The price of one tiny cryptocurrency, coincidently named Omicron (OMIC) after the fast-spreading Covid-19 variant, has soared to an all-time high.
OMIC token hit an all-time high of $689 during the Monday morning Asian trading session.
The move has added another 200% gains on the day for the token and a whopping 945% since Saturday when it was trading around $65.
In its initial soaring stages, OMIC added around 500% in the days since the World Health Organization named the new Covid-19 variant. To many observers, this sudden rise and fall recalled the instance of scam Squid Game-inspired cryptocurrency last month.
The quick rise and fall in the value of tiny cryptocurrencies are a common phenomenon of the volatile cryptocurrency market.
Last month, among the top news in the crypto market was about a crypto project motivated by the viral Netflix show called Squid Game, which saw its squid (SQUID) token add many thousands of percent before crashing back to almost zero.
According to cryptocurrency price data tracker CoinGecko, the price of omicron’s OMIC coin has soared from around $50 to almost $400 in the last few days.
Omicron shares its name with a new Covid-19 variant that was first discovered in South Africa on Nov 23.
The emerging token- OMIC is a decentralized reserve currency protocol that runs on the Ethereum layer two network Arbitrum. Its native OMIC token is backed by several other crypto assets including the USDC stablecoin and liquidity provider tokens.
It can only be traded on the SushiSwap decentralized exchange which has seen $454,000 in volume for the OMIC/USDC pair over the past 24 hours according to CoinGecko.
Bitcoin jumped past $68,000 for the first time to a new all-time high, according to CoinMarketCap.
The world’s largest digital coin by market value gained as much as 3.2% on Tuesday to $68,530, breaking its last record set on Oct 20 at just below $67,000.
Bitcoin has seen a surge in current value and October record following a launch of the first futures-based bitcoin exchange-traded fund in the United States, which raised expectations of flow-driven gains.
The ProShares Bitcoin Strategy ETF, which tracks Bitcoin futures, drew more than $1.2 billion in volume on its debut.
Meanwhile, Ether, the second-biggest cryptocurrency by market value, made record peaks in Asia trade on Tuesday as it hit $4,825 in early Asian hours.
Both digital currencies have more than doubled since June and added nearly 70% against the dollar since October.
The climb in cryptocurrencies overall has taken their combined value above $3 trillion.
The digital assets market, which is a little more than a decade old, has already roughly quadrupled from its 2020 year-end value. Bitcoin, one of the oldest digital currencies, has gained over 130% year-to-date.
According to data from CoinShares, Bitcoin inflows totalled $95 million last week, representing the largest inflows of all digital assets.
While blockchain networks like Ethereum and Solana continue to upgrade and attract new functionality, meme coins like Dogecoin and Shiba Inu continue to attract speculative investors.
Bitcoin (BTC) has broken into new all-time highs, with the asset last changing hands in the mid $67,000-range.
During the final hour of Nov. 8 UTC time, BTC pushed into uncharted prices, with bulls firmly taking control of the markets as price action retested Oct. 20’s previous high of roughly $67,000.
BTC/USD: TradingView
The milestone comes on a historic date for Bitcoin, with analysts noting that Bitcoin’s market cap pushed above $1 million for the first time on Nov. 8, 2010.
Crypto Twitter appears to be rejoicing over the new all-time high, with many onlookers appearing to read the price-high as restoring their faith in the Stock-to-Flow (S2F) model from the pseudonymous analyst “PlanB” — which has gained significant popularity due to its eerie accuracy in predicting monthly closing prices for BTC.
The model measures the outstanding reserves of a given asset divided by its rate of annual production. PlanB first published their S2F model in March 2019 in a bid to quantify, measure, and predict the scarcity of Bitcoins, then estimating that Bitcoin would reach a market cap of $1 trillion after the May 2020 halving.
Using S2F, PlanB predicted with startling accuracy that Bitcoin would close August near $47,000 and end September near $43,000, while over-estimating October’s closing price by just 3%.
Looking ahead, S2F suggests that Bitcoin will close November above $98,000 and tag $135,000 by the end of the year, with many punters basing predictions that Bitcoin will trade in the six-figure price range before 2022 on PlanB’s outlook for the markets.
Related:Bitcoin hodlers ‘only halfway’ to selling BTC after new $500K price prediction
PlanB also pioneered the Stock-to-Flow Cross-Asset (S2FX) model in April 2020, which seeks to predict how the BTC markets may respond to changes in S2F dynamics based on how gold and silver have performed historically.
Using the S2FX model, PlanB has speculated that this bull cycle could see Bitcoin trade for $288,000 next year, with the analyst stating the markets will need to see “some real fireworks in 2022” for the projection to play out.
