Third-Richest Ethereum Whale Splurges Over $128,000,000, Accumulates Two Metaverse Tokens and Four Other Crypto Assets

One crypto whale just embarked on an altcoin shopping spree to the tune of $14.1 million.

The blockchain-transaction tracker WhaleStats reveals that the Ethereum whale wallet named Light bought 642,999 Decentraland (MANA) for $1,845,409.

Decentraland is a 3D virtual reality world that runs on Ethereum. The 43rd-ranked crypto asset is priced at $2.81.

The 3rd-richest whale wallet also made two purchases of virtual world The Sandbox, the first for 426,000 SAND tokens at $2,044,800.

Light’s second foray into The Sandbox gobbled up 1,703,978 coins for a jaw-dropping $8,179,094.

At time of writing, The Sandbox is the 42nd-ranked cryptocurrency and trading for $4.41.

The whale wallet also loaded up on Covalent (CQT), buying 3,090,000 tokens for $2,039,319.

Covalent offers an application programming interface suite that allows developers to pull data from different blockchains. CQT is currently valued at $0.63.

Light is continuing a shopping spree that began last week when it scooped up over $1.1 million worth of another gaming token, the play-to-earn blockchain platform Gala (GALA).

WhaleStats reported that Light made a large purchase of layer-2 Ethereum scaling solution OMG Foundation (OMG), formerly OMG Network, shelling out over $2.45 million for 399,999 OMG tokens.

The whale wallet also spent a whopping $25,170,000 for a million LINK, the native token of decentralized oracle network Chainlink.

But Light’s biggest catch of all was 2,000 of the Bitcoin-pegged token Wrapped Bitcoin (WBTC), worth a heart-stopping $86.4 million at the time.

Currently, the Light wallet has a total combined value exceeding $4.3 billion.

Check Price Action

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

 

 

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/sdecoret/Vladimir Sazonov

Source

Tagged : / / / / / / / / / / / / / / / /

Massive Ethereum Whale Begins Accumulating Four Altcoins As Bitcoin and Crypto Markets Recover

One mega-whale just went on an altcoin shopping spree to the tune of $30.6 million.

The blockchain-transaction tracker WhaleStats reveals that the Ethereum whale wallet named Light bought 399,999 OMG for $2,451,999.

The OMG Foundation, formerly known as OMG Network, is layer-2 Ethereum scaling solution that integrates with mainstream wallets. The 122nd-ranked crypto asset, OMG, is priced at $5.95.

The 4th-richest whale wallet also purchased a cool million worth of decentralized oracle network Chainlink (LINK) for a total of $25,170,000.

At time of writing, Chainlink is the 17th-ranked cryptocurrency and trading for $25.19.

The wallet also loaded up on popular meme coin Shiba Inu (SHIB), buying a staggering 58.9 billion tokens for $1,906,592.

Shiba Inu has been fighting its way back from monthly lows on January 9th and is currently valued at $0.00003.

The last altcoin on Light’s to-do list was play-to-earn blockchain gaming platform Gala (GALA). The whale tucked away 3,260,000 GALA tokens for $1,137,691.

Gala is having a rough start to the new year, having fallen from $0.45 to its current valuation of $0.32.

WhaleStats reports that Light also made a huge purchase of the Bitcoin-pegged token Wrapped Bitcoin (WBTC), dropping a mind-boggling $86,428,000 on 2,000 WBTC.

Wrapped Bitcoin is currently worth $42,849, the same as top crypto Bitcoin (BTC).

Finally, WhaleStats tweeted that SHIB has become the most popular token among the leading Ethereum wallets with 15.75% of all holdings.

“Just in: SHIB Shibtoken had come back to be [the] biggest token position by dollar value among the top 1000 ETH whale wallets.”

Source: WhaleStats

Check Price Action

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

 

 

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Alberto Andrei Rosu/Andy Chipus/Vladimir Sazonov

Source

Tagged : / / / / / / / / / / / / / / / /

OmiseGo Plummets 25% Following Airdrop Snapshot



Share this article


The OMG Network token crashed 25% following Boba Network’s announcement that it had taken its airdrop snapshot. 

OMG Holders Dump Tokens

Airdrop euphoria has backfired for OMG token holders.

