Overheard On CNBC: If It Wasn’t For Bitcoin, Gold Would Be $3K

Bitcoin is making headlines left and right on media outlets everywhere, but none more so than CNBC. According to a well respected journalist, during a segment on CNBC it was said that gold would be trading at $3,000 an ounce if it wasn’t for Bitcoin.

Here’s why that statement is probably true, and why the cryptocurrency will continue to take market share away from the aging shiny rock.

Gold Would Trade At $3K If It Wasn’t For BTC

The digital narrative worked like a charm, and Bitcoin is now stealing any capital looking to park somewhere resistant to inflation.

Gold has traditionally served that purpose, and as the economy first began treading on thin ice, the ages old asset that was once the “standard” began to uptrend again.

Related Reading | Seller’s Remorse: Day Trader Dave Portnoy Swears Off Bitcoin

Gold eventually reached more than $2,000 an ounce at the height of its bull market. Natural profit-taking caused the price per ounce to pull back, but rather than go for another leg higher, capital well suited for gold made its way into Bitcoin instead.

Because Bitcoin exists, and money is pouring into the scarce cryptocurrency instead of gold, has prevented gold from trading at $3,000 an ounce, according to a statement overheard on CNBC today.

The statement was shared in a tweet, fingering the blame on Bitcoin as the culprit for gold’s lack of price appreciation.

How Bitcoin Makes Metals Seem a Lot Less Precious

Charts don’t lie, fortunately, and comparing gold against Bitcoin definitely shows a correlation between when gold peaked and the cryptocurrency really took off.

The change took place just days after gold had topped, and publicly traded companies began buying BTC to add to company reserves.

bitcoin btc xau

Gold's value has been diminishing while Bitcoin's rises. Coincidence? | Source: BTCUSD on TradingView.com

That trend has now extended into the likes of Tesla, and more corporations are expected to follow suit and could be responsible for Bitcoin’s price appreciation.

Other reasons, however, are undeniably due to gold outflows from hedge funds and other investors. Even retail are now getting back into crypto, but are focused more on altcoins as the price per BTC becomes out of reach for the average person.

Related Reading | Chart Comparison Demonstrates Effectiveness Of Bitcoin Digital Gold Narrative

But even altcoins absorbing some of the capital that could have made its way into gold, is ultimately Bitcoin’s doing. It is because of the first ever cryptocurrency that the rest of the market exists, and according the the statement made on CNBC, is responsible for gold trading at under $2,000, let alone the $3,000 it would be otherwise.

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Binance Coin (BNB) Overtakes Tether For Third-Ranked Crypto Asset

Yesterday, Binance Coin closed at around $200 a coin, and within another 24 hours, the exchange token is already trading at another $100 higher.

The surge in price and corresponding FOMO has also caused the cryptocurrency token to climb the top ten assets by market cap, making it to the number three spot. Here’s why this is such a big deal for Binance and its native token.

Binance Coin Takes Third Rank in Crypto Top Ten

Binance Coin is having a record-setting month so far. February still has around a third of it left to go, and already the month is the largest candle in the asset’s history dollar for dollar.

Related Reading | Binance Coin (BNB) Sets Record For Largest Monthly Candle Ever

The rally keeps on going, taking the price per BNB token to a high of over $300 per token as of today. At the 154 million and some odd BNB tokens in circulation, this has resulted in a $48 billion market cap, now nearly $15 billion ahead of the next closest crypto asset – the stablecoin Tether.

binance coin bnb

BNB surpasses Tether and several other coins | CoinMarketCap

Tether’s market cap is solely supply based, as its price is tied to the dollar and doesn’t fluctuate significantly. Tether has had the number three spot for some time, taking from XRP as it sinks ever deeper down the list of top cryptocurrency by market cap.

XRP enjoyed the third rank for years once it got there, and only recently began its descent due to an ongoing lawsuit filed by the SEC against Ripple.

Binance Coin, however, was barely cracking the top ten before this month, and is now right behind only Ethereum and Bitcoin in terms of total capital.

What Is Behind The Exchange Token’s Unprecedented Comeback

As for why the token is performing so well, it is a sign of the overall demand for the crypto market as a whole. Bitcoin taking off helped propel altcoins back into an uptrend, which is now making investors money once again.

binance coin bnb

blah | BNBUSDT on TradingView.com

Chatter about coins making small fortunes, is once again luring more and more investors to altcoins. And there’s no platform that’s more so associated with altcoins, than Binance.

Binance was the place to be during the last major altcoin season, which saw Binance Coin also jump in demand. The latest monthly candle is the largest since then, suggesting that lightning is striking the exchange and related token twice.

Related Reading | An SEC Ripple Effect Leaves XRP Sliding the the Crypto Top 10

And because the exchange is so active and relies heavily on the token to underpin its massive and ever-expanding ecosystem, Binance Coin is one of the more valuable cryptocurrency tokens in the market. It is only now the market is realizing this value, and price is catching up accordingly.

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An SEC Ripple Effect Leaves XRP Sliding the the Crypto Top 10

XRP is unsurprisingly lagging behind the rest of the incredibly bullish crypto market and altcoin space. The SEC’s charges against Ripple executives asserting that the token itself is an unregistered security have harmed any chance of upward momentum.

It has also caused the altcoin to sink further and further down the ranks of the top ten crypto assets by market cap, less so because of sellers dumping XRP, but because other coins are flying so high and leaving Ripple behind. Here’s what the current top ten looks like and how Ripple now fits into the fold.

XRP Sinks To Number Seven Spot In Crypto Top Ten By Market Cap

XRP for almost the entirety of its existence sat firmly in the top ten cryptiocurrencies by market cap in the third rank, behind Bitcoin and Ethereum.

At times, it pulled ahead of Ether, and other times Tether took the third spot instead. But for all intents and purposes, the year over year average has been number three for XRP for many years now.

xrp crypto market cap ripple

XRP has fallen to the number seven spot in the top ten cryptocurrencies by market cap | Source: CoinMarketCap

For the first time in years, XRP now ranks number seven behind Binance Coin, Cardano, and Polkadot.

The altcoin was already a laggard in crypto market terms, throughout the last several years. But after a failed breakout earlier this year, it is now miles behind by comparison.

Related Reading | Forget 2021, Here’s How High Crypto Prices Can Go By 2026

XRP had started to soar, with some of the wildest gains to kick off the altcoin season that’s been ongoing for some time. But claims from the SEC charging the coin’s parent company, Ripple, took the wind out from beneath the rally.

Price action came crashing back on both USD and BTC pairs, and since then XRP is mostly been trading sideways, with some coordinated pumping and dumping along the way.

 xrp ripple sec crypto

The altcoin unfortunately failed to break out and is now lagging behind other coins | Source: XRPUSD on TradingView.com

While XRP trades sideways and nowhere near all-time highs, other altcoins are breaking above theirs and rising five-fold. With more and more coins soaring left and right, whatever XRP holders that remain could be tempted to sell in search of profits elsewhere.

Related Reading | Altcoin Season Is Here: “Buy Crypto” Surpases Bitcoin Searches On Google

However, if Ripple can win the case ultimately, XRP could eventually make a comeback compared to the rest of the market. When XRP breaks out, it moves some of the largest in terms of total percent climbed.

With so much more ground to cover just to make it closer to Bitcoin and Ethereum, XRP could have one of the largest comebacks in crypto history.

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Binance Coin (BNB) Sets Record For Largest Monthly Candle Ever

One after another, cryptocurrencies like Bitcoin and Ethereum have been breaking out and above their former all-time highs, causing a surge of FOMO and price discovery to follow. The latest coin to do so, is exchange token Binance Coin (BNB), which has now set a record for its largest monthly candle – dollar for dollar  – in its short history. Here’s a closer look at a price chart that is surely a sight to behold.

Binance Coins Sets Record For Largest Monthly Candle, Dollar For Dollar

Binance Coin is the latest altcoin to see double-digit growth in a single monthly candle, rising 350% since the February open. The current monthly candle is now the second-largest ever in total percentage climbed, but in terms of total dollars, this monthly candle is the largest on record.

The monthly close is still ten days away, so anything is possible, but currently the massive monthly candle is as bullish as it gets for Binance Coin. This latest push comes after a solid monthly close last month above the asset’s former all-time high.

Related Reading | Forget 2021, Here’s How High Crypto Prices Can Go By 2026

The close above $44 caused enough confidence that a breakout was here for bulls to push the price per BNB token to $199 each.

The rise is reminiscent of the late 2017 altcoin season, which led to the crypto market ultimately topping in early 2018 – some three years ago almost to the date.

binance coin bnb crypto

Dollar for dollar, this is the largest candle and Binance Coin history | Source: BNBUSDT on TradingView.com

BNB Triples With Breakout, Unseats Ripple Thanks To New User Growth

During late 2017 and early 2018, the surge of users rushing to buy altcoins at the exchange caused the budding user base to surge. Binance was among the first exchanges to debut a native exchange token, Binance Coin. The platform has been an innovator in the space ever since.

BNB can be used to reduce trading fees on the exchange, among many other benefits. Because of its utilization on the exchange itself for several reasons, along with token burns and more, Binance Coin is among the few altcoins with actual value and use case currently, making it even more attractive than most other coins in the top ten.

Related Reading | Altcoin Season Is Here: “Buy Crypto” Surpases Bitcoin Searches On Google

Binance Coin’s rise also helped it beat out XRP, for the sixth overall rank in the top ten cryptocurrency by market cap.

The current altcoin season and surging interest in crypto has benefitted Binance, and in turn, Binance Coin and holders of BNB. And if this monthly candle is anything to go by, this is only just the start.

