Crypto Prices This Week: Market Cap Stays above $1 Trillion, BTC, ETH, DOGE, SHIB, AR

The cryptocurrency market has posted a bullish performance, marking a good beginning this week. The market started to rally above the trillion-dollar mark towards the end of last month as the appeal for riskier assets increased amid the current bearish macroeconomic environment.

On Monday 02:46 am EAT (East African Time), the market capitalization of all cryptocurrencies was $1.08 trillion, down 2.63% in the last 24 hours. The overall volume of the crypto market during the last 24 hours reached $64.26 billion, a 41.82% fall, according to data platform Coingeko.

With the new month remaining bullish for the landscape, here is a look at five cryptocurrencies investors should watch out for this week.

Bitcoin has maintained its good performance and was trading higher at $21,251.06 after losing 0.31% of its value over the past 24 hours. The flagship cryptocurrency hit a seven-week high on Saturday after a better-than-expected U.S. jobs report in October showed that the labour market remains surprisingly strong, even as the Feds pushes to cool down the economy.

The Altcoin market also continues to see similar bullishness. Ethereum’s price was down 3.26% compared to the prior week at $1,576, but the crypto’s performance has remained among the best this week. The token took advantage of the crypto market’s late push in October, surging all the way to $1,655 and trying to move closer to its $1,700 target. In a span of two weeks, ETH managed to rise by 30%, but the impacts of the Federal Reserve’s 75 basis point interest rate hike caught up with it and made it drop all the way down to $1,500 once again.

Meanwhile, Dogecoin was trading at $0.1243, down 3.17% in the last 24 hours but has gained 96.41% in the last 30 days. Elon Musk’s recently completed his $44 billion takeover of Twitter last week triggered the crypto’s bullishness.

Shiba Inu (SHIB) has also been doing well, with a 25% increase in the past two weeks, though showing consolidation in the past 24 hours, indicating a 2% decline. A lot of the growth that the two meme coins posted is because of the attention it got from Elon Musk buying Twitter. The wild thought that Dogecoin and Shiba Inu could be used on Twitter created massive buying pressure.

Arweave (AR) is also among the most profitable since last week and continues to do well currently. Its current uptake is associated with Meta as the tech firm is undertaking a massive Instagram revolution, requiring third-party crypto projects’ involvement in infrastructure solutions.

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Polygon MATIC Price Surges to $0.951, Driven by Major Institutional Network Adoptions

Polygon (Matic) has been one of the major gainers for the last 24 hours in the cryptocurrency trading sector, according to CoinMarketCap. Polygon has risen its value by 4.33% in the past 7 days. The price increased by 11.44% in the last 24 hours.

At the time of writing, Polygon’s price was $0.951668 with a 24-hour trading volume of $1,147,593,937; and ranked #11, with a live market cap of $8,312,170,483.   

With Matic topping $0.951668, it emerged as the best-performing asset among the top-ranking cryptocurrencies on November 3, as per CoinMarketCap’s price-tracking website for crypto assets.

Indeed, the crypto market has enjoyed a bit of relief across all assets, which explains why Polygon (MATIC) is showing some short-term price momentum. However, MATIC’s network growth has significantly contributed to the latest decent uptick.

Courtesy: TradingView

On November 2, Instagram parent company Meta announced plans to introduce a number of a nonfungible token (NFT)-related tools that will enable creators to mint, show and sell NFTs. The tech firm tapped the Polygon blockchain as an initial partner for functionality that would allow its creators to make digital collectables and sell them on and off Instagram.

Banking giant JP Morgan also announced on November 2 that it successfully executed its first-ever cross-border transaction using decentralized finance (DeFi) on the layer-2 network Polygon blockchain. JPMorgan said it used Polygon to conduct its first live trade (worth around $71,000) on the blockchain technology, marking a crucial step toward integrating crypto assets into traditional financial frameworks.

After the above announcements, MATIC rose its value by over 13% to $0.985, accompanied by a surge in its daily trading volume.

In the last few months, multiple household names chose Polygon blockchain as their preferred partner to get their foot into Web3. Top-tier brands such as Coca-Cola, Reddit, DraftKings, Bentley Motors, Quadrata, NFTically, and Starbucks launched their NFTs on the Polygon network.