Boba Network announced that it had taken the planned OMG token holder snapshot Thursday night, qualifying everyone holding OMG tokens for an airdrop of BOBA governance tokens on Nov. 19.


However, it appears that many were holding OMG tokens solely to qualify for the airdrop, leading to a substantial sell-off after the snapshot was taken. Minutes after the Boba Network tweeted that it had taken the snapshot, the OMG token plummeted 25%.

OMG/USD chart. Source: CoinGecko

Boba Network is an Ethereum Layer 2 solution created by Enya in collaboration with OMG Network. The network uses Optimistic Rollups to reduce gas fees while maintaining Ethereum’s security and decentralization.

In September, the Boba network announced that it would be decentralizing by airdropping BOBA governance tokens to all users who had transferred OMG tokens to Boba Network using its dedicated bridge or were holding OMG tokens in a non-custodial wallet or through certain centralized exchanges. At the time of the announcement, the exact date for the airdrop snapshot was not revealed, only that it would take place in the near future. As Boba Network announced its airdrop ahead of time, it incentivized holding OMG tokens to qualify for the BOBA allocation. 



Over the past year, several major projects have airdropped tokens to early users. In August, trading platform dYdX announced an airdrop to all addresses that had used the protocol before a predetermined date. More recently, Ethereum Name Service airdropped its governance tokens to those who had registered a “.eth” domain name through the application. Users who held onto their ENS saw their holdings jump in value as the token rallied above $80; it’s since cooled off, with ENS trading at $54 at press time. 

Disclosure: A the time of writing this feature, the author owned, BTC, ETH, and several other cryptocurrencies. 

Share this article



Source

Tagged : / / / / /

Analyst Michaël van de Poppe Unveils Massive Price Target for Litecoin, Outlines Bullish Scenarios for Two More Altcoins

Closely followed trader and analyst Michaël van de Poppe is unveiling his bull market target for Litecoin (LTC) while mapping out potential plays for two low-cap altcoins.

In a new strategy session, Van de Poppe tells his 142,000 YouTube subscribers that peer-to-peer payments network Litecoin can potentially ignite a 286% rally before the current market cycle comes to a close.

“When we’re getting expansion happening in the next bull cycle of Litecoin, we could be seeing the Fibonacci extension taking place here once again.

And then the 1.618 [level] is $600, and the second one will probably chase toward $1,000. So yes, I’m very bullish on those older altcoins, especially given the structure that they are giving us.”

At time of writing, Litecoin is trading at $260.

Van de Poppe is also looking at OMG Network (OMG), an enterprise solution for secure and fast transfers on Ethereum. According to the crypto strategist, OMG Network can launch a 108% rally against Bitcoin (OMG/BTC) as long as it holds support at 0.00024 BTC ($16.10).

He tells his 477,900 Twitter followers,

“Crucial support is the green zone, that should hold. If that holds, we might see continuation towards the upper level in the red zone (1.618 Fibonacci extension).”

Image
Source: Van de Poppe/Twitter

Another coin on the trader’s radar is hybrid blockchain platform ICON (ICX).

Van de Poppe says ICON is gearing up for a 65% rally against Bitcoin (ICX/BTC) as the pair looks ready to surge to its immediate resistance at 0.000053 BTC ($3.55).

“Well, I mean, interesting for ICX.”

Image
Source: Van de Poppe/Twitter

At time of writing, OMG is priced at $16.14, and ICON is trading for $2.13.

Check Price Action

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

 

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/solarseven/pikepicture/Vladimir Sazonov

Source

Tagged : / / / / / / / / /

Top Three Coins to Watch for the Week: BTC, DOT & OMG

The digital currency industry maintained a healthy price cycle over the past weekend, with the global crypto market capitalization holding the $2.47 trillion to $2.5 trillion range, respectively.

While several meme coins topped the charts in terms of percentage gains, the bulk of the price amount was contributed by the top 10 digital assets, including Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB).

Based on prospective ecosystem activities, here are the top three coins to watch out for this week.

Bitcoin (BTC)

Bitcoin remains a favourite to upturn the broader market trend, either positively or negatively. The premier digital currency remains the favourite of institutional buyers and hedge funds, which may further pump in liquidity to catch on to the potential bullish trend that often characterizes year-end in the crypto markets.