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Seller’s Remorse: Day Trader Dave Portnoy Swears Off Bitcoin

Today, Barstool Sports founder turned outspoken pandemic day trader Dave Portnoy released a video on Twitter vowing he’d never buy Bitcoin again, despite the ongoing uptrend in the cryptocurrency.

Is this bearish take simply a bad case of seller’s remorse, or does Portnoy have valid reasons to be this vehemently against Bitcoin?

Barstool Sports’ Dave Portnoy Swears Off Buying Bitcoin: “Never”

When the world of sports shut down at the start of the pandemic, an army of sports betters turned their gambling addictions towards financial markets, and began trading on the likes of Robinhood.

No trader better embodied this trend than Barstool Sports founder Dave Portnoy. Portnoy made his wins and losses very public, but stuck to the stock market mostly.

Related Reading | Forget 2021, Here’s How High Bitcoin Price Can Go By 2026

At some point, a campaign to convince Portnoy to instead consider cryptocurrencies caught his attention, and he spent some time sitting down with the Winklevoss twins

Come August 13, Portnoy had revealed he had bought some Bitcoin. Portnoy had put $200K into the leading cryptocurrency by market cap then at a price of around $12,000 per coin, along with some Chainlink and Orchid. Days later, however, he sold the coins because “coins don’t always go up.”

“Stocks on the other hand,” he said, “continue to always go up.” Now, he’s furious at Bitcoin for the very same reason, swearing to never buy the asset again.

bitcoin btc portnoy

Anger and rage overcomes the Barstool Sports founder after seeing Bitcoin trading over $50,000 | Source: BTCUSD on TradingView.com

Did The Cryptocurrency Crush His Ego? Or Is There Something Else Going On?

The max pain scenario for crypto investors recently, has been prices taking off like a rocket without the chance to buy in cheaper. Could missing out on Bitcoin’s epic rise from $12,000 to $52,000 in a matter of months have caused Portnoy to be salty?

In his latest Twitter video, he starts by saying “Bitcoin is the only thing that doesn’t go down,” but that he ultimately “doesn’t buy the underlying junk behind it.” Ironically, he sold his coins, because they went down, and put his money back into stocks that have since been stagnant, while Bitcoin sets record after record.

Related Reading | Bitcoin Market Cap Surpasses Tesla, Here’s Which Companies Are Next

That underlying junk he refers to is a network that generates $50 million in revenue each day, has transacted trillions over the course of years, and is limited to only 21 million coins though mathematical code.

He does congratulate crypto investors who are driving “Ferraris” and “buying houses,” and admits investing in Bitcoin is highly profitable and that the cryptocurrency could continue to go up “forever.”

Given that used to be his investment thesis, it is only himself he’s hurting with an aversion to buying Bitcoin.

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Bitcoin Cracks $52K On Coinbase As Momentum Gathers For $1 Trillion

Bitcoin is about to perform its most important feat yet: achieve a market cap of over $1 trillion. And it just got past the first major hurdle at $52,000.

The $54,000 price level and above is the only remaining threshold in the way, and once past it, a flood of trillions in capital could follow after the milestone is set.

Bitcoin Takes Out $52,000 With No Ceiling In Sight

Bitcoin just took out $52,000 just a day after poking above $50,000 per coin for the first time ever. The price per BTC is now more than double the former bull market peak, and prices below five digits are now long gone.

Related Reading | Forget 2021, Here’s How High Bitcoin Price Can Go By 2026

And soon, if the momentum continues the cryptocurrency can say goodbye to five figures too.

bitcoin btc 52k

Bitcoin breaks above $52,000 as it gears up for a push beyond $1 trillion | Source: BTCUSD on TradingView.com

The high was set on spot exchange Coinbase which has been leading the ongoing institutional buying trend. The exchange is said to be where Tesla and other big companies got their coins, which explains the constant premium per coin on that platform.

Consolidation around $50,000 was likely to build up enough momentum to push Bitcoin through the real resistance level: a $1 trillion market cap.

bitcoin trillion

Here's how close Bitcoin is to $1 trillion | Source: CRYPTOCAP-BTC on TradingView.com

Big investors could have ditched the price per coin as their chart of choice, instead focusing on the Bitcoin total market cap. At the current cost per coin, the cryptocurrency is less than 5% away from setting the record.

Related Reading | Bitcoin Market Cap Surpasses Tesla, Here’s Which Companies Are Next

At $1 trillion, Bitcoin will have “made it” in the world of finance and can no longer be denied. At that size of a market cap it will have enough liquidity for big investors to continue to buy, further supporting the ongoing parabolic price trend.

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A 5% Move Pushes Bitcoin To A $1 Trillion Market Cap

Bitcoin price has broken $50,000 and is now well above the key phycological resistance level. At the halfway point to $100K per coin, there was bound to be some resistance, but already bulls have pushed the price per BTC to new record highs.

At the current price per coin, the first ever cryptocurrency is less than a 5% move away from reaching a $1 trillion market cap for the first time ever. Here’s what reaching such an astounding achievement means for the future of the cryptocurrency market and the rest of finance.

Bitcoin Market Cap Prepares For Break Above $1 Trillion

Bitcoin price is trading at roughly $51,250 at the time of this writing, and the moment the asset passes roughly $54,000 per coin it will have surpassed a total market cap of over $1 trillion. The distance is less than 5% per BTC away from here, making the move above the landmark level imminent and possibly only hours away.

As the chart below highlights, passing each major rounded number has been of particular importance.

Related Reading | Bitcoin Market Cap Surpasses Tesla, Here’s Which Companies Are Next

During the bear market of 2014 and 2015, Bitcoin ranged below $5 billion in total capital, and once $10 billion was passed, the bull market began. The most recent bear phase took Bitcoin between $100 billion and $200 billion and is now on track to break past $1 trillion any day now.

Could this once again create a situation where another zero gets added to the end before the mania is over, taking the total Bitcoin market cap to $10 trillion before its all said and done?

bitcoin trillion

Only a 5% move is needed to take the BTC market cap above $1 trillion | Source: CRYPTOCAP-BTC on TradingView.com

Replacing The Gold Standard With An All-Digital Narrative

At a $10 trillion market cap the price per coin is a lot closer to $500,000 each, and on par with the current gold market. Bitcoin has been “eating” gold recently, since the digital narrative took hold and public companies began buying BTC.

Gold began a bull phase slightly before Bitcoin, but once the pandemic struck, the two assets diverged and crypto took control over incoming capital.

Related Reading | Forget 2021, Here’s How High Bitcoin Price Can Go By 2026

As soon as Bitcoin’s trend picked up in momentum, outflows from the gold market made its way into crypto and the flood gates have been open ever since.

A $10 trillion market cap in the top cryptocurrency would almost certainly come at the expense of the aging physical metal. At more than gold’s market cap, the only asset it will have left to beat, is the dollar.

At $100 billion Bitcoin cemented its place in the financial world. At $1 trillion, that cement has built a foundation at which the cryptocurrency has a real chance to become the most dominant asset in the world.

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Bitcoin Miners Generate $50M Per Day During Bull Trend

Bitcoin price is trading at nearly $50,000 per coin and on-chain activity is soaring. The recent bull trend and surging interest surrounding the cryptocurrency has allowed miners to surpass over $50 million in revenue in a single day generated.

Here’s how rising Bitcoin prices combined with spiking transaction fees have made mining BTC a particularly lucrative venture.

Daily Bitcoin Miner Revenue Surpasses $50 Million

Bitcoin’s gains in 2021 make the stock market, gold, and anything else look like barely a blip by comparison, and is the best performing asset on the planet in terms of total ROI.

Related Reading | Altcoin Market Cap On The Verge Of Life-Changing Breakout

Investors who bought Bitcoin at any point before the year began are in nearly two times profit, but with prices so high, even miners are making a killing compared to the cost of production.

bitcoin miners revenue btc

Fees are helping to drive miner revenue sky-high. | Source: Arcane Research

Data from Arcane Research shows that BTC miners combined have now reached over $50 million in daily revenue derived from new coins unlocked, and share of transaction fees.

The report reveals that although transactions are down week over week, the value being transacted has increased causing the portion of fees generated to increase in tandem. Fees now represent roughly 15% of total revenue, or $7.5 million in BTC.

Survival Of The Fittest, To The Victor Goes The BTC

BTC miners are clearly enjoying a profitable environment currently, and are in part a crucial piece to the uptrend. The theory is that the miners that are able to withstand bear market selloffs, ultimately are better prepared financially for the next bull market, and are able to hold stronger and allow for much greater mark up before needing to secure profits to cover operational expenses.

Some miners are in a better position than others, either through access to cheaper energy costs or by being better financially backed. Whatever the case may be, those who can withstand the bear market, rightfully earn the revenue when the market turns around.

bitcoin miners revenue btc

The cost of producing each BTC is under $20,000. | Source: BTCUSD on TradingView.com

Just like investors themselves, weaker handed miners sold the crash to $3,200 and were unfortunately wiped out during the Black Thursday selloff. Those that survived, or held their BTC reserves, have a lot more to sell now at more than 15 times the price then.

Related Reading | Forget 2021, Here’s How High Bitcoin Price Can Go By 2026

Following Black Thursday the halving made the cost of producing each coin even higher, making survival that much more challenging. The halving lowering supply is only one piece of why the cryptocurrency rises after the event has passed. The other piece is this unique cycle of purging weak miners so that stronger hands can avoid selling during uptrends.

Given the $50 million in revenue per day generated, those who survived are doing just fine now.

