After the Storm: Bitcoin Reclaims $30K As ETH Trades Above $1,000

After a highly volatile day that saw a significant $5,500 move from bitcoin to beneath $28,000, the cryptocurrency has calmed above $30,000. Most alternative coins have retraced from yesterday’s highs as well, but Ethereum still hovers above $1,000.

Bitcoin’s Roller-Coaster Calms At $31K

The new year began wildly positive for the primary cryptocurrency with consecutive all-time highs – the latest neared $35,000. However, bitcoin went on a volatile ride that saw about $5,500 of its value evaporate in merely hours as Monday came.

Speculations emerged that BTC’s massive drop was triggered by a gap left opened on the Chicago Mercantile Exchange from last week. Bitcoin filled the gap at $29,000 and surged back above $30,000 shortly after.

The cryptocurrency even initiated a leg up that took it up to $33,000 in the following hours. However, the bears took control once more and pushed it down to its current level of approximately $31,000.

From a technical perspective, the key support levels situated at $30,300, $30,000, and $29,300 could assist in case of another retracement. Alternatively, the resistance lines at $32,200, $33,100, and the ATH at $34,800 are the first major obstacles if BTC resumes its bull run.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Retracing Altcoins, ETH Reconquers $1K

The increased volatility didn’t miss the altcoin market yesterday. Ethereum was among the most notable performers as it pumped to its highest price tag in almost three years at $1,170.

However, ETH dumped rather vigorously to $900 almost immediately after its peak. Nevertheless, the second-largest digital asset reclaimed $1,000 and current hovers above it.

Ripple is about 10% down on a 24-hour scale to $0.23. Bitcoin Cash (-11%), Binance Coin (-6%), Chainlink (-11%), Polkadot (-7%), Cardano (-6%), and Litecoin (-8%) are also in the red.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Further losses are evident from Ren (-11%), TRON (-11%), Ontology (-11%), Verge (-11%), NEAR Protocol (-10%), and BitTorrent (-10%).

The total market cap has dropped from yesterday’s peak of $920 billion to $850 billion. Bitcoin’s dominance has decreased slightly from the recent highs to 68.1%.


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Cryptocurrency charts by TradingView.


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Justin Sun’s Streaming Project DLive Protocol Announced an Upgraded Platform

During a recent live-streamed conference, Justin Sun’s TRON and BitTorrent announced the latest developments within the decentralized streaming platform DLive. They will allow users to employ peer-to-peer technology and become nodes in the growing network while lowering the costs.

DLive Protocol’s Latest Improvements

According to a press release shared with CryptoPotato, the leading peer-to-peer sharing technology project, BitTorrent hosted a 12-hour long conference viewed by over 125,000 people from 25 countries. During the event, the CEO of BitTorrent, Justin Sun, unveiled a new website and provided more information about the DLive project.

DLive is a blockchain-based live streaming platform recently acquired by BitTorrent. In the past, DLive utilized the Lino blockchain to incentivize content creators and viewers using cryptocurrencies but transitioned to the TRON network following the acquisition.

The announcement described the new DLive protocol as the “final evolution of peer-to-peer live streaming technology, which has been in research and development for over a decade.”

It will enable users to employ this technology to stream “anytime, from anywhere, at a lower cost, and on their own terms.” The update will allow them to become nodes in a network that helps distribute the stream outward to the other customers. Thus, they will be active participants in this new type of live streaming.

The statement claimed that the “possibilities are endless” when utilizing the TRON blockchain for streaming the content and incentivizing users.

Decentralized Entertainment Is The Next Big Thing

Justin Sun noted that his team has decided to invest in the streaming platform because they believed that decentralized entertainment is “the next big step in blockchain mass adoption.” He added that the projects he control, namely TRON, BitTorrent, and DLive, will bring “disruptive innovations to the digital entertainment space, and create value for all.”

“DLive Protocol adds a new way to distribute your live stream at the end of your existing workflow,” commented the Engineering Manager at DLive – Anthony Wade.

“We currently target users of all live streaming services who utilize Open Broadcaster Software (OBS Studio) and simply add a new target for their output RTMP stream. So, as a streamer, you can use the same setup and production workflow that you use today.”


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After The Bloodbath Bitcoin Reclaims $19K: The Calm After The Storm? (Market Watch)

Bitcoin went from above $19,900 to $18,100 in minutes, while the altcoins mimicked its performance. The total market cap lost $40 billion in a day.


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Bitcoin (BTC) $ 26,619.13 0.13%
Ethereum (ETH) $ 1,594.81 0.64%
Litecoin (LTC) $ 64.61 0.20%
Bitcoin Cash (BCH) $ 207.84 0.14%