Bitcoin performed fairly well in the past week, growing by 2.97% in the trailing seven days during which its price grew from a low of $59,695.18 to a high of $64,242.79. Despite changing hands below its newly printed All-Time High (ATH) of $66,930.39, Bitcoin is still trading above its major psychological support. 

More price upshoot is billed to be recorded in the coming week should the ongoing buyup be intensified.

Polkadot (DOT)

Polkadot also recorded its best week in the past seven days as it hit a new ATH of $55 atop a growing sentiment in the utility of the DOT token in the coming days. Polkadot is billed to see parachains launch on the network as the network’s governing council approved the auction-based system for parachain launch.

The Parachains auction model requires a large accumulation of DOT tokens to win the auction. With many parachains set to be floated in the near future, the demand for the coins is billed to skyrocket and spur a corresponding price increase. DOT is up 21.70% for the week at the time of writing and was trading at $52.24, 5.24% below its ATH.

OMG Network

OMG Network is also on the watchlist of coins to watch as the network is billed to support the emergence of Boba Network, a Decentralized Autonomous Organization (DAO) affiliated with the OMG Network. The BOBA Tokens will be airdropped based on the snapshot of OMG tokens scheduled for later this week. This 1:1 airdrop is billed to fuel the accumulation of OMG tokens, which may help retest the previous ATH of $28.35. 

OMG Token is currently up 24.09% for the week and is changing hands at $16.55 at the time of writing.

Image source: Shutterstock

Source

Tagged : / / / /

Four Emerging Altcoins Soar 101% or More Within Seven Days As Crypto Markets Ignite

Four emerging altcoins are on a tear after surging 101% or more within one week as Bitcoin (BTC) and the crypto markets ignite.

One of the high-flying coins as of late is meme cryptocurrency and Dogecoin (DOGE) competitor Shiba Inu (SHIB).

ADVERTISEMENT

 

The altcoin skyrocketed from a low of $0.000006 to a high of $0.00002, marking gains of over 233% in just seven days.

Even after a big rally, SHIB has yet to reclaim its all-time high of $0.000037.

Another top-performing altcoin this week is Spell Token (SPELL), the governance and utility asset of decentralized finance protocol Abracadabra Money.

The crypto asset soared from a seven-day low of $0.0032 to a new all-time high of $0.0089 at time of writing, according to CoinGecko. The move represents gains of over 178% in just one week.

Next up is Secret (SCRT), the native asset of privacy-focused smart contract platform Secret Network. CoinGecko shows that SCRT rallied over 125% from a seven-day low of $1.81 to a high of $4.11.

The coin has given up some of its gains since and is trading at $3.48 at time of writing.

The fourth altcoin on the up and up is OMG Network (OMG), a layer-2 scaling solution for Ethereum (ETH). The emerging altcoin rose from a low of $8.95 to a high of $17.88 to mark gains of 101% in just one week.

Although OMG has more than doubled its value in a week, it is still down from its all-time high of $25.62 in January of 2018. OMG is currently trading at $14.81, according to CoinGecko.

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

ADVERTISEMENT

 

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/iurii/Andy Chipus

Source

Tagged : / / / / / / / / / / /

Ethereum is Getting a New Layer 2 Optimistic Rollup

Key Takeaways

  • A new Optimistic Rollup created by Enya and OMG Network has gone live on mainnet.
  • Boba Network will be competing with the likes of Optimism and Arbitrum.
  • Unlike other rollups, Boba Network offers fast transfers to Ethereum mainnet.




Share this article



Enya and OMG Network have released the mainnet beta of a new Layer 2 Optimistic Rollup called Boba Network. 

Boba Network Goes Live

A new Layer 2 solution created by Enya in collaboration with OMG Network has gone live on mainnet. 

Boba Network is an Optimistic Rollup solution for scaling Ethereum. Enya worked on the project in partnership with OMG Network; it was previously called OMGX. 

According to Enya, Boba Network can help make DeFi and NFTs cheaper. It combines Optimistic Rollups with OMG Network’s scaling capabilities for Ethereum dApps to reduce gas gees and enhance transaction throughput. Enya says that Boba is a web-scale infrastructure.