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Ethereum Debuts On CME To $55M In Futures Open Interest

Ethereum price is trading at just below $1,800 per token after following Bitcoin’s upward trajectory to new all-time highs. Part of the buzz and momentum was generated by the introduction of Ether Futures trading on the Chicago Mercantile Exchange, also known as CME Group.

During the altcoin’s debut week, Futures open interest reached a grand total of $55 million. Here’s how the second-ranked cryptocurrency’s first week trading on CME compares to Bitcoin’s, and what happened in the weeks to follow.

Ether Futures Debut On CME Group, Open Interest Rises To $55M In First Week

Unlike the launch of Bitcoin’s debut on CME Group’s Futures trading platform which was referred to as “tepid,” Ethereum’s introduction has already resulted in as much as $55 million during the first few days trading.

Related Reading | Ethereum Beats Bitcoin Performance Two Years Straight, What’s Next?

CME Group added Ether Futures on February 8 to give institutional traders exposure to more crypto assets than just Bitcoin. Ethereum as the second-largest cryptocurrency by market cap, was the next logical choice.

ethereum cme open interest

Ether open interest shot up to $55 million in the first week trading | Source: Skew Analytics, via Arcane Research

Ethereum is also among the few crypto assets that has regulatory support thanks to its early distribution model ensuring sufficient decentralization.

Trading volume itself stayed relatively steady at around $35 million, but open interest continued to climb as the debut week continued, according to the most recent report from Arcane Research.

The Similarities Between Ethereum And Bitcoin At CME Launch

First week trading volume and open interest results show a positive correlation with the greater crypto market trend. However, after rising the first few days during trading, Ether prices have since turned down from the recent record set.

This wouldn’t otherwise be alarming, however, when Bitcoin was first introduced on CME for Futures trading on December 17, 2017, it was the exact top of the bull market.

Already this time is different with Ether prices still rising beyond the initial debut, and the greater bull trend isn’t anywhere near as exhausted as it was in late 2017.

ethusd btcusd ethereum bitcoin

The introduction of BTC Futures on CME marked the peak. Is this time different? | Source: ETHUSD on TradingView.com

By most measures, Bitcoin’s bull run is only just getting started, and with a strike price for Ether options contracts at $10,000 and above, it doesn’t look like a top is in for Ethereum at this point either.

Related Reading | Altcoin Market Cap On The Verge Of Life-Changing Breakout

Can Ethereum do what even Bitcoin couldn’t and overcome the sudden introduction of more short-sellers in the market? Or will this mark a temporary top for crypto now just like it did the last time around?

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How Covesting Copy Trading Module Trader Turned $400,000 Into $8 Million in 4 Days

A trader, on popular Bitcoin trading platform PrimeXBT, recently had a successful run that netted him a total return of over 1,800%. However, where it becomes interesting is that through copy-trading, followers of the trader — Satoshi Bets — managed to profit from his successful run by turning $400,000 into $8 million in a matter of days.

Copy-trading involves choosing a selected trader on a platform and putting money against their strategy allowing for novice and time-strapped traders to potentially profit off the success of those who already proved their trading skills. PrimeXBT launched their Covesting Module in partnership with a Europe-based, licensed DLT services provider and B2B software developer Covesting and now offers a few hundred trading strategies available for following. Total performance/returns of top 10 strategies vary between 280% up to 5300% percent.

Covesting Copy Trading Module Trader Changes Followers’ Lives With 1,800% Returns

PrimeXBT offers an attractive win-win solution and makes its product appealing for talented traders due to the fact that 20% of all profits generated for the followers are paid as Success Fees to the strategy manager.

In this case PrimeXBT’s Covesting Module allowed not only those followers of Satoshi Bets to profit from his incredible run, but the trader himself managed to pull $1.7 million just in Success Fees.

A Life Changing Sensation

The strategy, which ran for four days, had an impact on some people’s lives that their entire world was changed for the better. Many people took to the PrimeXBT Covesting Module Telegram group and other platforms to extend their thanks and gratitude for this life changing opportunity.

One user posted their earnings from following Satoshi Bets over his successful run with the accompanying message reading: “Thank you for changing my life today. Words can’t explain the gratitude.”

Another user also posted their earnings and said: “Ok guys, it’s time for me to reveal my secret position. I’m happy that I got in the right time and with the right amount. thanks Covesting for changing my life.”

Other users shared their experience on twitter.

A New Way of Trading

The success for the followers of Satoshi Bets, and the trader himself, is evidence of the potential rewards that come from copy-trading and the use of a powerful platform, or module. The module in the case of PrimeXBT allows anyone who is able to join the trading platform the opportunity to follow proven trading winners. 

There is no need for financial or trading qualifications, as all the hard work and trading decisions are done by people who have made it their full time jobs. These types of modules have formed strong community trading environments as the traders themselves are also rewarded for their good work.

The success fees alone that Satoshi Bets received from his successful trading run indicate how lucrative it can be for a trader to be part of a copy-trading module.

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Nearly $2B Liquidated In Valentine’s Day Bitcoin Plunge

Bitcoin price has been trending upward for months, but the general consensus amongst crypto investors is that the point of no return hasn’t been reached yet, so there’s still plenty of time to get into position for the next move up.

Overly eager long traders, however, had their hearts broken when $1.9 billion in positions were liquidated during a late evening Valentine’s Day massacre. Here’s what happened and the result of all the carnage.

Valentine’s Day Bitcoin Massacre Wipes Out $2 Billion In Longs

Over the weekend, Bitcoin price climbed to its highest price traded at yet, nearly making it above $50,000 and making headlines across the web.

Related Reading | Altcoins Bleed After Tesla Bitcoin Buy, BTC Dominance Hints At Deception

Traders eagerly “going long” ahead of the Valentine’s Day weekend hoping to score big with Bitcoin, were ultimately left in tears when nearly $2 billion in positions were liquidated.

Rather than a bottle of bubbly popping, Bitcoin price began dropping. Instead of red roses and scented candles, investors were greeted by a three-hour-long Japanese candlestick from hell.

During the three-hour candle, the cryptocurrency sank over $3,000 and shaved 6% off its price tag. However, given the strength of the uptrend Bitcoin has unsurprisingly already recovered, and is targeting $50,000 again.

bitcoin vday

Bitcoin gets violent on Valentine's Day. | Source: BTCUSD on TradingView.com

Which Crypto Platform Saw The Most Action While Cupid Called?

Binance traders saw the most action, according to data, followed by Huobi Global, ByBit, and OKEx.

Interestingly, BitMEX, which used to be the biggest heart-breaker of the bunch, barely ranks compared to other platforms, showing its fall from grace.

To no surprise, Bitfinex is at the bottom of the list. The platform keeps leverage at lower levels than the rest of the market, so liquidation is far less likely on the exchange.

Related Reading | Stablescoins Act As “Rocket Fuel,” Propels Bitcoin To Another ATH

Given the themes surrounding Valentine’s Day, it shouldn’t be too surprising that bears made a showing, and the day turned red in the end. However, Bitcoin has already recovered and is ready for another round.

The bull market has only recently begun so a climax could be a far ways off, according to past cycles. Trajectories point to the leading cryptocurrency by market cap reaching prices of $325,000 per BTC before its all said and done.

Investors who can hold through getting dumped on occasionally like they did this Valentine’s Day, could end up making a lot of money in the end.

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Chart Comparison Demonstrates Effectiveness Of Bitcoin Digital Gold Narrative

2020 was the year of the digital gold narrative amid a pandemic and unprecedented money printing. In 2021, only Bitcoin matters and comparing it to gold at this point is selling the coin short.

Now is the age of cryptocurrency, and no comparison shows that better than the two charts you are about to see side-by-side.

The Bitcoin Standard Emerges As Gold Melts Down

Bitcoin was designed by Satoshi Nakamoto as the first form of peer-to-peer digital “cash,” but also sought to give the cryptocurrency several traits of of a commodity such as rarity. This was achieved through the asset’s 21 million BTC hard cap.

The cryptocurrency creator’s early comments showed a distinct fascination with gold, and appears to have been attempting to create a digital representation of the hard money standard.

Related Reading | Stablescoins Act As “Rocket Fuel,” Propels Bitcoin To Another ATH

The term gold standard is used to describe a time when all fiat currencies were pegged to the shiny precious metal, and it was a time that was much more prosperous and wealth gaps weren’t nearly as wide.

The evolution of the dollar and all fiat money into what it is today, did away with the gold standard decades ago. As a result, the price per ounce of gold skyrocketed form around $30 to $2,000 this past year.

At the gold bull market peak, however, a passing of the torch took place. The moment gold topped in August, coincides with the moment hedge funds and public companies began buying BTC.

bitcoin btc xau

Gold's value has been diminishing while Bitcoin's rises. Coincidence? | Source: BTCUSD on TradingView.com

From that moment forward, Bitcoin has been in its most powerful uptrend yet and spiked from $10,000 to $50,000 with not even a trillion in capital to show for it. Gold outflows began to rise the same time Bitcoin trading volume and futures open interest started to climb to previous highs.

If the $10 trillion the gold market cap commands makes its way into Bitcoin, the price per coin could reach more than $500,000 a piece.

Related Reading | Altcoins Bleed After Tesla Bitcoin Buy, BTC Dominance Hints At Deception

The chart above shows exactly when the deviation took place, and gold’s downtrend began. Prior to that, both assets initially performed well as a safe haven post-pandemic, however, the digital currency has completely taken over since.

The digital gold narrative has been effective, and now Bitcoin is ready to set it sights on replacing the dying dollar instead.

