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Tesla To Accept Dogecoin For Merchandise, Token Soars 30%

Tesla CEO Elon Musk said the electric-car maker will take dogecoin as payment for its merch, causing the cryptocurrency to soar by as much as 33%.

Elon Musk’s Revelation Sends Dogecoin Up 30%

Prior to Musk’s revelation, the price of Dogecoin was declining, but it immediately soared by as much as 30%. According to cryptocurrency statistics website Coinmarketcap, it was recently up 26% at $0.2092.

Musk said in a tweet:

“Tesla will make some merch buyable with Doge & see how it goes.

The Tesla CEO has long been a backer of dogecoin, a cryptocurrency based on a Japanese Shiba Inu dog that was created as a joke in 2013.

Tesla sells t-shirts, ‘Giga Texas’ belt buckles, and miniature models of its vehicles, as well as unique limited-edition items like the ‘Cyberwhistle,’ which is based on the company’s much-anticipated Cybertruck. It just released a kid’s quad bike called the ‘Cyberquad,’ which is based on the truck.

In a Twitter poll in May, Musk asked people if they wanted Tesla to accept dogecoin. During his guest-hosting stint on the “Saturday Night Live” comedy sketch TV show in May, he referred to dogecoin as a “hustle.”

Related Article | Dog Eat Dog: Elon Musk Leaving Doge Behind For New Dog Coin?

Musk stated in a May tweet that he was collaborating with dogecoin developers to increase the system’s efficiency. Dogecoin prices soared by 22% as a result. Then, in June, he tweeted that it was “critical to support” a proposal to lower Dogecoin fees, making the cryptocurrency more competitive with other cryptocurrencies.

Musk, who has more than 66 million Twitter followers, has been heavily involved in this year’s retail trading craze, tweeting about cryptocurrencies and assisting in the movement of their prices.

Musk has done it again | DOGEUSD on TradingView.com
News Comes As Musk Is Named Person Of The Year

On Monday, the world’s wealthiest man was selected as Person of the Year by Time’s Magazine. The publication called Musk “clown, genius, edgelord, visionary, industrialist, showman, and cad.”

Musk argued that dogecoin is more suited for transactions than bitcoin in his statement. BTC, according to the Tesla CEO, is more suited as a store of value. He also said he “doubts that crypto will replace fiat currency.”

Related Article | Elon Musk & Crypto: “How One Man Has All That Power”

Nonetheless, at the end of Q3, Tesla still had $1.26 billion in BTC on its balance sheet. DOGE is not owned by the corporation. Musk, on the other hand, has previously stated that he owns dogecoin, bitcoin, and ether.

Featured image from iStockPhoto, Charts from TradingView.com

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Bitcoin Slumps Below $40k Again, Here’s What To Consider In The Coming Days

Bitcoin temporarily surpassed $40,000 before falling below again as investor sentiment shifted to mildly negative.

Bitcoin Tanks Below $40k…Again

After climbing to $42,000 over the weekend, it appears like Bitcoin is losing pace once more. As of press time, the world’s largest cryptocurrency was down 3%! Bitcoin is currently selling at $38,591 with a market capitalization of $724 billion.

Investors are frustrated by Bitcoin’s recent price volatility, which has shown dramatic oscillations without confirming any particular trend. Algo-traders and options What investors should do from now on, according to Altcoin Psycho.

According to Bitcoin’s technical charts, if it manages to break out over $41,000 and hold it for a long time, it will move to $49,000 levels. On the downside, if Bitcoin crashes under $36,000 levels, the next support levels will be at $29,000.

$BTC

If we reclaim the range high at 41k, long and close at 49k. If we lose 36k, short to 29k.

We just have to wait for one of the triggers pic.twitter.com/e1Dx9RR6Gp

— Altcoin Psycho (@AltcoinPsycho) August 2, 2021

From here on out, things aren’t going to be easy for Bitcoin investors. Bitcoin’s social and audience attitude is still slightly pessimistic. Bitcoin sentiment remains somewhat unfavorable, based on the Bitcoin social volume and ratio of good vs. negative remarks, because crypto investors/traders are quite active on the social media channel Twitter.

BTC sentiment remains in the negative. Source: Santiment

Related article | On-Chain Expert Predicts $162K Bitcoin Peak This Cycle

On-chain Observations For Bitcoin

The Adjusted SOPR (aSOPR) indicator demonstrates that the bulk of on-chain spending has lost money during the May sell-off. As resistance, the aSOPR value of 1 was used. Last week, however, the SOPR surged significantly higher, owing to significant profit realization on the Bitcoin blockchain.

The market has ceased realising profits (holding conviction remains) and absorbed the sell pressure, according to Glassnode, with aSOPR recovering higher.

Source: Glassnode

According to another well-known researcher, Joseph Young, Bitcoin (BTC) is currently trading at levels last seen in February 2021. The open interest in the futures market, on the other hand, is quite low. As a result, Young describes it as a “far healthier spot-driven rehabilitation” and thus remains optimistic. He wrote on Twitter:

Bitcoin is where it was in February 2021. Yet, the futures market open interest is significantly lower. This is a much healthier spot-driven recovery.

Bitcoin is where it was in February 2021.

Yet, the futures market open interest is significantly lower.

This is a much healthier spot-driven recovery.

Optimistic. pic.twitter.com/mBB4BBYbEd

— Joseph Young (@iamjosephyoung) August 2, 2021

However, analyst have cautioned traders against basing their upside projections on prior market increases. For example, Bitcoin’s climb from $66 to $1,150 in 2013 does not imply that it will rise from $29,000 to $256,000 in 2021.

Given how volatile Bitcoin has been over the previous three years, forecasting future price movements has proven challenging. If you’re betting on Bitcoin’s long-term future, any price level between $30,000 and $40,000 could be a decent place to start accumulating.

BTC/USD nosedives below $40k. Source: TradingView

Related article | Bitcoin Remains At Risk, Why BTC Could Nosedive Below $38K

Featured Image from pixabay, Charts from TradingView, Glassdoor, and Santiment.

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Bitcoin Eyes $36K As Wyckoff Level As Altcoins Prepare To Surge

A trader forecasts that conditions are converging to a new Wyckoff level, bringing new strength among altcoins, which suffered disproportionately as Bitcoin momentarily fell below $30,000.

Wyckoff Level Is Critical For Bulls

On July 6, Bitcoin (BTC) was heading towards a critical Wyckoff level, as BTC price movement piqued traders’ interest in an altcoin rally.

BTC/USD was up 4.6% on Tuesday, according to data from TradingView, compared to the previous day’s lows.

Bulls prevailed out overnight after tests of $33,000 support, driving Bitcoin higher. Rekt Capital, a popular analyst, thinks $36,000 is a significant area to watch right now.