Discussing the mainnet launch, Enya founder and CEO Alan Chiu said:

“We welcome the entire DeFi and NFT developer community to build on Boba, so that together we deliver a faster, cheaper, and more delightful experience to the next billion users of Ethereum.” 

Since the so-called “DeFi Summer” of 2020, Ethereum has faced problems with high transaction fees and network congestion. 

While Ethereum is expected to achieve scalability through Ethereum 2.0, the popularity of the network means there is already a great need for scaling solutions. Layer 2 rollups such as Optimism and Arbitrum are also hoping to help the network achieve scalability. 

SIMETRI Research


By deploying smart contracts on Layer 2, applications based on the Ethereum Virtual Machine consume low gas fees and have much higher throughput. These solutions process transactions off-chain and publish transactional data on Ethereum. As a result, they can help developers create more scalable dApps for use cases like DeFi and NFTs.

The project will compete with Optimism, Arbitrum, and other Layer 2 solutions like StarkWare. The differentiating feature for Boba Network is fast transfers from Boba to Ethereum mainnet, which is not found in other rollups. The Enya team claims that the Boba Network will reduce withdrawal times from seven days to a few minutes. 

Liquidity providers on the Boba Network will also benefit from fast transfer times between Layer 1 and Layer 2. For security and decentralization, the team has confirmed that there will be no multi-sig wallet for bridge assets. The team is yet to share in-depth details on the technical architecture. The project’s governance will be overseen by a decentralized autonomous organization (DAO), which will suggest and vote on improvements to the network. 

Discussions surrounding Optimistic Rollup solutions like Boba Network have heated up recently as some of Ethereum’s leading DeFi applications prepare to launch on Layer 2. Arbitrum is currently preparing to launch, with Ethereum staples like Balancer, Aave, and Uniswap all set to go live on the network this month.

This news was brought to you by ANKR, our preferred DeFi Partner.


Share this article




Source

Tagged : / / / / / /

OMG on Brink of Bull Run, Network Metrics Suggest

Key Takeaways

  • OMG’s network is substantially expanding, as more than 1,660 addresses are being created per day. 
  • The rising network growth coincides with a spike in large transactions, which is indicative of whales’ activity. 
  • Given the lack of significant resistance barriers ahead of this token, prices could be about to skyrocket. 


Share this article



Network activity on the OMG blockchain is rising at a meaningful rate, which may signal that its market value is about to explode.

Large Quantity of New Addresses

OMG seems primed to enter a new parabolic advance from a fundamental perspective. Its network has expanded exponentially over the past week, with several new addresses created.

OMG New Daily Addresses by IntoTheBlock
OMG New Daily Addresses by IntoTheBlock

IntoTheBlock’s Daily Active Addresses model shows that the number of new addresses created on the OMG blockchain bottomed-out on Jan. 27 at a low of 364 addresses per day, calculated on a 3-month trailing average. Since then, network growth has skyrocketed by new active addresses per day.

More than 1,660 new addresses are being created at press time based on this trailing average, which represents a 356% increase within the examined period.

The expansion of the network can be considered a very optimistic signal as it indicates a spike in user adoption over time. Since this on-chain metric is often regarded as one of the most accurate predictions of price, it may forecast that OMG’s price will follow suit.


OMG Transactions Also Rising

A similar uptrend can be seen in the number of OMG transactions on the network with a value greater than $100,000.

Large OMG transactions have been steadily rising over the past two weeks, from roughly 13 to nearly 210 transactions per day. The sudden uptick can be seen as the movement of tokens from holders who own millions of dollars in OMG, colloquially known as whales.

Since these high net-worth individuals have a disproportionate impact on prices because of their enormous holdings and ability to coordinate buying and selling activity, the recent upswing in large transactions shows confidence and trading activity.

Large OMG Transactions by IntoTheBlock
Large OMG Transactions by IntoTheBlock

As whales seemingly aim to regain control of OMG’s price action, no supply barrier might be able to prevent this cryptocurrency from achieving its upside potential.

No Significant Resistance Ahead

Based on IntoTheBlock’s In/Out of the Money Around Price (IOMAP) model, only two considerable interest areas ahead OMG may have the ability to keep rising prices at bay temporarily.