Bitcoin was once following a gold fractal closely for years, which has thus far benefited the young cryptocurrency well. But now that the torch has been passed, will Bitcoin soon be the asset to catch up to?

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This Litecoin Fractal Says Time Is Running Out To Accumulate At Low Prices

Litecoin as a cryptocurrency has longevity behind it, digital scarcity, and a code that’s just like Bitcoin’s. Yet the reputation of the altcoin has been so tarnished, it has long lagged behind the rest of the market after being the once clear leader.

Signs are mounting that this could soon reverse, and according to a fractal from past market cycles, time is running out to accumulate the silver to Bitcoin as digital gold at such low prices.

Digital Silver Ready To Shine After Several Years of Dormancy

When talking precious metals, the conversation might focus on gold but silver is always part of it. In crypto, Bitcoin definitely steals the limelight, but its Ethereum, Chainlink, and an army of DeFi tokens that capture the interest and excitement. All while the digital version of silver mostly sits out.

Litecoin was popular during past bull markets, but this one – not so much. Whether it was due to the asset’s founder selling the top of the last rally on his followers, or the fact it has barely moved since its halving, Litecoin has stayed in the dark.

Related Reading | Five Reasons Why Litecoin Is Ready To Shine Once Again

Technicals are lighting up once again, however, and it appears as though things are about to change for Litecoin. Grayscale Investments has been loading up on the altcoin, and according to a fractal from the last cycle shared by a highly accurate crypto analyst, time is running out to buy some this cheap.

litecoin

Layering previous Litecoin price action over the current cycle produces shock-worthy results | Source: LTCUSD on TradingView.com

Before writing off fractals as a fallacy, this same analyst predicted the Bitcoin bull run from the $10,000 breakout to beyond using a similar setup. The trajectory puts each Litecoin at a couple thousand dollars.

Litecoin Breaking Out Against Bitcoin Will Drive Dollar Climb

Making things more interesting, another well-respected crypto analyst joined in the conversation suddenly happening surrounding Litecoin. They shared a chart highlighting the altcoin’s Bitcoin trading pair, which lacks a breakout compared to past cycles.

litecoin

LTC is also ready to pop against Bitcoin, according to past cycles | Source: LTCBTC on TradingView.com

While this might immediately present as bearish for Litecoin, all reversals start somewhere – and the current level appears to be where they start.

Related Reading | Altcoins Bleed After Tesla Bitcoin Buy, BTC Dominance Hints At Deception

Is it finally Litecoin’s time to shine? Technical analysis also supports a bullish breakout in the making. Litecoin has been forming a massive bottoming structure, and there’s a bullish divergence on the RSI along with the MACD flipping bullish. For more reasons to be bullish on Litecoin, go here.

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Over $1 Billion In Stablecoins Are Sidelined Waiting To Push Bitcoin To $100K

Bitcoin is trading only a couple thousand dollars below $50,000, but according to one crypto analyst, there’s over $1 billion in stablecoins waiting on the sidelines to push the leading cryptocurrency by market cap to a price of $100,000 per coin, within the next thirty to sixty days.

Here’s why all this capital sitting on the sides could soon be used to drive prices even higher.

Analyst: Bitcoin Could Reach $100,000 Within 30 to 60 Days

Bitcoin has been an unstoppable uptrend since Black Thursday, almost a year ago to the date.

Since last March when the pandemic struck, the cryptocurrency has blossomed into a star within the finance space, providing returns wildly beyond expectations during a time when profits are slim and money is being debased at a haste.

Related Reading | Stablescoins Act As “Rocket Fuel,” Propels Bitcoin To Another ATH

A flood of institutional capital has pushed the price of Bitcoin during the one year from under $4,000 to $48,000, but within two months, that price could double, according to crypto trader Joseph Canfield. Canfield claims the catalyst for such a massively bullish move in such a short amount of time, is some $1 billion in sidelined stablecoins.

btc bitcoin 100000 stablecoins

Could the $1 billion stablecoins drive Bitcoin to this incredible target within two months? | Source: BTCUSD on TradingView.com

How Stablecoins Have Been Shown To Increase Crypto Prices

Stablecoins such as Tether, USD Coin, Paxos, and many others, are tied 1-to-1 to the dollar, hence the “stable” categorization. As the supply of stablecoins rises, so do the prices of Bitcoin, Ethereum, and the rest of the altcoin market.

The correlation between Tethers being minted and Bitcoin price increase have been documented for years, but they have thus far not produced such results – until now.

Stablecoins have been used recently to place large orders for BTC on Coinbase Pro. Analysts say its like “rocket fuel” for the first ever cryptocurrency during an uptrend.

During recent days, stablecoin activity spiked before the news of Telsa’s Bitcoin buy made rounds. The theory is that the uptick in activity was spot BTC buying on the company’s behalf.

Tesla bought $1.5 billion worth of Bitcoin to add to company reserves and diversify their cash holdings, and it caused the largest daily green candle on record to follow. But since then, resistance has kept the cryptocurrency from clearing $50,000.

Related Reading | Altcoins Bleed After Tesla Bitcoin Buy, BTC Dominance Hints At Deception

Another $1 billion in sidelined stablecoins, could prompt the break of $50,000, which would be yet another major psychological hurdle now in the rear view.

If this can happen, Canfield’s theory that Bitcoin could run to $100,000 within two months, isn’t at all that far fetched. And if it takes only two months to reach $100,000 from here, how high does this cycle go?

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Forget 2021, Here’s How High Bitcoin Price Can Go By 2026

Bitcoin is the talk of financial media, and has even spilled into the mainstream. Celebrities, CEOs, and just about anyone with a voice box is talking about crypto and speculating just how high Bitcoin could go this year. And while the bull market has potential to run much higher throughout the year, its the long-term hold that could end up paying off the best.

Here’s how high Bitcoin price can climb by 2026, according to the stock-to-flow model.

The Path To $1M Per Bitcoin By The Year 2026

Bitcoin is a scarce asset limited to only 21 million BTC. The supply itself is slowly trickled into circulation through a process called mining that’s unique to cryptocurrencies.

Miners validate blocks of transactions, and add them to the blockchain, ensuring accuracy and consistency. For their efforts and to cover off on the required energy costs related to providing hashrate to secure the network, miners are rewarded with BTC.

Related Reading | Bitcoin Overtakes Russian Ruble, Inches Closer To Top Ten Global Currencies

Miners then sell reserves, or hold them along with investors during bull trends to later sell at a mark up. Bear markets bleed out the weaker miners, strengthening the network after each major cycle.

Bull markets then later begin, when a hard-coded halving mechanism slashes the supply of BTC entering the market by half. With holders keeping BTC off exchanges, and miners receiving less overall to sell and being incentivized to also hold strong to sell higher, there’s virtually no sellers in the market these days.

btc bitcoin one million

The red lines represent each halving. Lowered supply results in exponential price increase   | Source: BTCUSD on TradingView.com

With no supply, and demand skyrocketing, the result has been nothing short of amazing, driving Bitcoin to nearly $50,000 already. The rise was predicted, however, by the stock-to-flow model.

The model was created by analyst Plan B, and using the model it further can predict the price per BTC based on the diminishing supply of coins.

bitcoin 2026 $1 million usd

The stock-to-flow model projects more than $1M per coin come 2026  | Source: CryptoWatch

As one crypto analyst points out, as high as Bitcoin might climb this year, the long-term game is where it is at. The stock-to-flow model predicts a price of more than $1 million per BTC by the year 2026.

Related Reading | Running Bitcoin: Passing The Torch From Hal Finney To Jack Dorsey

The high will arrive after the current bull market has finished, and Bitcoin has found a bottom once again. When the cycle begins again post-halving, the path will be to more than $1 million per coin. Can you hold another five years and through yet another bear market? Or will prices this time around be too tempting to sell?

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Stablescoins Act As “Rocket Fuel,” Propels Bitcoin To Another ATH

Bitcoin today blasted through local resistance and set an all-time high price record. The powerful move came after a short-lived drop downward yesterday, providing enough short-sellers to pose as fuel to push prices higher.

What also contributed to the “rocket fuel” was a sudden increase of stablecoins, which whales are finally taking full advantage of according to a crypto quant analyst. Here’s a look at the correlation between stablecoins, and the top cryptocurrency skyrocketing soon after.

Whales Utilize Stablecoins As Rocket Fuel To Squeeze Short Sellers

After Bitcoin broke the previous high earlier this week on the heels of news that green car maker Tesla had purchased $1.5 billion BTC, the cryptocurrency failed to continue higher the following day. An indecision candle followed by a sharp drop to retest lows, baited bears with the appearance of a evening star pattern.

Related Reading | Bitcoin Overtakes Russian Ruble, Inches Closer To Top Ten Global Currencies

Bulls were able to prevent the pattern from fully forming, stopping the candle short of the 50% engulfing requirement. The pattern and minor pullback was enough to lure bears in a trap, and this morning short sellers were squeeze and Bitcoin blasted through resistance to set yet another new high.

Coinciding with the rise, was a sizable uptick in stablecoin transactions that one cryptocurrency quant analyst says was used as “rocket fuel” by whales to pump BTC prices even higher.

Stablecoin transactions were buzzing ahead of the rally  | Source: CryptoQuant

$50,000 Bitcoin Is Next, But Will Tether Eventually Implode?

According to CryptoQaunt CEO Ki Young Ju, Bitcoin is on its way to $50,000 per coin after whales have started revving the engines using stablecoins as “rocket fuel.”