As you know S2F model predicts $100K average for this halving period (and based on floor model we reach $100K this yr). But S2FX model predicts $288K average this cycle (we need some real fireworks in 2022 for that). Let’s see where this 2nd leg of the bull market will take us pic.twitter.com/ttiNT5yMKe
— PlanB (@100trillionUSD) November 8, 2021
A recent Twitter poll from PlanB found that of 242,000 respondents, 39.8% believe Bitcoin will top out above $100,000 by Christmas, while 31.4% expect BTC to be trading for $288,000, and 23.8% anticipate the markets will fail to break above six-figures by Dec. 25.
The price of Ethereum (ETH) has bounced to a new all time high (ATH) today as it hit $4,400.97 at around 1:02 am UTC, according to the ETH/USD price indexs on Coinbase and Coinmarketcap.
At the time of writing, ETH is currently priced at $4,380, with the asset surging around 46.6% since the start of October. Coinmarketcap’s price index indicates that the previous ATH was only eight days ago, with the asset reaching a price of $4,308.48 on Oct. 21.
ETH has been on a bullish tear since dropping to around $1,780 on July 21, and has since gained 147% to rise to a new point of price discovery.
ETH/USD Chart October: Coinmarketcap
Cointelegraph reported yesterday that the Ethereum 2.0 Altair Beacon Chain update had a successful start, with 98.7% of nodes upgraded at the time. A successful Altair upgrade to the Beacon Chain was seen as important factor clearing the way to the merge with the Ethereum mainnet and the transition to a proof-of-stake (PoS) consensus mechanism in Ethereum 2.0.
Ethereum’s success is also being driven by the platform’s use in the booming decentralized finance (DeFi) and nonfungible token (NFT) sectors. They highlight ongoing rising demand for Ether in the future, thus ensuring additional tailwinds to its bullish outlook in Q4 2021 and possibly into 2022.
Just so we are clear – I am more than irresponsibly long ETH right now. I now have leverage but via calls. This is by far and away the biggest personal position of my entire life by a factor of 10 (or more).
My view horizon for this part of the trade is 6 to 9 months.
— Raoul Pal (@RaoulGMI) October 29, 2021
Since July, Ethereum has also undergone important upgrades such as the London Hard Fork that introduced a deflationary burning mechanism to the asset as part of the network’s fee structure.
Related:Data shows Ethereum bulls expect a new ATH after Friday’s $1.25B ETH options expiry
The overall market sentiment in crypto has also been positive of late, with the SEC approving multiple Bitcoin futures-based ETFs to launch on the New York Stock Exchange. Bitcoin hit new all time high prices in the wake of the news.
The crypto market indicates no signs of slowing down, with Bitcoin making another significant milestone to hit a new all-time high above $66,000 on Wednesday, October 20, marking a widespread recovery from a couple of months trading low and extending the year’s gains to almost 130%.
According to CoinMarketCap, the world’s largest cryptocurrency surged 3.9% reach its new all-time high of $66,900 on Wednesday by 4 PM on ET, surpassing the previous price record of $64,889 set in mid-April.
The price of bitcoin has soared 50% this month, from just under $44,000 at the end of September.
The surge has been fueled by renewed hopes that US regulators would not impose a clampdown on crypto assets, supports from big investors such as Paul Tudor Jones, George Soros, among others, and the launch of the first exchange-traded fund tied to bitcoin futures (ProShares Bitcoin Strategy ETF) and the approval of the second Bitcoin futures ETFs (VanEck bitcoin strategy EFT).
Early this month, the Securities and Exchange Commission chairman Gary Gensler stated that the US would not follow China’s ban on crypto tokens, and the announcement boosted Bitcoin price to climb at $5100.
As reported by Blockchain.News on October 7, Bitcoin further spiked its value to reach around $55,000 level, after news that the investment company founded by Billionaire George Soros own Bitcoins.
For the last few days, Bitcoin renewed its strength, further hovering around the $63,000 level following the news regarding approval of the highly much-awaited first US Bitcoin futures-based Exchange-Traded Fund (ETF) listing on the New York Stock Exchange on Tuesday this week.
Since yesterday, the flagship cryptocurrency seemed to have gotten a further push to a new all-time high, the $66,900 level, as investors cheered the successful launch of the first US Bitcoin futures exchange-traded fund and awaiting many more Bitcoin futures ETFs likely to debut in the US in the coming week.
The announcement by the SEC, approving the second Bitcoin futures EFT (VanEck Bitcoin Strategy EFT), appears to have also boosted Bitcoin price to surge to the current 66,000 level.
Such ETFs would purchase Bitcoin futures contracts on regulated marketplaces like the Chicago Mercantile Exchange (CME) in an attempt to track the crypto’s price performance instead of buying actual Bitcoin and therefore paves the way for savvy US crypto investors to invest in what is considered a “cash and carry” arbitrary strategy.
