pushed the cryptocurrency to just under $21,600 (on Bitstamp). This became the asset’s highest price tag since September 12.
Despite losing some ground in the following few hours, BTC’s market cap is still close to $410 billion, and its dominance over the alts stands firm above 41%.
SHIB Soars
Most altcoins have been on a roll as well since the start of the year, and the past 24 hours have delivered minor increases as well.
Ethereum stands close to $1,600 after a 1% price jump on a daily scale. It’s worth noting that the second-largest cryptocurrency traded below $1,200 up until just a few weeks ago.
Binance Coin, which went through a substantial token burn yesterday, is still at $300, despite a slight retracement.
Solana has lost the most from the larger-cap alts (-5%), followed by MATIC (-2%) and Cardano (-1%). In contrast, Dogecoin, OKB, and LTC have increased by up to 3.5% in a day.
Nevertheless, the day so far belongs to Shiba Inu. The memecoin has exploded by over 15% in the past 24 hours and trades at $0.000012.
The crypto market cap has added a few billion overnight and is close to $1 trillion on CoinMarketCap.
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Cryptocurrency charts by TradingView.
Cardano surges 5% while Ethereum tapped $1600 as the entire market is recovering over the past 24 hours so let’s have a closer look at today’s latest altcoin news.
Cardano surges 5% and gained the most from the larger cap altcoins and the weekend came with almost no movements from the market while BTC is reclaiming the $23,000. most altcoins are calm and ADA is among the few exceptions with a 5% daily increase. The past week went well for the primary cryptocurrency and the asset recovered from the past week’s drop below $19,000 but is now near $22,000. the bulls kept control over the market and pushed BTC higher so it culminated in a price surge to over $24,000 which became the highest price tag in a month.
ADA 24-hour Price Chart (Source: coingecko)The landscape changed once it became known that Tesla sold the majority of the BTC holdings in Q2 due to the COVID lockdown in China and BTC reacted fast and dipped by $2000 in a few hours. It bounced off and hit $23,000 where it spent most of the trading day and sits there now so the market cap is still way below $450 billion with the dominance sitting at 41.6%. unlike the previous weekend that saw impressive price performances from most altcoins and the situation looks different. Ethereum continues with the recent gains after a minor daily increase and as such, the second biggest asset reclaimed $1600.
DPGE, Ripple, and MATIC are in the green and Cardano was the biggest gainer from the larger cap altcoins with a 5% increase on the day as a result, ADA trades at over $0.5. on the contrary, BBN, SHBI, DOGE, and AVAX are in the red and most of the lower and mid-cap altcoins are stagnant on a daily scale. So it is no wonder that the cumulative market cap of the assets remains calm near $1.060 trillion.
ETH 24-hour Price Chart (Source: coingecko)As earlier reported, The MATIC token could face a new correction after soaring over the past month and it seems to be entering overbought territory. The downswing below $0.77 could trigger a new correction and Polygon looks primed for a retracement after surging in the market value in the past month so there is a huge area of support that can help the price hold.
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The cryptocurrency markets had a solid weekend, with Bitcoin’s price jumping back above the psychologically crucial $40k level on Friday for the first time since January 21. The most valuable cryptocurrency by market capitalization is currently trading for roughly $42,500, up 3% since yesterday morning and 15% since last week. Is there any more good news on the way?
Bitcoin Rallies Above 40k
Bitcoin has now surpassed Facebook’s parent company Meta to become the world’s ninth most valuable asset by market capitalization as a result of the recent price spike. With a market capitalization of $11.4 trillion, gold is the unquestioned number one asset, followed by Apple with a market capitalization of $2.8 trillion. Bitcoin had a market cap of over $1 trillion for much of last year, which was a much-celebrated milestone.
The king crypto, which had been consolidating for much of last week, climbed to a three-week high today, gaining as much as 3% as of writing.
During Monday’s session, BTC/USD hit an intraday high of $44,000.00, as markets reacted to reports that Tesla now owns $1.9 billion in bitcoin.
Bitcoin made the move after breaking through a barrier level of $42,060 for the first time since January 21.
BTC/USD above $40k. Source: TradingView
Related article | Crypto Market Cap Regained $2 Trillion With Bitcoin Reaching At $45K
Tesla Holding Taps $2 Billion
The EV maker announced that the fair market value of its bitcoin assets as of the end of 2021 was $1.99 billion in its recently filed Form 10-K to the US Securities and Exchange Commission. During the first quarter of 2021, Tesla made a $1.5 billion investment in bitcoin.
Bitcoin is a digital asset, which means it is notoriously volatile. Tesla clearly felt this throughout 2021, as the company reported $101 million in impairment losses related to the digital asset’s value last year. In March 2021, the corporation made a $128 million profit on bitcoin sales after selling a portion of its holdings.
Tesla briefly accepted bitcoin as a form of payment for its all-electric vehicles last year, but CEO Elon Musk later changed his mind due to bitcoin’s considerable environmental impact. Tesla, on the other hand, stated in its Form 10-K that it believes in the potential of digital assets such as bitcoin as an investment and a liquid alternative to cash.
Below is an excerpt of the relevant portion of Tesla’s Form 10-K:
“We continue adapting our investment strategy to meet our liquidity and risk objectives, such as investing in U.S. government and other marketable securities, digital assets and providing product related financing. In the first quarter of 2021, we invested an aggregate $1.50 billion in bitcoin. The fair market value of our bitcoin holdings as of December 31, 2021 was $1.99 billion.”
Tesla has been experimenting with another digital currency as a payment option, while it has yet to restart the pioneer coin payments for its products. Last month, Tesla introduced the means to pay for certain items in the Tesla Shop with Dogecoin, a meme-inspired cryptocurrency that Tesla CEO Elon Musk enjoys.
Related article | No New Lows: “Parabolic” Bitcoin Indicator Could Suggest The Local Bottom Is In
Featured image from iStockPhoto, Charts from TradingView.com