According to Wyckoff analysis, a prominent approach for analyzing BTC price action, $36,000 will likely represent the conclusion of a “phase C” and the start of a “phase D” for BTC/USD, with a bullish trajectory.

“BTC dips to the ~$33000 area and holds the orange Higher Low perfectly,” Rekt Capital commented alongside a chart on the day.

BTC/USD 1-hour candle chart. Source: TradingView

 

An unfilled CME futures gap above $46,500 is currently a potential higher objective. This would be a huge move if it occurred, since Bitcoin would basically exit a trading range where it has been for several weeks.

BTC/USD Wyckoff scenario as of July 6. Source: Rekt Capital/ Twitter

Trader Filbfilb had a more realistic perspective. Bears, he said, were still in command of the levels that had drawn the most people to the so-called “point of control,” or POC.

“Trend remains down, bears dominating the POC / middle of the range. It is what it is until the POC becomes support.” he summarized on Monday before the bounce higher

Related article | Bitcoin Prints Bearish Technical Pattern, Why It Could Revisit $32.2K

Altcoins Seeing Gains In The Mid Term

Meanwhile, conditions may be favorable for cryptocurrencies to benefit more than Bitcoin in the mid term.

It may be more than simply BTC/USD that constitutes a focus of interest in an environment where cryptocurrencies generally “grind up” rather than explode upward, according to trader Michaal van de Poppe.

“Most likely expectation is that altcoins will be grinding up way heavier than Bitcoin in the coming period. They looked great and got destroyed through that final drop of Bitcoin to $30K. Therefore, I’m expecting them to continue outperforming Bitcoin in the coming months,” he told Twitter followers on Tuesday.

Some of the top fifty cryptocurrencies by market capitalization gained more than 10% overnight. The largest altcoin, Ether (ETH), was trading at $2,340, up 3%. Meanwhile, numerous DeFi tokens have performed well in the last 24 hours, particularly SUSHI and AAVE, which have risen by around 20%.

Related article | Bitcoin Whales Accumulate 60,000 Bitcoins In A Day. What Happens Now?

 

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Bitcoin May Hit $250,000, This Analyst Predicts An Incredible Price Surge

Because of its volatility, the Bitcoin market is a new market every day. The outcome is always surprising, no matter how well one predicts the future. This time, though, the situation appears to be a little different, since Bitcoin may have just verified top analysts’ notion. BTC’s price increased on the 4-hour chart, and it also performed well on other time frames.

The Wolf of All Streets Speaks

These were the thoughts of Scott Melker, called “The Wolf of All Streets”. He picked up the monthly chart in his most recent analysis video and brought up some fascinating observations. BTC first broke through the EQ line, or mid-line, on the monthly chart. From June 2019 to November 2020, the king coin had held its candles under the line for nearly 17 months. In December 2020, the currency broke over the line, and it is currently re-testing the line for support. Melker made a prediction about where the coin would go from here. Melker said:

“Even if it went next month to the top of the channel (the upper trend line), that’d be $158,000, a month later 168, 176 you see it takes a few months…That gets us to those 230, 250, 280 thousand targets”

Bitcoin monthly chart | Source: Scott Melker, TradingView

On the daily chart, BTC was breaking the mid-line of the descending channel. The coin has been actively pushing up and it managed to flip it into support. Moving forward resistance will be the 50 MA or the top of the channel as well.

Bitcoin daily chart | Source: Scott Melker, TradingView

The 4-hour chart, last but not least, showed a likely Wyckoff accumulation rise. The spring appears to be in place, and $36k should hold as support. As this appears to be a sweep of the lows at the present, such a movement may even drive Bitcoin up to $42,000.

Bitcoin 4-hour chart | Source: Scott Melker, TradingView

Related article | Plan B: The Next 6 Months Will Make Or Break Famed Bitcoin Model

Rekt Capital Supports Melker’s Prediction

Popular analyst Rekt Capital too supported this prediction. Recently he tweeted about Bitcoin’s movement keeping 50 WEMA in mind and how it could create a potential bull market as well.

With all of these potential protests, Congressman Bill Foster’s latest statement is concerning. He recently claimed that ransomware assaults, which are becoming more common, pose a danger to Bitcoin’s legal position. Foster added in a virtual event,

“I’m not there yet, but there’s significant sentiment in congress that if you’re participating in an anonymous crypto transaction that you are a de facto participant in a criminal conspiracy,”

Related article | Bull Signal From Bitcoin Bottom Is Best Hope Yet For Continuation

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The Dogefather Won’t Save This Dogecoin Dip, Here’s Why

Since Elon Musk appeared on SNL in May, Dogecoin has crashed more than 75%. On Tuesday, the meme coin became the worst performing digital currency as investors fled.

Dogecoin Unholy Romance With The Dogefather

Earlier in the year, Elon Musk began tweeting about Dogecoin. His tweets served as a good signal for crypto investors as investors flocked to the coin as the price skyrocketed. Musk helped to put the meme coin on a pedestal, making it one of the top ten cryptocurrency.

However, this wasn’t going to last.

Dogecoin plunged over 75% from its ATH 45 days ago. The meme cryptocurrency lost 24% over 24 hours to hit $0.17413, according to CoinGecko. That was around 76% lower than its record high of more than $0.70, reached in May amid expectations that Elon Musk would use his “Saturday Night Live” performance to pump the token.

The market cap of the coin also fell to a whopping $23 billion on Tuesday from a peak of $94 billion, a loss of $71 billion.

Since the Tesla CEO’s appearance on Saturday Night Live (SNL), Dogecoin price has been in southward movement. The $1 promise land the Dogecoiners expected continued to slip, yesterday’s crash capped it.

“Many expected Elon Musk’s SNL appearance to send the already-soaring dogecoin even higher,” Michael Kamerman, CEO of crypto firm Skilling, said. “It had the opposite effect.”

Cryptocurrencies have fallen dramatically since May after Elon Musk halted payments for Tesla in bitcoin, citing its “insane” energy use, and China started cracking down on crypto “mining.”

DOGE/USD is slowly recovering after yesterday’s crash. Source: Tradingview

Related article | Dogecoin Creator Says Crypto Price is 99.9% Driven By Greater Fools

Why Elon Musk Can’t Help

Many eyes turned to the Dogefather during this price drop. Former Bitrefill CEO John Carvalho quipped about Musk’s absence:

Carvalho went on to criticize Elon:

“To lazy passers-by, I’m not a dogecoiner, I’m asking him (Elon Musk) to own up to being a colossal dou*** nozzle.”