Increases in the supply and activity of stablecoins have long coincided with cryptocurrency market uptrends. The few times Tethers have been pulled from the market, the rug was also pulled on investors.

bitcoin versus tether

The only time Tether's were pulled, Bitcoin plummeted | Source: BTCUSD on TradingView.com

But since the bottom put in around 2018, the stablecoin supply has been on a steady rise. Stablecoins represent real capital entering the crypto market.

Related Reading | Running Bitcoin: Passing The Torch From Hal Finney To Jack Dorsey

Despite the name “stablecoin” the leading dollar-backed token, Tether, is still the subject of extreme controversy. There’s still a large camp that believes that most of the USDT in circulation isn’t actually backed, and could be a black swan that could ultimately take down the crypto market.

The claim has never been proven, and thanks to the growth in newer stablecoins like USDC, Tether might not be the leader for long. Could 2021 be the year the Tether saga comes to a conclusion one way or another?

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Beware: The Signal That Called The 2019 Bitcoin Peak Is Back

The latest Bitcoin uptrend is its most powerful yet, and while momentum has clearly been up for some time, an ominous sell signal has appeared. And while the cryptocurrency has shown little signs of slowdown, the top-sniping signal that perfectly called the 2019 peak is back again.

Will this sequence-based signal result in near flawless market timing once again? Or are bulls far too strong, and the latest signal is just another in a string of failed setups from the typically accurate indicator.

Bitcoin Price Action Triggers Unorthodox Timeframe TD9 Sell Setup

Technical analysis hasn’t worked very well to predict Bitcoin price action recently, and instead the upward momentum has been driven by strong on-chain fundamentals and a distinct lack of available supply.

Related Reading | Bitcoin Overtakes Russian Ruble, Inches Closer To Top Ten Global Currencies

As soon as the trend turned up on higher timeframes, things have only been bullish for Bitcoin. The leading cryptocurrency by market cap has rarely corrected, and when it has it hasn’t achieved the pullbacks from past cycles.

But could the first, larger correction finally be coming? The TD Sequential indicator designed by market timing whiz Thomas Demark is signaling so.

bitcoin TD9

TD 9 has called most of the last major peaks | Source: BTCUSD on TradingView.com

The TD9 sell setup has appeared on a not often used timeframe: the two-week. In technical analysis, higher timeframe signals yield the strongest results.

Weekly sell setups using the indicator have still worked like a charm up until recently, while daily sell setups have been failing ever since $10,000 was broken.

Timing The Top Of The Current Crypto Market Uptrend

However, on two-week timeframes, the signal has still produced some of the largest corrections yet. The most recent, was the mild correction from over $12,000 to under $10,000, right before the massive bullish impulse began.

Related Reading | Running Bitcoin: Passing The Torch From Hal Finney To Jack Dorsey

Before that, however, resulted in a medium term “top” making the signal that much more ominous. But like other timeframes, TD9 sell setups often fail in Bitcoin bull markets.

bitcoin TD9 2

Results are mixed during bull markets, but still somewhat effective | Source: BTCUSD on TradingView.com

A closer look at the last major cycle “top” at $20,000, had a TD9 sell setup appear two full candles before the bear market began. If this cycles matches up with the last, there could be only slightly more than a month remaining in the current uptrend.

The first major bull market came to a climax in late 2013, with a perfected TD 8 and 9 setup, sending the cryptocurrency into its longest crypto winter yet.

What do you think? Is this about it for Bitcoin’s uptrend? Or will the once accurate signal fail on yet another timeframe?

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Bitcoin Market Cap Surpasses Tesla, Here’s Which Companies Are Next

Bitcoin is unstoppable and over the last year its market cap has doubled and then some. The massive flood of capital has caused the market cap o the scarce cryptocurrency to now surpass many major publicly traded corporations and even fiat currencies.

The most recent wave of buying has been driven by news that Telsa had acquired $1.5 billion worth of BTC, but ironically, the momentum pushed Bitcoin’s market cap beyond that of the Musk-led automaker. Here’s what few companies and assets remain ahead of the first ever cryptocurrency.

Bitcoin Beats Tesla In Race For Market Cap

Bitcoin is an asset unlike anything else before it, and since it first came into existence it has been absorbing all the capital that crosses its path.

Crypto has been luring away investors from the stock market, and precious metals. Some of the largest capital inflows to Bitcoin have been a result of outflows from the gold market.

Related Reading | Bitcoin Overtakes Russian Ruble, Inches Closer To Top Ten Global Currencies

The latest flood of FOMO was prompted by news of green car maker Tesla adding $1.5 billion worth of BTC to its corporate balance sheet. Tesla claims that the move is meant to diversify their cash reserves, but could financially harm the company should the position go sour.

bitcoin Tesla market cap

The BTC market cap now beats out Tesla and is right behind Tencent | Source: CompaniesMarketCap 

What’s ironic, however, is that the resulting surge in Bitcoin price, has also brought the market cap of the cryptocurrency to beyond that of Tesla’s.

Here Are The Companies The Cryptocurrency Could Take On Next

At $848 billion, Bitcoin has surpassed Tesla and cemented its position in the top ten assets overall. Above here, the only handful of companies that remain include Google, Apple, and Microsoft. Silver and Gold are also included on the list, as is Chinese tech firm Tencent and the Saudi Arabian Oil Company.

What’s also missing from the list, is 12 fiat currencies, with the next closest being the Swiss franc now that the cryptocurrency has also beaten out the Russian ruble.

 btc market cap bitcoin tesla

Bitcoin's market cap is approaching Apple and Gold.  | Source: CRYPTOCAP-BTC on TradingView.com

With the first ever cryptocurrency only just over a decade young and already challenging companies and currencies that have been around for ages, its only a matter of time that Bitcoin tops every list of assets possible.

Related Reading | Running Bitcoin: Passing The Torch From Hal Finney To Jack Dorsey

A market cap of $1 trillion will position it above Tencent, and at $3 trillion it’ll even crush the most valuable company in the world. At more than $10 trillion it will have unseated gold, and will only have currencies left to face off against.

After that, only global reserve currency status would be fitting for Bitcoin, having beaten all other competitors for capital.

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Bitcoin Overtakes Russian Ruble, Inches Closer To Top Ten Global Currencies

The leading cryptocurrency continues to absorb any and all capital in its path, causing its price and market cap to expand.  The recent uptrend and price appreciation in Bitcoin has caused the asset to outrank the Russian ruble in terms of total market cap.

Here’s why the cryptocurrency continuing to rise the global currency list by rank is so incredibly important to the asset’s future.

Bitcoin Beats Russian Ruble, Closes In On Global Reserve Currency

Despite the asset class having the word itself in its name, Bitcoin pundits and naysayers first line of defense is to point out that very few actually use the asset as a currency.

The first ever cryptocurrency was designed as a peer-to-peer form of “digital cash,” but today it functions more so as “digital gold” instead. Rather than using Bitcoin for paying for goods and services, investors “hold” for the long-term, rarely spending it.

Related Reading | Running Bitcoin: Passing The Torch From Hal Finney To Jack Dorsey

Those that do spend it, end up regretting it later when price appreciates so much. But there’s nothing preventing Bitcoin and other crypto assets from being spent anywhere they’re accepted. And while that might be limited, far more merchants accepting crypto exists than those that’ll take physical gold bars.

That’s why regardless of its current use, Bitcoin is still a currency at its core. And while the crypto asset is still a ways off from catching up to gold’s market cap, as a currency it is trouncing other national superpowers.

bitcoin Russian ruble global currencies

BTC beats RUB and closing in on CHF | Source: FiatMarketCap

The latest currency supply that Bitcoin has now overtaken in total value, is the Russian ruble. A cryptocurrency once worth nothing is now more valuable than all the supply of Russian-made money that exists globally.

What’s more significant, is Bitcoin’s proximity to the top ten currencies by global rank, and the fact it is creeping up right behind the Swiss franc (CHF). The franc is a global reserve currency, making it especially notable if the cryptocurrency passes it.

The argument that Bitcoin is not a currency not only won’t hold any weight, but it could be a sign that its well on its way to becoming the most dominant global reserve currency of all.

bitcoin market cap Russian ruble

BTC is closing in on $1 trillion market cap | Source: CRYPTOCAP-BTC on TradingView.com

After Switzerland, Bitcoin will face off with the Brazilian real and Taiwan dollar. Beyond there, lies the top ten currencies and the likes of the yen, yuan, and US dollar.

Related Reading | Bitcoin Price Closing Above This “Hurdle” Sends Bulls “Off To The Races”

What’s interesting about Bitcoin, is that although few are using it as a currency today, if volatility truly does dissipate through years of adoption, there’s no reason why users of the technology would turn to using it for the day to day transactions.

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Current Bitcoin Consolidation Zone Could Act As The Next Bear Market Bottom

With only a 30% pullback on the books, it is hard to consider the most recent consolidation phase in Bitcoin much of a correction. But whatever base is currently being built within this range, could act as the next bear market botton after the leading cryptocurrency by market cap tops out and the cycle restarts over again.

Here’s why the zone is a likely target for the next major downtrend when it eventually arrives.

When Bitcoin Eventually Tops, Where Will It Drop To?

Bitcoin’s uptrend has only just started, and has a lot more to go. But all uptrends eventually come to an end, assets correct, and a bear market reverts prices back toward the mean.

Bear markets are when foundations are built and only the strongest survive. The fruits of the last bear market are only now coming to light, and anyone who was lucky enough to snipe the exact bottom has the largest ROI to show for their efforts.