Despite Polygon seeing a considerable uptick in its value prompted by its network growth, it is still early days for the token to maintain its momentum at its $0.90 level. Macro risks threatening the ongoing crypto market recovery may hurt its bullishness and trigger its downsides.

Polygon cryptocurrency is expected to see slow yet steady growth that would maintain its average trading price of around $ 0.889911 and even climb to a maximum level of $1.15 throughout part of this year.

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Bitcoin Falls to the Lowest Level since Dec 2020

Bitcoin has fallen to its lowest level for a year and a half, trading around $25,344 at the time of writing, according to data from CoinGecko.

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Prior to that, the cryptocurrency had fallen even further to $24,903.49 – levels not seen since December 2020.

The dip in the value of Bitcoin shows a loss of more than 62.9% since its all-time high set last November at $69,044.77.

The overall estimated current market value of the crypto market is around $1.07 trillion, following a loss of $2 trillion eight months ago.

The crypto market is likely to remain bearish as investors fear that the Federal Reserve (Fed) will be more aggressive with its monetary policy, aggravating the blow from last month when the Fed raised interest rates. Investors worry that the central bank will raise its rates sharply to fight inflation – which is at its highest in 40 years. 

The fall of bitcoin has also affected other digital currencies. Ethereum, the second cryptocurrency by market value, has fallen to around $1,320, far from the $4,878.26 level from November. The digital currency has lost 72.6% of its value since November 10.

Meanwhile, two up-and-coming decentralized finance ecosystem tokens Cardano and Solana were down 9.4% and 12.7% respectively in the last 24 hours. Additionally, the price of meme coins Dogecoin and Shiba Inu was down 10.6% and 6.5% respectively.

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Bitcoin, Ether and Other Top Cryptos See Minor Market Recovery

The crypto market has indicated some signs of little recovery with major crypto coins trading slightly higher on Monday. 

The global cryptocurrency market cap is currently trading slightly higher at $1.31 trillion, an increase of 3% in the last 24 hours, according to CoinMarketCapThe global crypto market cap shrunk to $1.28 trillion yesterday, but for the last 24 hours, a few top cryptos have witnessed a mild recovery from recent lows.

The top 10 cryptocurrencies on CoinMarketCap have seen some changes amid the ongoing market crash. While Dogecoin has descended to number 10, Terra (Luna) has disappeared from the top crypto charts as major exchanges have halted the trading of Terra and the sister token.

Bitcoin has increased its price slightly to $29,517.75 as of 10.05 AM East African time. On Thursday last week, Bitcoin plunged as low as $25,401.29, marking the first time the flagship cryptocurrency sunk below the $26,000 level since December 26, 2020.

In the last 24 hours, Ethereum rose its value by 0.17% and is currently trading at $2004.67. Last week on Thursday, Ether, the second-biggest digital currency, fell as low as $1,704.05 per coin. It was the first time the token plunged below the $2,000 mark since June 2021.

Meanwhile, other major cryptocurrencies have also shown some signs of recovery. For the last 24 hours, Binance (BNB) rose its price by 0.16% to $293.10; Solana (SOL) increased its price by 5.24% to $51.64, while Cardano (ADA) also rose its value by 5.93% and now trades at $0.5607 per coin.

Popular meme cryptocurrency Dogecoin is currently ranked 10th in terms of market capitalization. Polkadot (DOT) and Avalanche (AVAX) are currently ranked 11th and 12th on CoinMarketCap.

Even as the market appears to stabilize after the market crash, extreme fear sentiment persists as indicated by the crypto Fear & Greed Index.

Cryptocurrencies were adversely affected last week amid the explosive failure of Terra stablecoin, rising inflation rates, geopolitical unrest, and deepening investor fears about the economic impact of aggressive central bank tightening.

However, market experts are suggesting that the crypto tokens are set to stabilize after last week’s brutal selloff, but warn investors to remain vigilant of upcoming key economic data.