Musk’s disappearance from the DOGE plunge, however, was not protracted, as he was seen Tweeting about ecosystem developments relating to the meme-coin, much to the relief of the Dogearmy. In response to Dogecoin creator Ross Nicoll’s Tweet regarding the fee reduction code and a probable live demonstration of it on the coin testnet, Elon praised it as “an important improvement.”

Recently, pseudonymous analyst Tyler Durden highlighted a “Head and Shoulder” pattern and hinted that the alt’s price has a tendency to crash once it breaks below the $0.299 support level (which it did). He further claimed this time even the Tesla CEO can’t save DOGE:

“Even Elon can’t save this with his tweets. He’s tried and each time he just created another lower high. 0.05 is programmed.”

dogecoin
Source: Tyler Durden Twitter, TradingView

In addition, analysts have long warned that the meme-coin is a case of speculative mania, with the price influenced more by celebrity-induced buzz than anything fundamental.

“In this climate, it’s not a surprise that dogecoin, which began its crypto journey as a joke, has suffered one of the steepest declines in recent days,” said Susannah Streeter, senior markets analyst at broker Hargreaves Lansdown.

Related article | What Elon Musk’s Vision Of The Dogecoin Moon Could Look Like

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Coinbase Pro To List Shiba Inu, The “Dogecoin Killer” Price Soars

The price of the shiba inu cryptocurrency rose on Tuesday after Coinbase revealed that the meme cryptocurrency would begin trading on Coinbase Pro this week.

Coinbase To Trade Shiba Inu

Coinbase announced Tuesday that shiba inu (SHIB) crypto would begin trading on Coinbase Pro this week, after the listing of the meme cryptocurrency Dogecoin (DOGE) earlier this month. Some consider the ERC20 crypto shiba inu to be a viable alternative to Dogecoin.

Coinbase Pro users can now transfer shiba inu tokens into their accounts, according to the Nasdaq-listed business. Residents of New York, however, will not be able to use SHIB. The firm clarified:

Trading will begin on or after 9AM Pacific Time (PT) Thursday June 17, if liquidity conditions are met.

Coinbase added SHIB little more than a month after that coin’s creation, in marked contrast to its addition of dogecoin, which seemed to take doge years. This reflects a sea change in the approach of the exchange, a change announced at the time of its addition of dogecoin on June 1.

The announcement also covers chiliz (CHZ) and the keep network (KEEP). Besides dogecoin, the company recently added trading support for a number of tokens on Coinbase Pro, including polkadot (DOT), gitcoin (GTC), enzyme token (MLN), amp (AMP), and internet computer (ICP).

Shiba Inu is a meme coin similar to Dogecoin, which was inspired by a Shiba Inu meme from the 2010s. It is, however, an ERC20 token, which means it functions on the Ethereum network, unlike DOGE.

SHIB is the 17th-largest coin by market capitalization, according to Nomics, with over $9 billion—more than Stellar, Ethereum Classic, or Dai.

Shiba Inu’s anonymous founder Ryoshi (a psuedonym) made the unwise decision to send half of the token’s supply to the founder of Ethereum, Vitalik Buterin. Why? Ryoshi’s claims that he wanted to minimize Shiba Inu’s supply and increase its value.

Two days after Shiba Inu got listed on Binance, Buterin donated $1 billion worth of Shiba Inu to an India-based COVID-19 fund. Unfortunately, the token suffered as a result and tanked to painful lows.

Related article | Vitalik Buterin Dumps His SHIB, Price Tanks 30% In 1 Hour

Now that Coinbase added Shiba Inu to its list of supported cryptocurrencies, “Dogecoin killer” token holders now have renewed hope that Shiba Inu can surpass its Elon Musk-led rival to the moon.

Price Soars After Announcement

The price of the shiba inu cryptocurrency jumped over 30% around the time of the Coinbase announcement. At the time of writing, the price of SHIB is $0.0000092 and its market cap is $3.6 billion, based on data from Coinbase.

ShIB/USD currently at $0.0000092 following Coinbase news. Source: TradingView.

Trading of SHIB-USD and SHIB-USDT order books will begin in three phases, post-only, limit-only, and full trading, once adequate supply of the shiba inu cryptocurrency is established on the Coinbase Pro platform, according to the firm.

Related article | Binance Lists SHIB, Will It Become The Next DOGE?

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Michaël van de Poppe Mentions Three Cryptos That May Restart Alt Season As Mark Cuban Buys More

Michaal van de Poppe, a top crypto analyst, has offered his thoughts on the prospect of a new altseason, highlighting three cryptos that appear to be primed for new breakouts.

In a new video, Van de Poppe tells his 103,000 subscribers that despite the harsh late-May correction that saw Bitcoin tumble to $30,000, an altseason may be in the cards in the coming weeks.

The whole altcoin market cap is still above the 21-day weekly moving average (21 WMA), indicating that the cryptocurrency bull run is likely not done yet.

“We are still acting above the 21 WMA meaning that the chances of us continuing the grind to the upside are significant…Many altcoins are going to make new highs in their USD and Bitcoin pairs. That the altcoin market cap is currently holding above the 21 WMA is a very bullish trigger and a good signal of the momentum we have, through which the assumption [is] that we can continue grinding up and that we still have a very strong summer coming up for altcoins…

He noted that he still strongly believes that the alt season is not far off. The recent fall in the market is simply a stop gap.

“Are we going to get a big altcoin season? The thesis is still standing, and I’m still assuming that they’re going to continue their momentum. It’s time for you to start accumulating,” he said.

Van de Poppe claims that automated market maker Curve Finance (CRV) is on the verge of retaking the 100-day and 200-day moving averages in its Bitcoin pair (CRV/BTC) and continuing its ascent.

“CRV is currently in the resistance zone acting in one, but we can assume and expect that we are flipping back above the 100 and 200-day moving average, granting us support there. Then, we can start breaking out of this accumulation range towards new highs.”

After sliding below the 100 and 200-day moving average indications, the cross-chain lending platform KAVA is ready to hit new yearly highs versus Bitcoin (KAVA/BTC), according to the trader.

“We can see that we are making higher highs and higher lows and the momentum starts to switch… in which we are getting into a new cycle for KAVA. We are gaining back the losses we have made,” he added.

cryptos lith ETH are bouncing back
ETH/USD slowly recovering. Source: TradingView.

Related article | Is It Bitcoin Season or Altseason? Right Now No-one Knows

Mark Cuban Holds A Lot Of Cryptos

One of Cuban’s Ethereum wallets was uncovered in January when he minted an NFT on Rarible, a decentralized non-fungible token marketplace.

The wallet had a variety of decentralized finance (DeFi) currencies at the time, but the majority of his funds were dedicated to the lending protocol Aave.

