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Bitcoin Weekend Run Breaches $20,000 Mark, Dominates The Altcoins

Even if the cryptocurrency industry crashed in 2022, Bitcoin’s status as the “alpha coin” has remained remarkably stable. With a market capitalization of over $398 billion and a trading volume of $24,180,295, Bitcoin’s dominance in the last 24 hours has increased by 43%.

According to market watchers, the BTC bull market officially began in 2023 and is expected to increase in value. In addition, the United States Consumer Price Index (CPI) was issued earlier this week, showing that the U.S. dollar’s value is decreasing relative to other currencies. On the other hand, the CPI data gave the market the confidence it needed to follow inflation’s downward trend.

In the previous week, BTC dominance increased by almost 2%, returning to a multi-month high as the value breached the $20,000 level.

Bitcoin Shows Bullish Momentum

Rekt Capital says that BTC will surprise investors next week by trading above $21,000. This upswing encouraged traders and investors worldwide to re-enter the Bitcoin market and make some quick bucks.

After BTC officially surpassed $17,000 at the beginning of this week, the outlook for the asset has been more bullish than it was at the end of 2022.

On Friday evening, the price of BTC surged beyond $18,000, then $19,000, and finally pumped to $20,000. The next hours saw a rise initiated by the bulls, which ultimately pushed BTC up to near $21,000 on Sunday.

At this price, bitcoin has made up all of its ground since the FTX-Alameda Research meltdown more than two months ago. Even if it has dropped from its local peak, the price is still well above $20,000. The cryptocurrency’s market valuation is close to $400 billion, with many investors hoping for a new bull run to begin any day.

Fundstrat’s head of digital asset strategy Sean Farrell stated to Bloomberg:

Cryptoassets performed well following the soft CPI print, suggesting that crypto’s correlation to macro is not going away anytime soon

As Bitcoin Surges, Altcoins Retreat

On yesterday’s daily charts, most altcoins showed gains, but those figures are now negative. After increasing by more than 35% in a day and nearly 70% in a week, it has turned bullish and is now moving in that direction. However, it is currently sitting below that level due to the daily decline of 4.5%.

The top 10 daily cryptocurrencies that lost value are Dogecoin (DOGE), Polkadot (DOT), Litecoin (LTC), Shiba Inu (SHIB), Avalanche (AVAX), Cardano (ADA), and Polygon (MATIC).

The value of alternative cryptocurrencies like ADA and DOGE have dropped, by 0.34% and 0.08%, respectively, from their respective 24-hour highs. The value of ADA and BNB has decreased marginally over the previous day. Both coins, however, have seen substantial gains during the past week, rising by more than 21% and 11%, respectively.

Featured image from Unsplash.com, charts from TradingView.com

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Bitcoin Funding Rates Hit 14-Month High – What Could This Mean For The Market Leader?

The crypto market has started the year 2023 with a remarkable, bullish run. Over the last few days, several assets have recorded significant profits and are starting to pull through the crypto winter.

Most notably, Bitcoin, the market leader and the world’s biggest digital asset, has been one of the top-performing coins this year. In the last seven days, BTC gained by more than 17%, allowing the coin to surpass the $20,000 price mark for the first time since the start of the FTX crisis.

Bitcoin’s impressive price rally has generated much excitement among the crypto community, along with a significant rise in the positive sentiment around the entire crypto market. However, it appears there might be a need for alertness among investors in the coming days. 

Bitcoin Records Highest Funding Rates In Over A Year 

According to a post by Maartun, a top analyst on the crypto analytics platform Crypto Quant, Bitcoin funding rates have attained their highest values in 14 months. The Crypto Quant contributor further stated that the occurrence of high funding rates such as these usually resulted in Bitcoin experiencing a price pullback. 

Funding rates are recurring payments made to either traders in a long or short position, depending on the difference between perpetual contract markets and spot prices.

In essence, these payments serve as a method of maintaining the price of perpetual contracts close to the spot price of an asset – in this case, Bitcoin.