Caroline Bowler, the CEO of Australia’s largest digital asset exchange BTC Markets, yesterday gave her thoughts regarding the current market status. She stated: “We’ve definitely seen a bit of a recovery in [Bitcoin’s] price. I would expect consolidation around the current price, meaning that there may be some movement up or down … of a few thousand … but I don’t anticipate large swings based on what we can see from the market.”

Jun Bei Liu, Tribeca Investment Partners portfolio manager, also agreed that crypto prices will recover. She noted: “It’ll have a bounce back. Last week it clearly got tested with its ability to peg to the US dollar … this week, people will feel better about buying risk and more volatile [assets].”

David Bassanese, the BetaShares chief economist, also expects some recovery because things have been deeply oversold in the short run. He elaborated: “As ownership of crypto has broadened to retail investors, the fear and greed, the passions that drive equity markets are driving crypto markets.”

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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.

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Bitcoin Slides Below $60,000, ETH & Altcoins Prices Drop

A record-breaking rally gave traders profits as Bitcoin slid below $60,000 following the dissipation of euphoria over the first U.S. Bitcoin futures exchange-traded fund (ETF).

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Bitcoin, the biggest digital asset by market value, reached the lowest intraday price in almost two weeks as it sank as much as 6.4% to $58,132. However, on Oct 20, it peaked at $66,976.

Other digital assets also saw a tumble in their value. Ether sank about 7.5%, and tokens such as Dogecoin and Solana each tumbled more than 8%.

According to Coinmarketcap.com, smaller altcoins such as Cardano lost 11% over the last 24 hours, and Polkadot dropped roughly 9%.

The first launch of the U.S. Bitcoin futures ETF pushed prices to new all-time highs, but speculators are now backing away from positions, analysts said.

A data from Bybt.com said that the total liquidations of long crypto positions topped $700 million on Wednesday, the most since Sept 20.

“The market has been leveraged long for a few weeks, so there has been that overhang in positioning,” said Jonathan Cheesman, head of over-the-counter and institutional sales at crypto-derivatives exchange FTX.

As of 4:27 pm in New York, Bitcoin was down 5.3% to $58,823. However, it has more than doubled this year.

Bitcoin also fell below its 20-day moving average, a technical move that could invite more selling.

In crashing through $60,000, Bitcoin breached its previous resistance-turned-support level; its latest leg lower means it could find support around its 50-day moving average of about $51,555.

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Record-Breaking Rally Give Traders Profits as Bitcoin Slid Below $60,000

A record-breaking rally gave traders profits as Bitcoin slid below $60,000 following the dissipation of euphoria over the first U.S. Bitcoin futures exchange-traded fund (ETF).

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Bitcoin, the biggest digital asset by market value, reached the lowest intraday price in almost two weeks as it sank as much as 6.4% to $58,132. However, on Oct 20, it peaked at $66,976.

Other digital assets also saw a tumble in their value. Ether sank about 7.5%, and tokens such as Dogecoin and Solana each tumbled more than 8%.

According to Coinmarketcap.com, smaller altcoins such as Cardano lost 11% over the last 24 hours, and Polkadot dropped roughly 9%.

The first launch of the U.S. Bitcoin futures ETF pushed prices to new all-time highs, but speculators are now backing away from positions, analysts said.

A data from Bybt.com said that the total liquidations of long crypto positions topped $700 million on Wednesday, the most since Sept 20.

“The market has been leveraged long for a few weeks, so there has been that overhang in positioning,” said Jonathan Cheesman, head of over-the-counter and institutional sales at crypto-derivatives exchange FTX.

As of 4:27 pm in New York, Bitcoin was down 5.3% to $58,823. However, it has more than doubled this year.

Bitcoin also fell below its 20-day moving average, a technical move that could invite more selling.

In crashing through $60,000, Bitcoin breached its previous resistance-turned-support level; its latest leg lower means it could find support around its 50-day moving average of about $51,555.

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Crypto Price Today: Bitcoin Tops $63,935.12, Nears to Break April’s ATH, Altcoins Rally in Low-Level Buying

On Wednesday, October 20, prices of several major crypto assets have seen big gains, most notably, Bitcoin (BTC), Ethereum (ETH), Polkadot (DOT), among others, according to CoinMarketCap.