Cuban seemed to have virtually exhausted the same wallet. It has over $26,000 worth of odd cryptocurrencies like Dogelon (ELON), Doge Inu (DOGI), and Bingo Inu, and about $2,000 worth of Ethereum (BINGO). It’s unclear if Cuban purchased these crypto assets or if they were given to him by holders looking to promote their own currencies.

Lark Davis, a crypto analyst and influencer, also weighs in on the contents of Cuban’s various crypto wallets, pointing out that the Dallas Mavericks owner previously stated in an interview that he maintains 60% of his crypto portfolio in Bitcoin, 30% in Ethereum, and 10% in other altcoins.

Davis said:

“From what we know, from what we’ve gathered and from what we can see on the blockchain, he has Aave, Rarible (RARI), SushiSwap (SUSHI), Polygon, Serum (SRM), Injective and Fantom (FTM)…

The coins I just mentioned are likely not his full portfolio but are the coins that he has publicly admitted to owning or we can see in his addresses.”

Related article | Which Altcoins Are More Likely To Catch The Bounce?

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Ripple Surges 15% Following News That It Wants To Go Public

Ripple CEO Brad Garlinghouse says that the San Francisco-based payments startup intends to go public once its legal battle with the U.S. Securities and Exchange Commission (SEC) is settled.

XRP To Go Public

In an interview during the Consensus 2021 event, Garlinghouse commends Coinbase following the crypto exchange’s debut on the Nasdaq in April.

Despite the fact that the general crypto market appears to be in decline, Ripple’s native cryptocurrency, XRP, has risen 14.88% to $1. XRP is now trading at $1.02 with a market valuation of $44.21 billion at the time of writing. To put this into perspective, XRP’s price has risen by 390% over the past year

Garlinghouse says Ripple is considering pushing through with its plan to launch an initial public offering, but it will have to wait until the lawsuit with the SEC is over.

“I think that the likelihood that Ripple is a public company is very high at some point. I think in the middle of an SEC lawsuit, you know we need to get that closed out and the SEC approves an S1, it’s easier to do that after you have closure and clarity and that regulatory certainty we have been seeking for so long.”

In January 2020, Garlinghouse revealed Ripple’s plan to go public as he predicted an IPO will happen in the crypto space over the next 12 months. In December, the SEC formally filed a complaint against the payments giant, alleging that Ripple’s native asset XRP was an unregistered security upon its launch and remains a security to this day.

Ripple is rising
XRP/USD surges above $1 following news of intention of going public. Source: TradingView

Related article | Ripple (XRP) Turns Green, Here’s Why The Bulls Could Aim $2

News Comes As The Ripple Stops SEC From Accessing Legal Records

This current XRP price increase comes as Ripple scores another little victory in its struggle with the Securities and Exchange Commission of the United States (SEC). Ripple has managed to prevent the SEC from obtaining any of the company’s legal paperwork, as requested by the regulator.

The US Securities and Exchange Commission (SEC) has requested access to Ripple’s legal issues in order to buttress its case in the complaint. Access to these papers, according to the securities commission, will assist it prove that Ripple was well aware of XRP’s “security” prior to its 2013 ICO sale. However, the SEC’s demand to have Ripple produce papers related to the XRP sale was dismissed by a New York judge.

The legalities in this case was overseen by Judge Sarah Netburn of the District Court for the Southern District of New York. The verdict was handed out by the judge on Sunday, May 30. Judge Sarah Netburn writes in the public filing:

“Ripple asserts that the SEC’s requested communications are protected by the attorney-client privilege, which has not been waived. The attorney-client privilege encourages “full and frank communication between attorneys and their clients and thereby promote broader public interests in the observance of law and administration of justice.”

The issuance of “fair notice” has been a major issue in the SEC vs. Ripple fight. For the past eight years, Ripple says that the SEC has never provided a “fair notice” as to whether the blockchain business is breaking any securities rules. FinCEN and the US Justice Department deemed XRP a convertible virtual currency at the same time.

Ripple is now working to move this issue forward, focusing on the SEC’s inactions and a sudden shift in attitude. Judge Netburn, on the other hand, stated that if Ripple’s defense is plainly identified, she will not take a stance. According to the judge:

“I reach only the limited question of whether Ripple put its subjective state of mind or advice of counsel at issue merely by raising the defense, thus waiving its privilege. I conclude it did not.

Accordingly, the SEC’s motion is DENIED. If, at some later date, Ripple raises its good faith beliefs or relies upon its privileged communications in support of its fair notice defense, the plaintiff may renew its application to the Court”.

Related article | Why XRP Holders Could Be Key In Lawsuit Against Ripple Labs

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Bitcoin Dominance Slips To 3-Year Low As Liquidation Hits $2.5 Billion Longs

Yesterday’s Twitter feud between business tycoon Elon Musk and the crypto community had far-reaching consequences that went beyond the constant verbal sparring on the popular social media site. For the crypto market, it was a disaster.

Liquidation Galore In The Crypto Market

According to data from ByBit, a total of $2.4 billion worth of longs is liquidated in the past 24 hours as a result of the market crash caused by Elon Musk’s bearish Bitcoin tweets. Similarly, the total value of liquidated longs in the last 12 years is $1.16 billion.

“We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel,” Musk said in a note posted on Twitter last Wednesday. “Cryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at great cost to the environment.”

In the last 24 hours, a total of 303,836 traders were liquidated, with the highest single liquidation order on Huobi-BTC worth nearly $90 million.

Among the usual top digital assets like bitcoin, ether, XRP, and others, the hot cryptocurrency SHIB, which rose in popularity as a result of the growing popularity of dogecoin, saw nearly $43 million liquidated in SHIB longs.

The market was equally unforgiving of short sellers. According to ByBit numbers, a total of $441.5 million in shorts were liquidated yesterday as a result of the volatile price action in the crypto markets.

According to Datamish, over the last 24 hours, $34 million in longs were liquidated on BitMEX alone, while 417 BTC were liquidated on Bitfinex.

Related article | Raoul Pal Calls Out Bitcoin Maxis For Their Role In The Market Downturn

Bitcoin Dominance Slips Further

The global cryptocurrency industry’s flagship digital asset is losing market share as its market supremacy dwindles. According to CoinMarketCap and Coin360 reports, Bitcoin now has around 40% market share.

Ethereum (ETH) is currently the second most common cryptocurrency after Bitcoin, with a market share of 19.3 percent at the time of writing. Binance Coin (BNB) has a 4 percent dominance, Cardano has a 3.3 percent dominance, and Elon Musk’s favorite coin, Dogecoin, has a 3 percent dominance. In January 2018, Bitcoin domination fell to its lowest point of 33% for the first time.