Related Reading | Running Bitcoin: Passing The Torch From Hal Finney To Jack Dorsey

Finding a bottom isn’t easy, but because Bitcoin is cyclical with some degree there’s a chance things can be predicted. Using a key zone from the last bull market that ultimately acted as the 2018 bear market bottom, a theory on where the next downtrend might stop can be gleaned.

Finding The Next Bear Market Bottom With Fib Extensions

Using Fibonacci retracement and extension tools, measuring the 2013 peak to the 2014 bottom, Bitcoin eventually hit a snag in the 2017 uptrend around the 2.618 level.

Fibonacci extensions act as potential points of support and resistance when none otherwise exist. With the former all-time high cleared, Bitcoin is back in price discovery mode, and the only potential threats come from Fib extensions, negative news, or rounded numbers like $20,000.

bitcoin bear market bottom 2022

Could this be the next bear market bottom in 2023? | Source: BTCUSD on TradingView.com

Fib extensions, like rounded numbers, act as more of a phycological resistance level. The human brain seeks the easiest path, and investors commonly enter orders at whole, rounded numbers. In terms of why Fib levels work, things aren’t as clear, but because Fib extensions represent a percentage of the original peaks and troughs previously set, investors might have certain targets set based on measured moves.

Related Reading | Bitcoin Price Closing Above This “Hurdle” Sends Bulls “Off To The Races”

Bitcoin is now trading near the same critical 2.618 Fib level. Finding when the cryptocurrency bottoms is also tricky, but because of Bitcoin’s halving-based cyclical nature, there’s a chance that the bear market begins starting at the end of 2022, and the next bear market bottom around $50,000 will arrive come 2023.

Using a Fib-based time tool, the next potential peak and bottom is projected forward, but there’s no telling until after the fact if the timing is accurate.

Of course, this time could very well be different and because the crypto asset is on the verge of such broad adoption that the next top is so high, $50,000 will be too far in the rear view to act as the next bottom.

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Current Bitcoin Consolidation Zone Could Act As The Next Bear Market Bottom

With only a 30% pullback on the books, it is hard to consider the most recent consolidation phase in Bitcoin much of a correction. But whatever base is currently being built within this range, could act as the next bear market botton after the leading cryptocurrency by market cap tops out and the cycle restarts over again.

Here’s why the zone is a likely target for the next major downtrend when it eventually arrives.

When Bitcoin Eventually Tops, Where Will It Drop To?

Bitcoin’s uptrend has only just started, and has a lot more to go. But all uptrends eventually come to an end, assets correct, and a bear market reverts prices back toward the mean.

Bear markets are when foundations are built and only the strongest survive. The fruits of the last bear market are only now coming to light, and anyone who was lucky enough to snipe the exact bottom has the largest ROI to show for their efforts.

Related Reading | Running Bitcoin: Passing The Torch From Hal Finney To Jack Dorsey

Finding a bottom isn’t easy, but because Bitcoin is cyclical with some degree there’s a chance things can be predicted. Using a key zone from the last bull market that ultimately acted as the 2018 bear market bottom, a theory on where the next downtrend might stop can be gleaned.

Finding The Next Bear Market Bottom With Fib Extensions

Using Fibonacci retracement and extension tools, measuring the 2013 peak to the 2014 bottom, Bitcoin eventually hit a snag in the 2017 uptrend around the 2.618 level.

Fibonacci extensions act as potential points of support and resistance when none otherwise exist. With the former all-time high cleared, Bitcoin is back in price discovery mode, and the only potential threats come from Fib extensions, negative news, or rounded numbers like $20,000.

bitcoin bear market bottom 2022

Could this be the next bear market bottom in 2023? | Source: BTCUSD on TradingView.com

Fib extensions, like rounded numbers, act as more of a phycological resistance level. The human brain seeks the easiest path, and investors commonly enter orders at whole, rounded numbers. In terms of why Fib levels work, things aren’t as clear, but because Fib extensions represent a percentage of the original peaks and troughs previously set, investors might have certain targets set based on measured moves.

Related Reading | Bitcoin Price Closing Above This “Hurdle” Sends Bulls “Off To The Races”

Bitcoin is now trading near the same critical 2.618 Fib level. Finding when the cryptocurrency bottoms is also tricky, but because of Bitcoin’s halving-based cyclical nature, there’s a chance that the bear market begins starting at the end of 2022, and the next bear market bottom around $50,000 will arrive come 2023.

Using a Fib-based time tool, the next potential peak and bottom is projected forward, but there’s no telling until after the fact if the timing is accurate.

Of course, this time could very well be different and because the crypto asset is on the verge of such broad adoption that the next top is so high, $50,000 will be too far in the rear view to act as the next bottom.

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Bitcoin Could Double (Again) With A Close Above This Key Level

Bitcoin price rose over $5,000 today due to a powerful surge of FOMO, driven following the news that the Elon Musk-led Tesla had added $1.5 billion in BTC to its company reserves.

The strength of today’s buying frenzy has pushed the daily Relative Strength Index back above a key level. A close above it could send the cryptocurrency’s price doubling. Here’s how.

Bitcoin Blasts Off As Tesla Buys $1.5 Billion In BTC

Bitcoin is in what could be its most important bull market ever. The cryptocurrency is no longer only held by early adopters, tech enthusiasts, evangelists, or traders, and is now the focus of hedge funds, institutions, and major publicly-traded corporations.

The trend of companies buying Bitcoin to bolster their staying power ahead of coming economic struggles began with the NASDAQ-listed software firm MicroStrategy. Since then, a domino effect has begun, with Jack Dorsey’s Square Inc. adding BTC to their treasury reserves, followed most recently by Tesla.

Related Reading | Running Bitcoin: Passing The Torch From Hal Finney To Jack Dorsey

Tesla CEO Elon Musk had previously added Bitcoin and hashtag to his Twitter bio, but now has added to Tesla’s holdings to the tune of $1.5 billion in BTC.

The buy alone sustained price action from breaking deeply below $30,000, and news of it making rounds caused Bitcoin to soar by over $5,000 from low to high today.

But what’s more notable, is that the move will have pushed the daily Relative Strength Index back into bull territory if today’s candle can close at or above current levels.

bitcoin rsi bull

The Relative Strength Index is back in "overbought" bull territory | BTCUSD on TradingView.com

Crypto Prices Could Double If RSI Stays In Bull Zone

The Relative Strength Index is designed to signal when an asset is overbought or oversold. A reading of 70 or 30 suggests an extreme point has been reach, and the chances of a reversal are increased.

In powerfully trending assets, however, they can remain overbought or oversold for a significant amount of time. In the example above, each daily close in overbought territory has resulted in at least another week of upside.

bitcoin btc crypto

The Relative Strength Index could stay overbought until $90K per coin | Source: BTCUSD on TradingView.com

More dramatic than the amount of time assets can rise while staying overbought, in the above example, Bitcoin has risen as much as another 117% once the RSI makes a close above 70.

Related Reading | Bitcoin Price Closing Above This “Hurdle” Sends Bulls “Off To The Races”

Bitcoin price already rallied $5,000 today alone. If this is just the start of the move and its sustained as the last breakout, the price per BTC could double once again in as little as about one month.

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Altcoins Bleed After Tesla Bitcoin Buy, BTC Dominance Hints At Deception

Over the weekend, altcoins began to pull back after an enormous market-wide rally, starting with Ethereum. And while the market looked to be turning bearish, news of a massive Bitcoin buy made by auto manufacturer Tesla set the crypto market on fire.

On Bitcoin pairs, altcoins began to hemorrhage across the board. But according to a certain technical indicator and BTC dominance, the price action could be nothing more than a short-lived shakeout before the full alt season begins.

Tesla Buys Bitcoin, Crypto Fever Boils Over

As if the magma-hot crypto market needed another reason for coins to be trending, an SEC-filing revealed that Tesla had purchased $1.5 billion worth of BTC.

The buy itself was made some time prior, but news of it caused a wave of FOMO and prices began to rocket. Exchanges like Binance went down due to the sheer demand of investors looking to buy Bitcoin.

Related Reading | Altcoin Season Is Here: “Buy Crypto” Surpases Bitcoin Searches On Google

Not only are they looking to buy more BTC in hopes of capitalizing of further upside, but given the nod of support from the likes of Elon Musk, crypto investors have even been dumping altcoins in exchange for more Bitcoin.

But according to the Ichimoku Kinko Hyo technical indicator and BTC dominance, looks can be deceiving.

News Leaves Altcoins Battered, But BTC Dominance Suggests It’s A Shakeout

BTC dominance is a metric that weighs the giant market share Bitcoin commands against the rest of the space. The top cryptocurrency has long enjoyed two-thirds or more dominance, but is at risk of losing it for good.

After another attempt to set new highs in dominance, BTC simmered down and fell back to under 63% as Ethereum broke its former record, and other alts soared.

btc dominance bitcoin bearish retest cloud

BTC.D is being rejected by the Ichimoku cloud on weekly timeframes | Source: CRYPTOCAP-BTC.D on TradingView.com

And while it seems as though dominance is ready to reverse once again, the Ichimoku suggests this is bearish retest in progress. In the chart above, the green candle is back trying to break into the cloud on weekly timeframes. Three failed weeks have left wicks into the cloud, but further upside in dominance hasn’t materialized.

Related Reading | Altcoin Market Cap On The Verge Of Life-Changing Breakout

After repeated rejections, the most likely scenario is down for BTC dominance. And if this happens, the recent altcoin rallies were barely the start of what’s to come for upside.