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The overall cryptocurrency market is also approaching an all-time high, hitting above $2.5 trillion on Monday and continued climbing on Tuesday. The impressive trends continue to be witnessed even today.

The price of Bitcoin hit $64,476 on Tuesday evening after trading around and above $62,000 in the recent past days.

At the time of writing at 10 a.m. East African Time Wednesday, Bitcoin is trading its price at $63,935.12. So far, it is up over 121% in 2021 (year-to-date) and close to its record high level of near $64,802 hit in April this year, a high that was followed by a decisive plunge to under $30,000 that was seen as of July 20. 

The latest surge coincides with the approval of the highly much-awaited first US Bitcoin futures-based Exchange-Traded Fund (ETF) listing on the New York Stock Exchange this week.

The latest rise follows weeks of Bitcoin trading above $40,000 since its last climb above $50,000 in early September.

Among the top 10 coins, Bitcoin is the biggest gainer, as highlighted above. Ether, a token linked to Ethereum blockchain and the second-largest cryptocurrency, is up over 2% to $3,857. Binance coin trades down 1.22% at $485.15. Cardano falls 1.41% to $2.10. XRP is up 0.19% trading at $1.10. Solana is down 1.01% at $156.23. Polkadot rises 1.06%, trading at 41.61. Dogecoin declines 1.35% at $0.2448, and Uniswap price is also down 1.04% at $25.69.

Meanwhile, several prominent analysts commented on the latest price increase, providing important information that investors need to know.

Some analysts stated that the latest rally is the start of a major bull run that will see Bitcoin and other crypto-assets blasts past their previous records in the final months of 2021.

Other experts also mentioned that the prices are likely to plunge as they continue rising, stating that the price swings will continue happening as they are something that long-term investors will have to continue dealing with. 

Investors should expect volatility to continue. And that is the reason why experts advise investors to keep their cryptocurrency investments to less than 5% of their total portfolio.

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Crypto Price Today: Bulls Pulls Bitcoin Above $57K, Ethereum Rises and Altcoin Market Loses Stream

On Tuesday, October 12, most cryptocurrencies have weakened their prices as most are trading lower. Apart from Bitcoin, all other nine top cryptocurrencies are lower as of the time of writing at 09:00 Eastern Time. 

According to CoinMarketCap, Bitcoin is marginally up 1.77% currently trading at $57,546.41. The flagship cryptocurrency has surged its price to this level for the first time since May as market analysts anticipate that the crypto will retest the record highs reached in April this year – the $65,000 level.

Ether, the second-largest cryptocurrency by market capitalization and the coin associated with Ethereum blockchain, is lower 0.31% to $3,508.62.   

Cardano also sheds its price 4.36% to $2.12, Binance coin trades lower 2.34% to $407.23, XRP eases 4.92% to trade at $1.10, Solana plunges by 5.07% to $143.46, Polkadot was down 4.97% to $33.32, and Dogecoin slips 4.10% to $0.2258.

Generally, while the global cryptocurrency market capitalization losses 1% to stand at $2.30 trillion compared to the previous day, the total crypto market volume increased more than 7% to stand at $105.63 billion.

Some of the renowned analysts have come forward and explained the phenomena taking place in the cryptocurrency market.

Mike McGlone, Bloomberg Intelligence’s senior commodity strategist, has explained the reasons why the prices of Bitcoin and Ethereum are set to see a rise.  

The analyst states that Bitcoin could be in for a surge during the fourth quarter due to several fundamental catalysts.  

He stated that many investors concerned about inflation and debt may be ready to put their faith in Bitcoin that gives the crypto its hard supply.

 “Relative to rising US debt and tensions over a potential default, Bitcoin may be entering a unique phase for a 4Q price rise as markets gain trust in the coding that defines the crypto’s supply. The debt-ceiling drama may work against managers that avoid allocations to Bitcoin,” McGlone said.

In other words, the price of Bitcoin could soar to a 5-month high, rising by over 30% in October. As economies across the globe started to reopen and fast-track their path back to recovery, Bitcoin’s rally indicates investor confidence in the global economy and its increasing position as an asset class.