Source: Coin360

Per the exact market capitalization, Bitcoin has tanked from over $1 trillion a few weeks ago to $843,071,072,876. Ethereum market cap is almost half that of BTC and comes in at $404,613,783,369 while Binance Coin, Cardano, and Dogecoin’s capitalization have dropped to $81 billion, $69.4 billion, and $65 billion respectively.

There are two imminent eras bound to be ushered in from now. First is a bearish market where the price of all assets tumble as seen following previous bull runs, and also, a journey into an alt season, where alternative digital currencies will see a valuation outperformance. If the former happens, Bitcoin’s fundamentals and the positive sentiments surrounding it will help it maintain a greater dominance over altcoins. If the former occurs, the combined altcoin dominance, which is currently at 60.1 percent, will likely increase in the near future.

BTC market dominance slips further. Source: TradingView

Related article | Bitcoin Price Dips Just Above $42,000 As Exchange Inflows Continues To Surge

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Bitcoin Price Dips Just Above $42,000 As Exchange Inflows Continues To Surge

Bitcoin price fell to a 3-month low earlier today retracing to $42,000 level which many believe was caused by Elon Musk’s recent Twitter meltdown, however, the price soon bounced off to rise above $45,000 as the total correction since last month high reached over 30 percent , the biggest correction this bull season. While many Bitcoin proponents believe the recent market shakeup is not out of the ordinary, the unusual exchange inflow continues to rise which might indicate another bearish downtrend in the short term.

BTC Price Dips

Elon Musk’s late Sunday tweet sent Bitcoin (BTC) and the entire crypto market into a tailspin, with the latter losing over 10% in a flash crash. Musk’s most recent tweet has once again helped to keep Bitcoin losses to a minimum. Following Musk’s confirmation, the price of Bitcoin jumped by $2000, from under $43,000 to near $45,000.

Clearly, Elon Musk wields a lot of power over Bitcoin and the entire crypto room. Bitcoin critic Peter Schiff questioned whether Bitcoin is a “safe-haven asset” or a “store of value” if a single tweet would cause investors to panic. Elon Musk has reported that Tesla has not yet sold any Bitcoin. It doesn’t rule out the possibility of a sale in the immediate future.

Notwithstanding this development with BTC price action, many Bitcoin advocate are calling for investors to buy the ongoing dip. Bitcoin veteran like Anthony Pompliano said that they are buying the dips amid all the FUD.

Binance CEO Changpeng Zhao also wrote:

“Bitcoin/crypto have not changed. They don’t care. There are always fluctuations in the market, for all kind of reasons. You can blame others for what they tweet (their freedom). Or you can take advantage of the opportunities. Not financial advice”.

It is also important to note that the current Bitcoin fear and greed index has dropped to 27 suggest a major fear in the market. According to  market analyst Wu Blockchain, however, this is much better than the fear over the last few weeks.

“The current BTC Fear/Greed Index is 27, which is in a state of fear, but it is a increase from yesterday’s index of 20. The BTC Fear/Greed Index on March 13 last year was only 10, and it remained below 20 for nearly two weeks,” he writes.

Related article | This Crypto Fund Manager Claims Bitcoin Drop Was “Capitulation”

Exchange Inflows Surge Despite Price Crash

Ki-Young Ju, the founder of crypto analytical company crypto quant and a well-known crypto analyst, has warned traders to keep their leverage low and stop longing Bitcoin in the coming days, citing the increasing exchange inflow.

Source: CryptoQuant

A similar unusual exchange inflow was reported on Bitfinex just hours before Elon Musk declared that Tesla would no longer accept Bitcoin payments due to environmental concerns, prompting a 10% correction in the price of the top cryptocurrency.

Although many people blame Musk for the recent sell-off and corrections, Bitcoin advocates argue that the 200% increase since the beginning of the year has come at the expense of 10% to 40% corrections.

BTC/USD currently trading at around $45,000. Source: TradingView.

Related article | Lesson Learned: Teacher Loses Life Savings To Elon Musk Bitcoin Scam

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Ethereum Approach 500% Gain In 2021 As Crypto Market Cap Surge Above $2.5 Trillion

After hitting its new ATH of $4350, Ethereum price was up approximately 7.9% on Wednesday, May 12, 2021, and trading around $4,291 at the time of reporting according to TradingView.

ETH Price Push Up Crypto Market Cap

The second-largest cryptocurrency shattered its previous all-time high of $4,000 on May 10, en route to reaching $4,345, a fresh all-time high, while its market cap soared past $500 billion for the first time, rising to nearly $505 billion in the early stages of May 12, before retracing and settling at the current $495 billion valuations.

In recent weeks, Ethereum has had a lot of success against Bitcoin. Profit-seeking traders have been looking for profits elsewhere due to the initial cryptocurrency’s prolonged consolidation, which has been in effect since February. On the weekly map, the ETH/BTC pair recently broke out of a months-long cup and handle pattern, enabling the second-largest cryptocurrency to catch up to Bitcoin.

This year, Ethereum has gained over 480% year to date, and despite a minor decline, its value has increased by 65 percent in the last 30 days and 5.3 percent in the last 24 hours. If purchased at the time of launch, Ethereum has an approximate return on investment of 150111.43%.

As a result of Ethereum’s market surge, the overall market capitalization of crypto coins has now reached $2.5 trillion, as many digital coins continue to perform well this year. Over the last 48 hours, the overall market capitalization of crypto assets has increased by $228.13 billion, reaching an all-time high of $2.53 trillion.

Experts predict that the price of Ethereum will rise to nearly $20,000 in the next four years. By the end of 2025, this will translate into a 400 percent increase. Ethereum, on the other hand, is full of surprises, and its value will rise sooner than anticipated, depending on the developers’ ability to produce Eth 2.0.

ETH/USD rally continues. Source: TradingView

Related article | The Bearish Signal Ethereum Bulls Need To Fear

Ethereum Rally Can Be Linked To Dapps

Reuters suggest that the rally could be fundamentals-driven, with institutional interest ramping up and the broader proliferation of decentralised finance (DeFi) apps within the Ethereum ecosystem.

Ethereum is the most prominent blockchain in the DeFi finance space, with its price frequently stifling DeFi’s growth. Since their inception in the crypto space, Chainlink, Uniswap, Aave, Maker, BAT, DAI, and Compound TVL have amassed a total volume of just over $90 billion, accounting for 9.57% of the total crypto market, and have racked up gains thanks to performances from Chainlink, Uniswap, Aave, Maker, BAT, DAI, and Compound TVL.

Institutional investors looking to join the decentralized financial world also flocked to the Ethereum ecosystem in large numbers. According to a panel of 35 experts, Ethereum will overtake Bitcoin as the most commonly used digital asset by the end of 2022.