One of them sits between $5.40 and $7.90, where roughly 19,000 addresses hold nearly 7 million tokens. The second and most crucial resistance wall lies between $10.40 and $12.70, where more than 80,000 addresses had previously purchased 6.30 million OMG.

Holders who have been underwater for an extended period may try to break even on their positions, absorbing some of the buying pressure behind OMG. But if prices can slice through these hurdles, OMG would likely retest previous all-time highs.

OMG In/Out of the Money Around Price by IntoTheBlock
OMG In/Out of the Money Around Price by IntoTheBlock

Conversely, the IOMAP cohorts show that OMG Network sits on top of stable support. Over 84,000 addresses bought roughly 51 million tokens between $3.35 and $4.30. Such a massive demand zone suggests that bears will struggle to push prices down.

As long as OMG can hold above an average price of $3.75, the odds for a new bull rally look extremely promising.

Disclosure: At the time of writing, this author owned Bitcoin and Ethereum.

Share this article




Source

Tagged : / / / /

Market Wrap: Bitcoin Cracks $37.2K as Ether Breaks Through to Record-High $1.6K

Bitcoin is back on a bull run but ether has hit a new all-time high and traders see it has room to grow.

  • Bitcoin (BTC) trading around $37,092 as of 21:00 UTC (4 p.m. ET). Gaining 3.4% over the previous 24 hours.
  • Bitcoin’s 24-hour range: $35,416-$37,245 (CoinDesk 20)
  • BTC above the 10-hour and 50-hour moving averages on the hourly chart, a bullish signal for market technicians.

Bitcoin trading on Bitstamp since Jan. 31.

Source: TradingView

The price of bitcoin was in its second day of a bull run, with the world’s oldest cryptocurrency going as high as $37,245, according to CoinDesk 20 data. It was changing hands at $37,092 as of press time. 

“While BTC did break back below $30,000 very briefly during the period of consolidation over the last few weeks, the fact that it didn’t break down entirely is inherently bullish,” said Chad Steinglass, head of trading at CrossTower Capital. 

Bitcoin has closed daily over $30,000 for over a month now. On CoinDesk’s candle charts, which shows a fuller picture of price orders in trading, every time bitcoin ducks under $30,000 it quickly picks back up.

Bitcoin’s historical candle price chart the past month.

Source: CoinDesk 20

Technical analysts often refer to this phenomenon as “support,” an area where traders have orders placed or will start buying in, usually because they feel a particular price point is enticing. 


“There seems to be a solid institutional buying and technical bids just below $30,000 that gives some decent support which takes out the aspiring shorts,” noted Jean-Marc Bonnefous, managing partner for investment firm Tellurian Capital. 


Looking at liquidations, which are automated crypto leverage margin calls on derivatives venue BitMEX, it’s clear there has been a larger proportion of short versus long positions eliminated in the past few weeks.

Bitcoin liquidations on BitMEX the past month.

Source: Skew

Of the $1.1 billion in BTC liquidations the past month, $699 million of that tally, or 63%, have been short-oriented wipeouts. 

CrossTower’s Steinglass says large buyers are helping maintain price levels and are now pushing them higher. “After the brief pop from the buzz generated by Elon Musk’s tweet and support, we are starting to see another round of institutional support led largely by MicroStrategy’s Michael Saylor,” added Steinglass. 

Read More: MicroStrategy Adds to Bitcoin Trove With Another $10M Purchase

However, not everyone is a permabull. Although bitcoin’s price Wednesday has not been seen since Jan. 28, Joel Kruger, currency strategist at LMAX Digital, is cautious. “While we wouldn’t rule out another poke back above $40,000, we think the balance of risk over the coming weeks actually leans more towards an expectation for a choppy consolidation phase than anything else,” Kruger told CoinDesk. “Medium- and longer-term technical studies confirm this outlook as they are still quite elevated following the parabolic run-up into January.”

One interesting development: Futures open interest on CME, a platform that caters to institutional investors, has dropped 29% to $1.7 billion since hitting an all-time high of $2.4 billion in open interest on Jan. 14.

Bitcoin futures open interest on CME the past three months.

Source: Skew

This is a sign there’s likely less interest in bitcoin hedging – and perhaps BTC overall – while investors test other waters such as ether. 