Meanwhile, McGlone also highlighted that Ethereum also is likely to see a price surge. He stated that the EIP-1559 update appears to place pressure on the ETH supply, which in the long term could benefit the asset and improve its price.

“Ethereum’s floor just below $2,000 from May-July appears to have added a handle to $3,000 for 4Q, tilting risk versus reward toward further price appreciation. It’s likely still the early price discovery days for Ethereum,” McGlone highlighted.

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Crypto Price Today: Bitcoin, Ethereum, And Others Gain, Experts See October As Green for The Market

The prices of cryptocurrencies are mixed as the new week begins, with Bitcoin trading below the $48,000 level. The flagship cryptocurrency by market cap rose by about $2,500 within a matter of minutes on Friday, October 1 and was trading around $48,000 for most of the weekend, having spent more than a week before that in the lower $40,000s.

Today Monday, October 4, the global crypto market cap is $2.10 trillion, a 0.46% increase over the last day. The total cryptocurrency market volume over the last 24 hours is $99.33 billion, making a 15.37% decrease, according to CoinMarketCap.

The price of Bitcoin was trading at $47,612.31, down 0.70% during the intraday. Its dominance was 42.44%, an increase of 0.12% over the day.

Ether, the coin linked to Ethereum blockchain and the second-largest cryptocurrency, was trading down 1.82% at $3,347.29. Cardano price also met a decline of 4.41%, standing at $2.17, while Dogecoin was also down marginally to $0.2145. The performance of other crypto tokens, including XRP, Litecoin, Steller, is also mixed over the last 24 hours.

Cryptocurrency prices were hit on several fronts in September, including a tightening of regulatory oversights in China. On September 24, the crypto market across the globe was jittered by China’s imposing a blanket crackdown on the cryptocurrencies, and the Evergrande’s crises also contributed to a sharp decline across the crypto market. As a result, the entire crypto market lost streak in terms of monthly performance in September, which left Bitcoin trading around the lower $40,000 level.

However, Bitcoin is currently trading at $47,667.35, and other top cryptocurrencies are also showing renewed strength in their performances. Such a positive trend started on Friday, October, after the announcement in El Salvador that the nation began mining Bitcoin using volcano energy and Federal Reserve chairman Jerome Powell stating that the US has no plans to ban cryptocurrencies.

Some traders pointed to Mr. Powell’s remarks to the House Financial Services Committee on Thursday, September 30, as a catalyst that led to the current upbeat of the crypto prices. Other traders also recognized the beginning of the fourth quarter on Friday as another supportive factor when investors sometimes reset their portfolios.   

Ulrik Lykke, Founder of crypto/digital assets hedge fund ARK36, talked recently about the current performance of the cryptocurrencies and said that the digital asset market is benefitting both from the seasonality effect as well as generally positive market fundamentals.

“Historically, September has often been a red month for the digital asset markets. Conversely, Q4 has often seen strong performances and the expectation the trend will continue this year can become a self-fulfilling prophecy. It is possible that we will see new all-time highs in Q4, especially that on-chain data, particularly in the case of Bitcoin, seem to indicate a potential for a strong bull market continuation,” Lykke stated.

Lykke further mentioned that the markets also took note of how little China’s reinforced crackdown on digital assets affected Bitcoin’s price action, indicating that investors have robust and long-term confidence in BTC’s strength at the moment.

Meanwhile, Ruud Feltkamp, CEO at crypto trading bot Cryptohopper, also stated that Bitcoin performs historically well in October and poorly in September.

“At Cryptohopper, we’re preparing for the huge inflow of traders due to the upcoming bull-market that we expect. My prediction is that we’re going to see a new ATH this month, or at the very least near the current ATH. After which, we enter the final phase of this bull cycle,” Feltkamp illustrated.

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Bitcoin (BTC) $ 42,286.33 2.46%
Ethereum (ETH) $ 2,230.13 0.84%
Litecoin (LTC) $ 72.30 0.13%
Bitcoin Cash (BCH) $ 242.14 2.19%