The panel included Coinmama chief executive Sagi Bakshi, ConsenSys head economist Lex Sokolin and was surveyed by personal finance comparison site Finder. According to their survey, Ethereum is poised to significantly benefit from the huge demand in decentralized finance (DeFi) and also the non-fungible tokens (NFTs). As a result, Eth will have more use cases than the leading digital asset Bitcoin.

“We are likely to see major upgrades to the ethereum network this year, and those can be expected to push the price higher,” said panel member BitBull Capital chief operating officer Sarah Bergstrand, who thinks ethereum will rocket to a staggering $100,000 by 2025.

Related article | Ethereum Overcame Odds With New High, Here’s Why ETH Could Test $4.5K

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Ethereum Bull Rally Sends Short Liquidations Up One-Year High

The price of Ethereum (ETH) has risen another 5% today, reaching a new all-time high of $4150. At the time of writing, ETH was trading 4.6% higher at $4102, with a market capitalization of $477 billion. A massive amount of short positions have been liquidated across exchanges as Ethereum soars past $4000.

$15 Million In Short Positions Liquidated

Since the beginning of the year, Ethereum has been on an unstoppable rise. ETH has gained more than 450 percent year to date at its current price. Ethereum has gained over 30% in the last week, reaching new all-time highs on a daily basis.

Over $15 million in ETH short positions is liquidated through derivative exchanges, according to CryptoQuant.

As CoinGape reported, this parabolic ETH price rally comes amid massive interest from U.S. institutional buyers. The Coinbase Premium has been shooting high alone with its price over the last week.

Crypto analyst, Ki Young Ju noted that it would be a bad move to sell Ethereum with the current bull rally. He said:

“Still an insane $ETH Coinbase premium. Selling $ETH now seems not a good idea in the long term. Follow US institutional investors, not against them.“

The demand for Ethereum (ETH) derivatives has also increased in recent months. VanEck applied for the first U.S. Ether ETF on Friday, citing increased institutional demand. Moreover, since their launch last month, Canada’s Purpose Ether ETF and the CI Galaxy Ethereum have seen significant inflows.

According to the document:

“The Trust’s investment objective is to reflect the performance of the MVIS® CryptoCompare Ethereum Benchmark Rate less the expenses of the Trust’s operations. In seeking to achieve its investment objective, the Trust will hold Ether (“ETH”) and will value its Shares daily based on the reported MVIS® CryptoCompare Ethereum Benchmark Rate.”

Bitcoin And Ethereum Struggle For Dominance

With today’s new all-time peak, Ethereum’s crypto market dominance has risen to 19.1 percent, while Bitcoin’s has fallen below 44%. Since the March 2020 market crash,

This past week, bitcoin price settled above the key $55,000 pivot level against the US Dollar. The BTC/USD pair formed a base above $55,000 and recently started a fresh increase.

It climbed above the $56,500 resistance zone and settled well above the 100 simple moving average (4-hours). However, the upward move was limited, considering the recent surge in ethereum above $3,500.

Furthermore, in 2021, ETH expanded its lead even further. Though Bitcoin has gained 100% year-to-date, Ethereum has gained 4.5 times as much, with a YTD gain of 450 percent. The Ethereum price rise is also supported by strong fundamentals, such as reduced exchange supply, greater DeFi deposits, increasing ETH 2.0 deposits, lower gas fees, and so on.

The upcoming Ethereum EIP-1559 protocol upgrade will further reduce the ETH supply in circulation. Market analysts are already anticipating that the ETH price will surge to $10,000 by the end of this year. Here are some reasons may hit $10k this year.

The ETH/USD to the moon bull rally continues. Source: TradingView

Related article | Epic Ethereum Short Squeeze Pushes Rally To New ATH

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12K BTC Removed From Coinbase, Are Whales Relenting?

Coinbase, the largest exchange in the United States, has been the site of several big Bitcoin buy-ins this year.

Recent reports show sudden transfers of more than 10,000 BTC to private wallets are not uncommon, but they do show a preference to store Bitcoin for the long term rather than hold it close to a point of sale.

As retail investors face liquidity shortages due to high institutional participation, Bitcoin has been flowing out of Coinbase on a regular basis over the last few months. This is clear, as Bitcoin has outperformed any other institutional asset class in recent years, with returns of over 100% in Q1 2021.

During the first quarter, however, the percentage of Bitcoin supply owned by whale addresses with over 100K Bitcoin increased by 200 percent (or 3x). According to Santiment, an on-chain data provider:

“The percentage of #Bitcoin‘s supply held by whale addresses with 100k or more $BTC has risen from 0.76% 11 weeks ago, to 2.20% today, an 11-month high. Meanwhile, the smaller 1k-100k $BTC addresses have dropped from 42.4% to 39.5% in the same 11 weeks”.

For analyst Lex Moskovski, the type of investor behind such transactions remains uncertain — it could be a private individual or small group, as well as an institutional investor or corporate client.

Related article | Bitcoin whales on the defense, this is how BTC could climb to new highs

“Institutions or not, that’s still a significant outflow,” he commented on the Glassnode data.

Coinbase Bitcoin outflows annotated chart.

The data is consistent with on-chain indicators remaining bullish. This week, Glassnode co-founder Rafael Schultze-Kraft pointed to an increase in Bitcoin’s so-called realized limit (Rcap), which backed up the general purchasing thesis.

The realized limit is a calculation of Bitcoin’s market capitalization based on the most recent price of each coin. It offers valuable information about market composition and trader sentiment, as well as a total that differs greatly from the conventional market capitalization.

Schultze-Kraft tweeted on Friday:

“Unprecedented capital inflows into Bitcoin as measured by realized capitalization. Over the past 6 months, realized cap has surged a whopping $250 billion – an increase of ~200%. Healthy bull market.”

He went on to say that the realized limit has risen by the same amount as Bitcoin’s entire conventional market cap as of December 2020.

Rcap, in comparison to conventional cap, can still rise dramatically until signaling the end of the bull market. MVRV, which calculates the ratio of the two metrics, was 4.4 this week, down from 7.6 in February and more than 10 at previous market cycle peaks.

“We have yet to experience true fomo yet from institutions. It’s coming,” Timothy Kim said in response to the Glassnode numbers.

Bitcoin is edging toward $58,000. Source: TradingView

Grayscale, the world’s largest Bitcoin fund manager, has also expressed interest in converting the Grayscale Bitcoin Trust (GBTC) into a Bitcoin ETF. Following the hype around the first U.S. Bitcoin ETF, shares of the Grayscale Bitcoin Trust (GBTC) have been trading at a discount over the last month.

Related article | How Grayscale Bitcoin Trust at a discount could change everything for BTC

Featured image from Pixabay, Charts from TradingView.com, Bybit.com, and Glassnode.