Some prominent crypto analysts have commented on the development and now predicting even bigger gains for the cryptocurrency.
Mikkel Morch, Executive Director & Risk Management at crypto/digital assets hedge fund ARK36, said:
“While a new all-time high is always a good moment to pause and celebrate for the Bitcoin bulls, it is important to recognize that the second leg of this bull market is in reality only about to start.”
Morch further stated that Bitcoin has been riding a wave of highly positive fundamentals for the past few weeks. The on-chain data show a much more robust setup for an uptrend continuation than was the case for the April ATH, which creates perfect conditions for a supply squeeze scenario.
Meanwhile, Martha Reyes, Head of Research at digital asset prime brokerage and exchange BEQUANT, also talked about the positive development on the market and said:
“The launch of the Bitcoin futures ETF in the US is a watershed moment, which we’ve been waiting for years.”
Reyes added that the $1 billion traded on an opening day by ProShares Bitcoin futures ETF debut “was surprisingly high, signalling strong underlying demand for an easy to access vehicle despite the high costs, and we’re not even talking about a spot ETF. The basis trade will add support to the spot market. It’s certainly created a snowball effect of institutional and retail fomo.”
Ethereum (ETH), the world’s second-largest digital currency by market capitalization has been seeing a good upside in growth over the past few days, as retail interest, evident by growing transaction volumes has stirred a run in price.
The growth was has been further complemented by the run in the price of the cryptocurrency to a new All-time High (ATH) of $3,523.59 according to data pulled from CoinMarketCap.
While the overall sentiment surrounding Ethereum can be adjudged as bullish, the current run in price was notably fueled by the unprecedented liquidations of about $375 million was recorded across all derivatives exchange. The short squeeze which forced the short sellers to buy back their positions pushed Ether’s price up in response to an overbloated demand. The liquidations emerged as a cap to the weeklong run in the price of the cryptocurrency with over 35% gains in the trailing seven-day period.
Additionally, the growth strides of Ethereum can also be attributed to the continuous buyups by institutional asset managers as highlighted by CoinShares. According to the report, published weekly, liquidity inflows into Ethereum made by OTC trading Desks, renowned ETPs, Mutual Trusts, and other institutional-grade products came in at $30.2 million, bringing the total inflow to $13.9 billion.
Ethereum did not earn its reputation as an asset for institutional buyers the way Bitcoin has been branded, however, the burgeoning price of Bitcoin has pushed many investors with brewing interest in the space to switch to Ethereum.
The outlook of Ethereum and its rally to levels above $3,500 was also impacted by the growing interest in ETH 2.0 per the total deposits being recorded. The anticipated EIP 1559 upgrade, as well as the outpacing strides of the coin, has rekindled the bullish sentiments upon which it is riding at this time.
Many have speculated that Ethereum will flip Bitcoin in valuation in the future, while observers anticipate how that turns out, Ethereum’s current utility as a DeFi backbone will also contribute to tilting investors toward the coin.
The number of BTC retail holders are increasing, spurring bullish sentiment that may prompt the market to recover from overnight dips experienced by Bitcoin.
After dropping to a low of $55,071.11 in the past 24 hours, the coin is now trading at $58,174, up nearly 5% in the last 24 hours.
The brewing bullish sentiments in the market might be a result of a growing retail presence. On-chain cryptocurrency data analytics provider, Glassnode revealed that the number of addresses holding at least 0.1 Bitcoins just reached an All-Time High (ATH) of 3,223,643. This indicates that the incessant sell-offs of Bitcoin by the market bears after attaining a price ATH above $60,000 has done little to deter the number of both new and old retail investors taking a position with the cryptocurrency.
Bitcoin’s Price Growth
The inflow of institutional investors money Bitcoin has done a lot to stabilize the cryptocurrency and helping in averting the overdrawn sell-off that characterizes every bull run in the cryptocurrencies decade-long history. However, the upward growth trend of BTC has been wobbly, as short-term sellers are continually dragging down the price – especially when the digital currency receives a surge due to trending positive sentiment.
Taking profit coupled with the actions of the bears help the general cryptocurrency market consolidate and stay healthy. Nonetheless, the anticipation of BTC reaching new heights will only be made possible when both the retail and institutional investors ignite and sustain the price growth, irrespective of any bearish influences.
Amid the ongoing Bitcoin (BTC) bull cycle, it is evident that holders of the cryptocurrency are not selling off the asset.
As revealed by Glassnode data, Bitcoin’s Exchange Outflow Volume (7d MA) just reached a 1-month high of $102,299,130.40. This exchange outflow volume surpasses a similar record set by the first digital currency barely 2 days back.