That said, when there are highly positive funding rates on crypto exchanges, it indicates that traders are betting on the BTC/USD market to attain higher prices and are paying to go really long on BTC. 

Trading positions such as these can be quite risky, as any slight price drop might lead to high levels of liquidation or force these traders to close their positions. 

Therefore, these funding rates are definitely something that all BTC investors should keep their eyes on in the coming days. For now, Bitcoin is holding its ground, having gained by 1.83% in the last 24 hours, according to data by CoinMarketCap.

At press time, the premier cryptocurrency is trading at $20,722.66, with a market cap value of $399.23 billion. 

bitcoin

BTC Trading at $20,716 | Source: BTCUSD Chart on Tradingview.com. 

What To Expect From Bitcoin In 2023?

According to the popular price prediction site, BitNation, Bitcoin could attain a peak price of $37,307.77 before the years run out. Their price forecast also states that BTC investors should expect an average price of $31,084.84. 

However, the team at Tradingbeasts are predicting a rather bearish Bitcoin market for 2023. According to their price projections, BTC is expected to record slight losses all through the year, closing its annual market with a maximum price of $18,339 and an average price of $14,671.

So far, Bitcoin has shown a strong performance in 2023, gaining by over 25% since the beginning of the year. No doubt, the premier cryptocurrency is one asset to look out for in 2023. 

 

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Whale Moves Huge Amount Of Shiba Inu Tokens As SHIB Unveils To Metaverse

As the dog-themed crypto asset gets ready to launch its new metaverse, a crypto whale is suddenly transferring trillions of Shiba Inu (SHIB) tokens.

According to a tweet by Whale Alert, a platform for tracking whales said that a huge number of SHIB tokens (3,323,256,285,484) worth almost $30.48 million were moved from one unknown wallet to another. 

Metaverse Launch

The addresses used in the transactions aren’t associated with cryptocurrency markets, so it’s unlikely that the action has anything to do with buying or selling the trending meme coin.

The Shiba Inu team has recently made several announcements, and this massive transfer of SHIB tokens has occurred in the midst of this. First, Shiba Inu’s developers said they want to unveil their new metaverse at the South by Southwest (SXSW) festival 2023 in Austin, Texas.

A virtual reality (VR) tour of the WAGMI Temple, one of 11 locations in Shiba Inu’s metaverse showcasing the Dogecoin (DOGE) competition, will be featured in the exhibition.

Expanding The Scope Of Shiba Inu

For the Ethereum-based Shiba Token Decentralized Community Project, millions of devoted SHIB supporters have organized themselves into a movement they call the #ShibArmy. As a result, the cryptocurrency is consistently placed in the top 15 by market cap. According To Shiba Inu Ecosystem’s Blog:

The unique possibilities that will be in HUBs like WAGMI Temple make SHIB: The Metaverse stand out. “HUBs are epicenters of activity within the Metaverse, offering distinctive experiences rooted in each HUB’s theme,” explains Sherri Cuono, Metaverse Advisor to Shiba Token.“ Each offers special attractions that may only be experienced in that hub. The common thread is extensive digital or digital-plus-IRL utility including activities, commerce, customization, expression, events, education, exploring and more. Users will be able to earn passive income, collect in-game resources, generate rewards, and even have their own space to build and manage their projects in SHIB: The Metaverse.”

On the other hand, the Shiba Inu team has just announced some latest upgrades to the Shibarium Network. It will soon deploy a layer-2 scaling protocol and promote Bone ShibaSwap (BONE) as the official virtual asset associated with the blockchain.

Binance, the largest cryptocurrency exchange in the world measured by volume, was prompted to stake an astounding 4 trillion Shiba Inu tokens as a result of this move.

At press time, the trading price of Shiba Inu was $0.00001032 with a 24-hour trading volume of $667.322 Million. Shiba Inu’s price was up by 7.72% in the last 24 hours and up by almost 24% in the last 7 days, with a market cap of $5.655 Billion.

Featured Image from Somagnews, chart from Tradingview.com.