 

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After 68% Surge, Bitcoin Cash Burst Back Into Top 10 Crypto

On Thursday, Bitcoin Cash (BCH) re-entered the top ten market capitalization rankings after a 36% overnight gain that compounded to 68% growth for the week. BCH’s per-coin value jumped from $1,068 to $1,462 in less than 24 hours leading up to Thursday, extending a significant rise from its weekly low in the $800 region.

A Revival Before The Hard Fork

Bitcoin Cash has a lot of catching up to do to Bitcoin in terms of the size of its network. After reaching a high of nearly $4,000 back in 2018, it then dropped considerably and settled to around $300-400 for the next couple of years. A big jump in recent weeks has seen it climb back to more than $1,400.

The revival of what was once a mainstay of the top-10 lineup cryptocurrencies comes just over a week before Bitcoin Cash’s bi-annual hard fork on May 15, which will bring two minor but important network changes.

The unconfirmed transaction chain cap in Bitcoin Cash has been removed, allowing for more micro-transactions to be broadcast without having to wait for a block confirmation.

On Bitcoin Cash, blocks are mined every 10 minutes, and the old unconfirmed chain limit was set at 50 transactions. High-volume applications may now make 50 near-instant transactions before needing block confirmation. In the upcoming hard fork, this limit will be fully removed.

Related article | Bitcoin Cash Rallies 7%, More Upsides Likely If BCH Clears 100 SMA

The implementation of several “OP RETURN” outputs is the other big reform scheduled for May 15. Simply put, the Bitcoin Cash blockchain currently allows for the inclusion of miscellaneous data, such as text, images, and other data forms, into a transaction. At the moment, a transaction can only have one “OP RETURN” output — one image, text, etc. Multiple pieces of miscellaneous data may be used in a single transaction thanks to an imminent network update.

BCH/USD has surged over $1,400. Source: BCH/USD on TradingView

The Bitcoin Cash Network Upgrade aims to solve the issues with centralization and transparency by introducing the concept of CHIPs aka Cash Improvement Protocols. these are standardized proposals that will modify certain aspects of BCH. These CHIPs will work as full node client programmers aiming to find consensus and reject any significant modification.

The market price of Bitcoin Cash, like the rest of the cryptocurrency world, has been that since the beginning of the year. According to Bitinfocharts’ on-chain numbers, its overall consumption has also increased.

The number of regular Bitcoin Cash transactions increased by 650 percent from 20,000 in December to over 150,000 at the time of publishing. Between February and April, Bitcoin Cash handled more transactions every day than Bitcoin (BTC), peaking at 414,000 on March 21 compared to Bitcoin’s 229,000.

However, the number of transactions from unique addresses increased just 25% from 40,000 to 50,000, a percentage one-fifth of that seen on Bitcoin, according to the same data source.

Related article | Bitcoin Cash Near Key Inflection Zone: Here’s Why BCH Could Rally Again

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Dogecoin Is Cementing Alt Season, Here’s How

Since its debut in 2013, Dogecoin has continued to grow as the poster child of altcoins. As it gained popularity, it quickly became synonymous with wild price pumps because of its small value and concentrated holdings.

According to Coin Metrics, the price of Dogecoin increased by approximately 40% on Tuesday. After bitcoin, Ethereum, and Binance Coin, Dogecoin now has a market cap of $69 billion, rendering it the fourth-largest cryptocurrency.

Indicator For Alt Season

The unprecedented rise in the price of the coin has caused some investors and analysts to say that the short-term rallies are strong indicators of the alt Season.

However, this is most likely correct. After all, Dogecoin is a meme-based cryptocurrency. Over the last few years, there has been little development operation, and few of its users run a complete node. There have been 16 weekly performances higher than 30% and six of those presented 100% or higher gains.

Dogecoin historical pumps since 2017. Source: TradingView

Looking at the chart, the price increase of the coin is the norm. At the end of April, Tesla CEO Elon Musk tweeted: “The Dogefather SNL May 8,” referencing both the coin and his upcoming appearance hosting “Saturday Night Live.” Musk has said that his tweets about dogecoin are meant to be jokes.

At the same time, Mark Cuban, owner of the Dallas Mavericks basketball team, also made several posts in support of dogecoin.

“As long as more companies take doge for products/services, then Doge can be a usable currency because it MAY hold its purchasing value better than a $ in your bank,” Cuban said in a May 2 tweet. “If interest rates skyrocket or the amount spent falls or stagnates, so will Doge. Yes, a joke is now legit.”

Related article | Dogecoin Proving The Haters Wrong as Market Cap Now Exceeds Twitter

The top 693 addresses already control 79.2 percent of all DOGE in circulation. Elon Musk has been vocal in his criticism of this astounding figure. It’s worth noting that the most recent price spikes have been specifically attributed to Musk’s Dogecoin-related memes and tweets.

To argue that Dogecoin is an indicator of altcoin season, proof of such pumps must exist prior to the broader market’s positive results.

July 2020 total altcoin market cap vs. Dogecoin, USD. Source: TradingView

DOGE gained 73 percent in less than 36 hours on July 7, 2020. Although the impact only lasted three days, altcoins began to appreciate in value a few weeks later. The market capitalization of altcoins increased by 24% in just ten days, from $105 billion to $130 billion.

Early 2021 total altcoin market cap vs. Dogecoin, USD. Source: TradingView

In early-2021 incredible, an additional 182% DOGE pump that took place over the course of two days did signal an altseason. Some 36 hours later, the altcoin market cap initiated a 50% rally, boosting it to $340 billion. What was incredible about the first quarter was that on January 18, as the meme-coin hiked over 1,000%. Three days later, the altcoin market cap started a 60% rally to $560 billion.

Before concluding that the meme-driven coin is essentially a strong predictor for alt season, it’s worth noting that such results should be compared to those of other big altcoins. If Dogecoin lives up to its reputation amid a barrage of supportive press, the latest $0.61 all-time high is a sign of altcoin momentum to come.

Related article | Dogecoin (DOGE) Beats Bitcoin, Why It Could Test $0.5

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Epic Ethereum Short Squeeze Pushes Rally To New ATH

For the last few days, Ethereum has been adding incredible returns for investors. According to CoinMarketCap, on Monday, ETH added over 16% pushing the coin to a new record of slightly over $3,450. At the time of writing, the coin was trading at around $3,470, a gain of 9.43% over the last 24 hours.

Ethereum Short Squeeze Is Responsible For The Rally

A short squeeze refers to when short-sell orders in the futures market are liquidated in a short period of time. When the shorts are liquidated, short-sellers will have to buy back their positions. This automatically causes buyer demand to increase in the market.