On higher, monthly timeframes, the story told is similar. A massive green candle was entirely engulfed by bears, meaning altcoins have finally turned the corner against Bitcoin.

btc dominance bitcoin monthly altcoin

Even more bearish signals exist on monthly timeframes | Source: CRYPTOCAP-BTC.D on TradingView.com

Price action on monthly BTC.D charts show that a red candle is barely hanging onto the baseline on the Ichimoku also. A close below it, suggests further downside.

A plummet deep below 63% is likely if the support turned resistance continues to reject BTC.D. Could the greatest alt season on record be just days away? Adding more credence to the theory, recently, Google searches for “buy crypto” began to outpace “buy Bitcoin” for the first time.

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Altcoin Market Cap On The Verge Of Life-Changing Breakout

The top ranked altcoin, Ethereum, has broken its all-time high and like Bitcoin’s big breakout, it has attracted more and more participants to the cryptocurrency market. Valuations are rising everywhere, and the total altcoin market cap is on the verge of a life-changing breakout, if history repeats. And given the current momentum and FOMO across the market, a shocking surge is only weeks if not days away.

Ethereum, Bitcoin FOMO, Reignite Crypto Market Bull Run

Years ago, few knew of Bitcoin let alone Ethereum and the thousands of altcoins that have emerged since the introduction of the first decentralized currency.

Bitcoin’s meteoric rise from $1,000 to $20,000 in 2017 prompted other coins to soar, and Ethereum reached a peak of $1440. With the two top coins roaring, capital began to flow into illiquidity low cap altcoins, which skyrocketed in value.

Related Reading | Here’s How High Bitcoin Could Go If 2017 Repeats

The same scenario is now happening again, following a big bullish breakout by both Ethereum and Bitcoin. Bitcoin led the charge with a rise from $20,000 to $42,000, and Ethereum is already trading $200 more than its former high just days after breaking the record.

Both assets are in price discovery now, and are dragging up the rest of the market. But according to the last major altcoin market breakout, we’ve not seen anything yet, and what’s about to arrive could be life-changing.

altcoin total 2 cryptocap

Altcoin market is on the verge of a major breakout | Source: CRYPTOCAP-TOTAL2

Altcoin Market Cap On The Cusp Of Incredible Breakout

Looking back at the last bull market for crypto, the total altcoin market cap went parabolic and added more than $340 billion in value in the coming months.

From millions to billons in months in no easy feat. The total crypto market cap including Bitcoin is now well over $1 trillion. Could altcoins alone soon be valued in the trillions? Some analysts believe that Ethereum alone could be worth more than $1 trillion. Estimates for Bitcoin reach as high as $10 trillion, so why can’t other altcoins eventually do the same?

Related Reading | Altcoin Season Is Here: “Buy Crypto” Surpases Bitcoin Searches On Google

Crypto is in bull mode and as a speculative asset class anything is possible, but when still so many coins have little to no use case, or are nothing more than memes, even if the market does make it to trillions the capital will flow into projects with real value.

Life-changing wealth could be right around the corner, but remember, wealth is only made when positions are closed. Don’t be stuck holding bags of worthless but once pumping coins when its all said and done. XRP, for example, remains significantly below its former all-time high, proving that not all altcoins are winners.

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Running Bitcoin: Passing The Torch From Hal Finney To Jack Dorsey

Last night, Twitter CEO Jack Dorsey tweeted the phrase “running Bitcoin,” as both a nod to computer scientist Hal Finney and to reveal to the world he is running a full node.

Here’s what this means for the first ever cryptocurrency along with a look a how it all started, and where Bitcoin is going next.

How It All Started: Hal Finney Tweets He’s “Running Bitcoin”

Few realized at the time just how significant a tweet from Hal Finney dated January 10, 2009 would ultimately be. The tweet containing only the phrase “running Bitcoin” was among the first the internet had ever heard of the cryptocurrency.

The tweet arrived only seven days following the Genesis Block, and Finney himself was the first to ever be on the receiving end of a BTC transaction.

Related Reading | Who Is Satoshi? Rounding Up The Usual Suspects In The Search For Bitcoin Creator

What Finney was referring to was the fact he was running a Bitcoin “node.” According to Bitcoin.org, a full node is “a program that fully validates transactions and blocks.”

Because Bitcoin is operated by no central authority, volunteers like Finney leverage computing power to help keep the network and code in operation.

Finney is part of a handful of early cryptocurrency supporters that are thought to potentially be Satoshi. Finney has since passed, but the legacy he and his tweet left behind have been critical to adoption of the emerging technology.

running bitcoin

How it started versus how its going, crypto-version | Source: BTCUSD on TradingView.com

How It’s Going: The Torch Has Been Passed To Today’s Tech Leaders

Today, the talk of the crypto industry is the fact that Twitter CEO Jack Dorsey has revealed in a tweet he is also now “running Bitcoin.” Included in the tweet is a screenshot of the code in action.

But the significance goes far beyond one of the most prominent tech leaders continuing to promote Bitcoin. What this more accurately represents, is a passing of the torch from one of the asset’s most influential pioneers to the next.

A pioneer is defined as someone who explores something new. By that definition, Hal Finney is undoubtably a pioneer in crypto. But Dorsey, is a pioneer in his own right.

Dorsey who also serves as the CEO of Square Inc., helped start the trend of corporations adding BTC to their treasury reserves. Square also sells Bitcoin directly to consumers, among other related financial services.

The social media head has also verbally championed Bitcoin as the potentially the next global reserve asset for the internet era and seems intent on seeing that through.

Related Reading | Here’s How High Bitcoin Could Go If 2017 Repeats

One noticeable difference between the two iconic tweets is that Dorsey’s now contains a Bitcoin logo hashtag, custom built by a team he leads.

Dorsey doesn’t need to run Bitcoin. He’s doing it because he is, like Hal, pushing the technology forward first and foremost.

Without Finney and his tweet, the likes of Dorsey might never have learned of Bitcoin and all it can offer the world. Finney’s soapbox was nowhere as large as Dorsey’s – could Dorsey’s “running Bitcoin” tweet some day be nearly as important as Finney’s, or perhaps more so?

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Bitcoin Price Closing Above This “Hurdle” Sends Bulls “Off To The Races”

Bitcoin price has been consolidating for many weeks now, but has still yet to choose continuation or further correction. Over the last few days, bulls have begun to regain momentum, but have yet to clear one important hurdle before it is “off to the races,” says one crypto capital manager.

Here’s the line they’re referring to and what the rest of the race might look like once this hurdle is overcome and bulls take back full control.

$40,600: The “Hurdle” Bitcoin Must Jump For The Uptrend To Resume

Bitcoin spent nearly two full years in accumulation between $3,000 and $10,000, but once that range was breached the cryptocurrency quadrupled in value in just a few months.

The rise was sharp and abrupt, causing widespread Bitcoin FOMO ranging from retail, to celebs, to institutions and corporations. But after profit-taking kicked in around $42,000, the leading cryptocurrency has been consolidating, and altcoins like Ethereum have stolen the show.

Related Reading | GMI Model Estimates Bitcoin Fair Value At $300K By October 2021

Bitcoin is starting to rise again, and has reclaimed the middle of the current range. But before another attempt at $42,000 which will likely be broken with little challenge, the main “hurdle” price action must  overcome is at $40,600.

bitcoin hurdle

Here is the line that Bitcoin price must beat to keep rising | Source: BTCUSD on TradingView.com

 

Bulls Are “Off To The Races” Once Resistance Is Taken

What happens when Bitcoin takes out $40,600? Jeff Ross, CEO of Vailshire Capital claims that its then “off to the races” and the uptrend will resume.

According to the chart Ross has shared, the price represents the highest daily candle close on the BTCUSDT trading pair on Binance.

That price might not translate perfectly to competitor exchanges like Coinbase, which have been trading at a premium due to spot buying.

Ross previously called for the rise to current levels after earlier this week confirming a clean technical breakout.  Bitcoin had been trading within what appeared to be a descending triangle. Descending triangles are typically bearish patterns, but in this case after a false breakdown, price action deceptively turned around and broke upward.

Related Reading | Sats Stats: Bitcoin Grows 37x In Four Years From Today

As far as what off to the races looks like, Ross doesn’t say, but the next logical level will be the high around $42,000 itself. If that is taken out, Bitcoin price could once again quadruple within weeks as the bullish impulse picks up in pace.

Thus far, the bull run has been behaving very differently than the last, with very few corrections and none reaching the last cycle average of 37% of more.

Without a correction, buyers will be left paying only increasingly higher prices.


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Here’s How High Bitcoin Could Go If 2017 Repeats

Bitcoin is in a bull market and anyone who understands the cryptocurrency’s potential knows that much higher prices are ahead in the short- and long-term. But how high would prices actually reach if the cryptocurrency’s price action mimicked the epic 2017 rally, tick for tick?

An analyst at Ark Invest has come up with a hypothetical chart that demonstrates what could come if a similar trajectory is followed. And according to the chart, the Bitcoin price would top out at roughly $390,000 at the height of the current cycle.

Bull Trend Emerges, But Can It Match Record-Breaking 2017 Rally?

When Bitcoin begins to trend – regardless of direction – it trends hard. But while downtrends start sharply and end in a similar manner, bull markets often have sustained momentum that propels the asset to significantly higher prices each market cycle.

Where the cryptocurrency is in its current market cycle is up for debate, but thanks to the asset’s hard-coded block reward “halving” the cycle can be predicted with some accuracy.

Related Reading | GMI Model Estimates Bitcoin Fair Value At $300K By October 2021

Where Bitcoin is now could be somewhere before what the creator of the popular stock-to-flow model says is the “point of no return.” At this point in 2017, the top cryptocurrency jumped from around $1,000 to $20,000 and made it a household name.