“We believe that when it comes to consensus and adoption in the cryptocurrency space, everything runs through bitcoin,” Kruger said. “(But) where traders who perhaps felt like they had missed out on bitcoin, they looked to take advantage of the trend by way of ether.”

Ether price frenzy spills into options market

The second-largest cryptocurrency by market capitalization, ether (ETH), was up Wednesday, trading around $1,637 and climbing 6.6% in 24 hours as of 21:00 UTC (4:00 p.m. ET). It hit a fresh all-time high at around 19:00 UTC (2 p.m. ET) to $1,651 Wednesday, according to CoinDesk 20 data. 

“Catching up on bitcoin’s recent surge, it seems that there is room for ETH to grow and to try new all-time highs in the coming days and weeks,” noted Elie Le Rest, partner at quantitative trading firm ExoAlpha. “With [decentralized finance] being a hot topic supported mainly by Ethereum technology and [with] ETH 2.0 moving forward, a significant ETH price surge throughout 2021 is highly anticipated.”


Read More: Sneaker App Switches From Ethereum to Hedera to Skip Blockchain Fees

The booming price of ether has stirred up options activity on bellwether venue Deribit, noted Greg Magadini, chief executive officer of data aggregator Genesis Volatility. “Traders are paying relatively more for the ‘speculative options’ in anticipation of bigger market moves,” he told CoinDesk. 

Deribit’s launch of $10,000-strike ether contracts in January is an example of this; more than 8,000 ETH in calls at that strike price are open as of press time.

Open interest in $10,000 ETH calls since launch Jan. 5.

Source: Genesis Volatility

“These calls were recently released by Deribit and there is already a lot of activity,” Magadini told CoinDesk. “Quintuple-digit ETH prices are starting to enter the market’s psychology.”

Other markets

Digital assets on the CoinDesk 20 are all in the green Wednesday. Notable winners as of 21:00 UTC (4:00 p.m. ET):




Read More: Guggenheim CIO Says Bitcoin Could Eventually Climb to $600,000

Commodities:

  • Oil was up 1.3%. Price per barrel of West Texas Intermediate crude: $55.78.
  • Gold was in the red 0.19% and at $1,833 as of press time.
  • Silver is gaining, up 1% and changing hands at $26.85.

Treasurys:

  • The 10-year U.S. Treasury bond yield climbed Wednesday to 1.135 and in the green 4.7%.

The CoinDesk 20: The Assets That Matter Most to the Market




Disclosure

Source

Tagged : / / / / / / / / / / /

Market Wrap: Bitcoin Rises to $35.8K, Ether Hits New High and DeFi Crosses $28B Locked

Bitcoin reversed several days of sideways trading to head higher, ether broke $1,500 for the first time and DeFi’s ecosystem has a record amount of value locked in dollar terms.

  • Bitcoin (BTC) trading around $35,824 as of 21:00 UTC (4 p.m. ET). Gaining 6% over the previous 24 hours.
  • Bitcoin’s 24-hour range: $33,459-$35,824 (CoinDesk 20)
  • BTC above the 10-hour but below the 50-hour moving average on the hourly chart, a sideways signal for market technicians.

Bitcoin trading on Bitstamp since Jan. 30.

Source: TradingView

Bitcoin’s price is gaining Tuesday, going as high as $35,645 around 10:00 UTC (5 a.m. ET) before dipping somewhat.

“I think we’ll see more interest in bitcoin again if we move solidly above $35,000,” said Chris Thomas, head of digital assets for Swissquote Bank. “On the support side for bitcoin is institutional buying in the low $30,000s.”


Read More: MicroStrategy Adds to Bitcoin Trove With Another $10M Purchase

Some exhaustion recently in the bitcoin market may have been caused by speculative activity in the stock market. 

“So much attention has been on U.S. equities markets as of late, a lot of the mainstream and crypto outlets have been much less focused on driving the formation of opinions of traders and hodlers,” said John Willock, chief executive officer of crypto custody provider Tritum. 


Equities on major indexes were all up Tuesday.


In addition to the bullish sentiment keeping stocks buoyant, it should be noted the price per 1 BTC has been able to stay above $30,000 for quite a while. 