Hence, the number of shorts rapidly declines, and long contracts or buy orders begin to dominate the market.

In the case of Ethereum, the last 24 hours has seen all-time high short liquidations across all derivative exchanges. According to cryptoanalysis firm, CryptoQuant, the cryptocurrency liquidations reached about $55 million in exit leveraged long positions causing the price to surge to a new record high.

Source: CryptoQuant

As a result of the increased volatility, Ethereum (ETH) saw its market capitalization spike to almost $400 billion. Notably, its daily average traded volume stood at approximately $72.7 billion according to metrics provided by CoinGecko.

According to the chart, higher support is required to keep the bears at bay and allow bulls to focus on price levels above $3,500 and $4,000, respectively. The Moving Average Convergence Divergence (MACD) suggests that Ethereum is firmly in the bulls’ hands.

ETH/USD has been surging for the past few days. Source: Tradingview.com

Related article | $150 Million In  Short Squeeze Liquidated As Bitcoin Scales Above $53,000

Ethereum Continues To Enjoy Acceptance

Ethereum, the second-largest digital asset by market capitalization, has earned a warm welcome from institutional investors, owing to its massive DeFi supremacy. Coincidentally, Ethereum began to eat away at Bitcoin’s market share, with the latter having about 44.6 percent against 16.7% for ETH. The average amount of ETH gas is 39 gwei.

After a two-week period of consolidation, the cryptocurrency bulls were re-energized by a surge in the price of Ethereum. The cryptocurrency market, however, is in a super-cycle. According to Dan Held, a prominent cryptocurrency analyst, and will continue to rise in the coming months.

“Money printers go Brrrr…Bitcoin was planted during the 2008 financial crisis as an antidote to bad central banking policy, but it has grown during a macro bull run (largely no recessions or depressions from 2008 – 2020),” Held noted.

He further added that:

“With Bitcoin’s current 4-year microcycles coinciding with the longer macro ~10-year cycles, that puts Bitcoin in a potential Supercycle. This is similar to Ray Dalio’s observation of short and long-term debt cycles but on an accelerated timeline.”

For most decentralized financial networks, the Ethereum ecosystem is considered a pioneer in the smart contract market. DeFi networks, such as Uniswap DEX, is based on the Ethereum ecosystem and manages the majority of daily cryptocurrency transactions.

“Thousands of developers are building applications that recreate traditional financial products in decentralized ways on top of Ethereum, and as more and more users pour in to interact with these apps, they require ETH (ether) to conduct any transaction,” said Sergey Nazarov, co-founder of smart contract company Chainlink.

“Second, there seems to be growing institutional interest in the public Ethereum blockchain, as stakeholders play around with ways to leverage the public network,” he added.

It’s also interesting to note that Ethereum’s co-founder, Vitalik Buterin, has made it the list of the world’s youngest cryptocurrency billionaires. The 27-year-old programmer’s crypto holding soared to higher levels as Ethereum price hit new record highs.

With a balance of over 333,520.81+ in his public Ether wallet, Buterin valued crossed the billion dollars when this cryptocurrency reached $3,000. Store at address 0xAb5801a7D398351b8bE11C439e05C5B3259aeC9B since September 8, 2015, Buterin’s lowest value in USD terms stood at $0,12 on November 19 of that year and stands at $1,044,090,315.14 today, according to Etherscan data.

Related article | Ethereum Rally Extends Above $3,400, Why Dips Remain Attractive

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New Month, New ATH: Why Ethereum May Hit $10k This Year

Ethereum has been steadily gaining 5% a day over the last week and is now reaching a new high of $2900. Ethereum is currently trading at a new all-time high of $2866, with a market capitalization of $331 billion.

New Month, New ATH

For the first time in history, Ethereum was able to reach $2,850, and it is on its way to surpassing $3,000. This will help the virtual currency to break its all-time high price and get closer to Bitcoin’s market capitalization. While Bitcoin remains the most common virtual currency, its market share has fallen below 49%, and Ethereum’s market share is approaching 15%.

ETH/USD pair break above $2,850. Source: TradingView

According to data analytics platform Skew, the recent ETH price rally coincides with an increase in spot trading volumes since mid-April.

Analysts are optimistic about the ETH price surge, predicting that it will continue in the near future. A majority of market participants expect that the Ethereum price will rise to $10,000 or higher by the end of the year.

Bitcoin has crossed $58,000 in the last few hours and is now very close to $60,000, a high psychological level that will be critical to surpass in the coming days.

Bitcoin and Ethereum aren’t the only virtual currencies that are rising in value. Binance Coin (BNB), Dogecoin, and Litecoin are all up. Binance Coin has risen by over 2% in the last 24 hours, bringing it up to $627.

Dogecoin continues to draw buyers, and it is now trading at $0.36, up more than 17%. After surpassing $272, Litecoin, the digital asset generated by Charlie Lee, is up 3.14 percent from yesterday.

Related article | Ethereum Consolidates Above $2,700, Here Are Chances of Downward Move

Fundamental Reasons For ETH To Hit $10K

Market analyst ‘Spencer Noon’ has provided the top-ten reasons why Ethereum holds the potential to hit $10,000 by the end of 2021.

  • There’s a massive demand currently for the ETH block space as the Ethereum blockchain overshadows its peers with the average daily fee paid around $18 billion.
  • NFT sales on Ethereum have been skyrocketing and have recently surpassed $600 million.
  • Ethereum-based Polygon network currently processes $1 million in daily transactions. It has also onboarded some of the biggest DeFi projects like Aave.
  • The Ethereum blockchain network currently has more than $50 billion in outstanding stablecoin supply.
  • As of date, the Ethereum blockchain network settles $30.5 billion of value every day which is twice that of the Bitcoin blockchain network.

  • The daily active addresses for Ethereum are on a continuous rise and have reached a new all-time high above 625K in recent times.
  • Ethereum is slowly emerging as an institutional-grade technology with the explosive growth of the DeFi activity this year. Of the total $65 billion locked in DeFi, a majority of the DeFi projects are on Ethereum.

The Ethereum community is now waiting for the ETH 2.0 update to be launched. As a result, ETH could grow to become one of the world’s largest blockchain networks. Several projects have moved from Ethereum to the Binance Smart Chain (BSC) in recent months, attracting a slew of new Decentralized Finance (DeFi) projects.

Ethereum may be able to reclaim its supremacy in the DeFi market with ETH 2.0. With cheaper and faster transactions, the world’s second-largest blockchain network may once again become home to the most widely used and powerful dApps, attracting users from Binance Smart Chain who previously used Ethereum.

Related article | Ethereum Closing In on $2,800 As ETH 2.0 Deposit Contract Hit New ATH

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