This time, according to a chart shared by Ark Invest analyst Yassine Elmandrja, if the same path is followed, Bitcoin could hypothetically reach $390,000 per BTC before peaking.

What the linear chart would look like if 2017 repeats | Source: Ark Investment Management, LLC

Bitcoin Bull Run Reaches Final Stretch, But Peak Projected At $390,000

What isn’t pointed out, however, that if the same path is being followed and according to the chart Bitcoin is somewhere around May 2017, there’s only a few months left of the current bull run.

This also means is that analysts are expecting Bitcoin price to rise by over ten times within the next few months as investors scramble to buy up whatever supply remains.

Related Reading | Sats Stats: Bitcoin Grows 37x In Four Years From Today

Bitcoin did roughly a 10x from Black Thursday through now, but is it capable of another 10x from here? Anything is possible given the supply constraints, and the sudden influx of institutional capital that could soon be coming.

The chart shared by the analyst might appear ridiculous, but as is evident by the 2013 peak barely representing a blip on the chart, the same is again possible.

The same trajectory, but on log scale | Source: BTCUSD on TradingView.com

Viewing the same chart in logarithmic scale shows a more realistic take on the same chart, with parabolic curves to support the trajectory that takes the price per BTC to the hypothetical target implied.

Could Bitcoin really reach $390,000 per coin before peaking?

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Sats Stats: Bitcoin Grows 37x In Four Years From Today

Bitcoin is in a powerful uptrend, and has brought investors more ROI than any other asset on the face of the planet. In just four years from today, the leading cryptocurrency by market cap has done a 37x.

Here’s a trip back down memory lane looking at how far we’ve come since then, and how far Bitcoin price could rise in the future if things keep on climbing.

Bitcoin Price Action Delivers 37x Returns Since February 2017

Bitcoin is not like other assets. It shares the most similarities with physical gold, but exists only in cyberspace. The crypto asset has been digitally coded so that its supply is limited to only 21 million BTC.

Related Reading | Altcoin Season Is Here: “Buy Crypto” Surpases Bitcoin Searches On Google

The digital rarity has prompted investors to consider the asset as a hedge against inflation, much like the role gold has served for centuries. But when it comes to Bitcoin, because it beats gold in just about every way imaginable, the upside in the young cryptocurrency is far better than in other markets, even precious metals.

In fact, in just four years time, Bitcoin has done a 37x. The chart below, produced earlier this morning, cites a 36x increase, but the cryptocurrency has already added another $1000 to its price tag while this piece was being written.

bitcoin 37x

Other four year periods have produced even greater results | BTCCharts on Twitter

Four years ago from this date, Bitcoin was trading below $1,000 on its way back up from its bear market bottom and onward to $20,000. Where it goes next, however, could be shocking.

The Cryptocurrency’s Current Trajectory Means Number Go Up

At one point, Bitcoin was virtually worthless. Other four year phases of Bitcoin price action have also resulted in 53x, 37x, and 125x returns. The boom and bust cycles each time attract new participants.

Four years was chosen as a sample size, as that’s how often each block reward halving takes place. The event is built into the Bitcoin core code and the mechanism reduces the amount of BTC miners received at these regularly scheduled intervals.

bitcoin sats stats

Bitcoin has a lot more to go during this phase | BTCUSD on TradingView.com

This mechanism is the magic that makes the internet money so much more interesting than gold. In gold bull markets, miners increase productivity and output to produce more ounces of the precious metal, flooding the market with more and more supply. Supply eventually is enough to meet demand, and momentum begins to trail off.

Related Reading | Data Shows Dogecoin Pump Was Driven By Robinhood Buyers

With Bitcoin, when demand begins to rise, supply is slashed in half, causing the price to rise exponentially and go parabolic. This dramatic movement is what sucks more and more investors in, and is exactly what we are witnessing again.

The current rate of return is 37x in four years. What will it be in the next four years?

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Five Reasons Why Litecoin Is Ready To Shine Once Again

Thus far, Litecoin has been among the weakest performers in the cryptocurrency top ten by market cap during this recent altcoin season, but that is all about to change.

Here’s why Litecoin is ready to shine once again and could soon become the stand-out industry leader.

Why Has Litecoin Lagged Behind The Rest Of The Altcoin Market?

Markets are cyclical, and capital flows to and from one asset to another. During crypto bear markets, money trends towards the dollar and away from risk.

Altcoins especially take the brunt of the beating, and Bitcoin holds onto more value gained than others. But when sentiment is positive, altcoins typically outperform Bitcoin by a sizable margin, during phases called alt seasons.

Related Reading | Here’s The Line Separating Bitcoin Dominance From Altcoin Season

Another alt season is upon us, and even meme-based assets like Dogecoin are rallying 800% in a single day. Ethereum has set a new all-time high and most other top ten cryptocurrencies by market cap are soaring. Even XRP, a coin now reeling due to being deemed an unregistered security by the SEC, saw a surge.

Meanwhile, one of the oldest coins out there and one that has hung onto the top ten assets by market cap for much of its existence, continues to lag behind the market. But Litecoin could be gearing up for something huge.

Litecoin has an extremely negative reputation in the crypto market, both for its recent failure to produce returns for investors, and due to the coin’s founder dumping holdings at the peak of the last bull market.

It left a sour taste behind and tarnished the digital silver’s reputation. But technically, and fundamentally, Litecoin is ready to rip.

Technical And Fundamental Factors To Fuel FOMO For Digital Silver

According to data from Grayscale Investments, BTC holdings over the last 30 days have increased by more than 40,000 BTC. ETH holdings dropped by 6,000. Grayscale, however, added 150,000 LTC during the same timeframe for bullish signal number one.

The asset’s supply isn’t quite as scarce as Bitcoin, but at 84 million LTC it is still slim picking for institutions.

In terms of bullish technicals, Litecoin has broke upward out of a massive, multi-year symmetrical triangle, which projects a target of nearly $700 per LTC.

litecoin symmetrical triangle

Litecoin is ready to take off against the dollar | Source: LTCUSD on TradingView.com

Pushing beyond the current resistance level (red) on the USD pair, would also trigger the confirmation of an Adam and Eve bottoming pattern (blue).

Related Reading | Altcoin Season Is Here: “Buy Crypto” Surpases Bitcoin Searches On Google

A similar pattern might also be forming on the LTCBTC trading pair, coinciding with a high timeframe falling wedge. Technical indicators are also bullish, with the Relative Strength Index potentially exhibiting a hidden divergence, and the monthly MACD nearly crossing upward.

ltcbtc

Upside against Bitcoin is also likely for Litecoin | Source: LTCBTC on TradingView.com

The MACD crossing up would indicate that momentum has shifted, and buying could pick up steam. Much like what was the case with Bitcoin and Ethereum, once the assets began to rally, FOMO kicked in and the rest is history.

Former all-time highs were smashed and each coin has entered price discovery mode. Is that’s what is next for Litecoin?

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Data Shows Dogecoin Pump Was Driven By Robinhood Buyers

Last week, Dogecoin exploded with an 800% intraday move. On-chain data looking closely at daily active addresses, however, suggests that the pump and dump was almost entirely driven by Robinhood buyers.

Here’s what this means for both sides of the coin.

Dogecoin Reignites Retail Interest in Crypto After 800% Rally

Dogecoin’s recent rally lived up to its “much wow” catchphrase, climbing 800% from under a penny to more than 6 cents per token.

Dogecoin became the target of a group of organized buyers after shares of GameStop and other stocks were restricted from trading last week. With those stocks unable to trade, the trend turned toward cryptocurrencies.

Related Reading | Altcoin Season Is Here: “Buy Crypto” Surpases Bitcoin Searches On Google

The meme-based altcoin was an easy choice for the organizers who range from Redditors to Tik Tok content creators, mostly because of its low price and adorable pup logo.

dogecoin robinhood reddit bitcoin crypto

Doge pumped over 800% in a single day | Source: DOGEUSD on TradingView.com

Fundamentally Flawed: Why Buying Altcoins On Robinhood Is The Wrong Idea

Even though investors piled into Dogecoin en masse, pumping its price, daily active addresses failed to set a new high, according to CoinMetrics.

This data suggests that the pump was driven primarily by Robinhood investors, as new users on proper crypto platforms would have resulted in new address creation.

dogecoin robinhood reddit bitcoin crypto

Daily active addresses climbed but failed to set a new high | Source: CoinMetrics on Twitter

Robinhood gained popularity over the last several years by offering retail investors quick and easy exposure of top traded company shares through a sleek user interface.

The platform introduced cryptocurrencies in 2018, but Robinhood doesn’t work the same way as most cryptocurrency exchanges. Any cryptocurrencies bought on Robinhood cannot be moved to and from the platform, meaning users don’t actually own the crypto.

On-chain data shows a lack of a corresponding spike of new addresses that matches the growth in price. The lack of fundamental growth in the meme-coin likely means that any price increase from organized pumps won’t be sustainable. However, the rally was enough potentially to ignite altcoin season in the crypto space.

Related Reading | Robinhood Reminder: Not Your Keys, Not Your Bitcoin

Dogecoin in the past has been used successfully as a barometer of sentiment in altcoins, and its emergence is a sign to take positions in coins with more utility and value.

Coinciding with all of this, Google searches for “buy crypto” have begun to outweigh “buy Bitcoin.” Those who do end up buying more crypto due to the allure of Dogecoin-like gains, should do so from a platform that allows you to self-custody the assets such as Coinbase.

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