The last time bitcoin’s closing price was under $30,000, according to CoinDesk 20 data, was on New Year’s Day, when it closed at $29,333. It hasn’t looked back since.

Bitcoin’s historical price the past three months.

Source: CoinDesk 20

“More than anything else, we should all take the long-term sustained price levels above the 2017 high of $20,000 now over a month as the best possible endorsement of bitcoin being a long-term bullish asset,” added Tritum’s Willock.

Read More: Bullish Bitcoin Fundamentals Point to Renewed Price Rally Ahead

“Generally speaking, I think that the market is accepting higher prices while trying to digest the volatility,” noted Neil Van Huis, director of institutional trading at crypto liquidity provider Blockfills. 

Bitcoin’s gyrations seem to have subsided somewhat, helped by a very flat weekend into Monday. As of Feb. 1, bitcoin’s 30-day volatility has trended downward; but it is still above 100%, which is quite high. The S&P 500, by comparison, has a 30-day volatility below 20%.

Bitcoin versus S&P 500 30-day volatility the past three months.
(Shuai Hao/CoinDesk Research)

Source: CoinDesk Research, St. Louis Fed, Yahoo Finance

In the options market, traders are expecting a 62% chance of BTC over $32,000, based on their positions for February expirations. They seem to expect a 53% chance of trading over $34,000 and a 44% probability of bitcoin moving higher than $36,000, according to data collected by Skew.

Bitcoin price probabilities for February options expiration.

Source: Skew

“We have seen good signs in the option markets that participants are still valuing and pricing the market for higher in the near term,” added Blockfills’ Van Huis.

Ether hits new price zenith, crypto locked in DeFi at all-time high

Ether (ETH), the second-largest cryptocurrency by market capitalization, jumped Tuesday, trading around $1,526 and climbing 14.4% in 24 hours as of 21:00 UTC (4:00 p.m. ET) – a fresh all-time high, according to CoinDesk 20 data.

Read More: Ether Cryptocurrency Reaches Record High, Briefly Tops $1.5K 


The total value locked, or TVL, of crypto in U.S. dollar terms within decentralized finance (DeFi) is also hitting a brand-new high, going over $28 billion locked and at $28.8 billion as of press time, according to data aggregator DeFi Pulse.

Total value locked in DeFi, in dollar terms, the past three months.

Source: DeFi Pulse

The amount of ether locked in DeFI is up, at over 7.3 million ETH as of press time. The rise in the price of ether locked in DeFi doesn’t hurt.

Total ETH locked in DeFi, in dollar terms, the past three months.

Source: DeFi Pulse

Meanwhile, the amount of bitcoin locked is heading upward, with the TVL at 45,632 BTC as of press time.

Total BTC locked in DeFi the past three months.

Source: DeFi Pulse

Jun Dam, a smart-contract developer who has written code on the Ethereum and Tron platforms, noted that many decentralized exchanges have numerous pairs with ETH, and speculates traders may be selling some of their stash for DeFi tokens. It seems like total DEX volume has increased significantly in 2021,” Dam told CoinDesk. 

“DeFi is definitely the flavor,” concurred Swissquote’s Thomas. “There’s still good value out there if you consider the possibility that more people will move to DEXs in the next 12 months [and that] arguably the DEXs are still undervalued.”

Other markets

Digital assets on the CoinDesk 20 are mostly green Tuesday. Notable winners as of 21:00 UTC (4:00 p.m. ET):


Notable losers:


Commodities:

  • Oil was up 2.5%. Price per barrel of West Texas Intermediate crude: $54.85.
  • Gold was in the red 1.3% and at $1,835 as of press time.
  • Silver is dropping, down 8.3% and changing hands at $26.48.

Treasurys:

  • The 10-year U.S. Treasury bond yield climbed Tuesday to 1.100 and in the green by 0.47%.

The CoinDesk 20: The Assets That Matter Most to the Market




Disclosure

Source

Tagged : / / / / / / / / / / / / / /
Bitcoin (BTC) $ 27,071.25 2.27%
Ethereum (ETH) $ 1,863.48 2.14%
Litecoin (LTC) $ 89.40 2.61%
Bitcoin Cash (BCH) $ 112.62 1.80%