Everyone is gradually catching onto the Bitcoin fever, with both retail and institutional investors stacking up on the cryptocurrency like never before. The signs of prosperity appeal to many, as Bitcoin has not just increased by over 483% year-to-date to be exchanging hands at $56,385.00 according to Coingecko, the coin has been tipped to rise by a bigger rate before the end of the year.
The Bitcoin exchange outflow volume is an on-chain metric that suggests the activity of the coin’s holders with respect to custody. With many transferring their assets away from exchanges, this indicates that the interest to sell or dispose of is not there. The data implies that Bitcoin may be seeing outflows into cold wallets, or for use in decentralized finance (DeFi) ecosystems. This is done with full confidence that the asset is poised to see bigger gains over time.
Also, other on-chain data shows that many more people are engaging in Bitcoin-related transactions as seen by the median transaction volume. Per a 7-day Moving Average data, the median transaction volume has reached a new 3-year high of $1,391.77 according to Glassnode.
The impressive strides of Bitcoin continue to be inspired by the community, which continues to profess good tidings about the potentials of the cryptocurrency. Due to this, more conservative investors in the financial market, including gold bulls such as Jeffrey Gundlach, are beginning to see BTC as the best stimulus asset.
The Ethereum (ETH) price has failed to stand above the $1,900 dollar resistance and continues to correct lower after hitting a new all-time high over the weekend.
Ethereum was on fire over the weekend, with the Ether price surging past the $2,000 mark across major exchanges. After failing to hold above $1,900, our price analysis indicates ETH could continue trending downwards over the next three days and could fall as low as $1,750 before continuing upwards.
Source: ETH/USD Daily Chart TradingView
Judging from the daily candlestick chart of Ethereum, Ether (ETH) is currently fluctuating between $1660 and $2040. On Feb 20, the Ether price exceeded the psychological barrier of $2000 and created a new all-time high of $2040. However, from the red candlestick pattern recorded on Feb 20, it can be seen that a long lower shadow line and upper shadow line were formed with the closing price of $1916.4 below the opening ETH price of $1957.84. This indicates that although the buyers are trying their best to push the price higher, the seller’s power should not be underestimated.
Yesterday, Feb. 21 showed a very small entity candlestick graphic and the close on the bar did not exceed the half-way point of the body of the previous bar and ETH had a decreasing transaction volume, which shows that the buyer’s momentum is insufficient, and the bears are taking control of the market.
Currently, the ETH/USD price has fallen below the midpoint of the channel which is another sign of weakening momentum, and the price is touching the 9-day Moving Average which indicates it may soon test the 20-Moving Average at around $1767. If Ethereum breaks below $1767—it will be a second indicator of weakness— which is the next essential support level and the ETH price could completely reverse the trend and create more severe and longer bearish price movement should it fall below this crucial level.
It can be seen from the MACD chart that the MACD line(blue) has begun to turn downstream and has already passed the signal line (yellow) from the top to bottom, forming a death cross with a constantly increasing opening amplitude. This helps confirm the formation of a short-term bearish market and we expect the price to dip as low as $1,750.
The Ethereum price is currently trading at around $1,873.
Following a week of new milestones for Bitcoin (BTC), the cryptocurrency has soared by 5.56% in the past 24 hours. On a seven-day period, the digital asset has gained by 16.50% to reach a new all-time high (ATH) of $52,533.91 on CoinMarketCap.
Achieving new all-time highs has a frequent phenomenon for Bitcoin. It is undoubtedly rewarding for investors who have taken a long position with the cryptocurrency. A recent Glassnode data showed that as much as 99.081% of addresses holding the digital currency are currently in profits, by virtue of the new push beyond the $52,000 price level.
This investment win is to be expected as Bitcoin has surprised everyone with its meteoric growth this year. The coin ended 2020 with a growth of over 600% on a yearly basis, adding over $300 billion to its market capitalization in that same period. The impressive growth momentum has been sustained in 2021, with the cryptocurrency already at a 435.2% growth year-to-date according to data from CoinGecko. At this pace, BTC may outpace the 2020 growth before mid-year.
Big Investors Remains The Biggest Beneficiaries
While there are more retail investors holding Bitcoin than institutional investors, the latter is arguably the biggest beneficiaries of the ongoing bull run cycle. Take Tesla, for instance, the electric vehicle manufacturer who purchased $1.5 billion of Bitcoin. This has now translated to more than $700,000,000 in profits, a profit margin that is more than the firm has ever made in any year of selling cars.
The same applies to MicroStrategy, Michael Saylor’s business intelligence and software firm that pioneered the institutional embrace of Bitcoin in the United States. With the opportunities BTC presents, an influx of more retail and institutional investors are bound to enter the crypto market in the upcoming days.
