The world’s flagship crypto lost over $1,000 in less than 24 hours amid the bullish trend playing out at the world’s most valuable crypto market.
What we know: At the time of filing this report, Bitcoin price traded at $17,553.85 with a daily trading volume of $33,082,220,004. BTC price is down -2.3% in the last 24 hours. It was previously trading above $18,560 on Wednesday morning.
The major reason why the most valuable crypto seems to be falling near $18,500, remains the bias that the strongest resistance level before a new all-time high is $18,500 Hence, amid increased selling pressure sellers as breaching the $18,500 price level upward would boost the chances for a broader rally.
- Taking into consideration that most bitcoin wallets are in profit, unsurprisingly some investors are already cashing out some of their gains amid the end of a turbulent 2020
- That said, its recent price action shows its tilting towards an overbought position.
What they are saying
Willy Woo, a former partner at Adaptive Capital, a respected Bitcoin analyst in the crypto-verse, gave key insights on what could make the Crypto bulls suffer from exhaustion, as it approaches the $17,000 mark.
Woo said, “The spike in coin buying should not be underestimated; it’s the largest spike in the 5-year chart below. Overall BTC remains bullish, however, the price needs to settle.
“That said, during this pump, the volume of coins scooped off exchanges by buyers was unprecedented. This price move was entirely organic, powered by significant buyer demand rather than the usual trader-driven action on derivative exchanges. I have not seen an organic pump at this scale in years.”
Meanwhile, BTC Supply in Loss (1d MA) just reached a 2-year low of 328,763.223. BTC’s previous 2-year low of 329,239.896 BTC was observed on November 6, 2020.
What to expect
Taking into consideration the increased buying pressure of the world’s most valuable crypto, Nairametrics’ view on Bitcoin remains bullish in the long term. However, the price needs to cool off at least temporarily. That said, the duration for such consolidation is pretty unknown, as it could be only for a few days or a protracted consolidation for another week or even longer is hard to tell right now.
Cardano running on hot steam, bounces above $1 mark
Cardano at the time of writing this report was trading at $1.047324, up 20.35% on the day.
Cardano, the sixth most valuable crypto is enjoying impressive gains amid record-buying pressure from crypto investors.
At the time of writing this report, Cardano was trading at $1.047324, up 20.35% on the day. It was the digital currency’s biggest one-day percentage gain since February 20, 2021.
Such appreciation sighted in the fast-rising crypto asset, pushed Cardano’s market value to $32.38 billion, or 2.10% of the total cryptocurrency market value. At its highest, Cardano’s market cap was pegged at $35 million.
Cardano had traded in a range of $0.899630 to $1.047324 for the day.
Over the past seven days, Cardano has seen a rise in value, as it gained 21.56%. The volume of Cardano traded for the day at the time of writing, was $10.583078 billion or 4.48% of the total volume of all cryptocurrencies.
It has traded in a range of $0.8115 to $1.1971 in the past 7 days.
Highly revered crypto analyst/trader, Michaël van de Poppe also recommended the fast-rising crypto asset.
In a video (titled “Cardano Breaks $1 But $10 Is Possible In This Bull Cycle! Here’s Why!”) released recently the crypto pundit told his followers on Youtube channel that:
“Cardano going towards $10 is not that weird to calculate from here, especially given the fact, and I’ve been saying this in the past week multiple times, especially given the fact that Cardano and mostly all the Bitcoin pairs are just barely waking up. So there’s still much more to gain for the Bitcoin pairs.”
- Cardano (ADA) lately has been tipped to outperform, on the bias that it is headed towards its smart contract launch last month, leading to a significant amount of applications built on Cardano in 2021.
- This means that more developers will see it as an attractive medium for building their desired apps.
Elon Musk’s SpaceX is exploring the merits of buying Bitcoin
SpaceX, a company founded by Elon Musk is exploring the merits of buying Bitcoin, according to MicroStrategy CEO, Michael Saylor.
MicroStrategy CEO, Michael Saylor, has revealed that SpaceX, a company founded by Elon Musk, is exploring the merits of buying Bitcoin.
Saylor revealed that top representatives from SpaceX were among 7,000 companies represented at MicroStrategy’s recent Bitcoin seminar, which the leading business intelligence company organized to aid companies interested in buying Bitcoin as a treasury asset.
“We had people from SpaceX there. We had people [from] some of Elon Musk’s companies. We had people from Marathon there.
“The ones you would expect were there, but of course, there’s an avalanche of private companies, and there were a decent number of public companies and treasurers and CFOs that were lurking.
“Some don’t want to have their names mentioned, as you can imagine, because it’s a sensitive topic,” Saylor said.
However, a significant number of traditional finance experts are not buying into the flagship crypto bullish run, as they see little value in the digital currency on the account that they believe Bitcoin, and other leading cryptos are just part of a larger speculative bubble.
Recent reports suggest SpaceX raised another $850 million this month from a group of leading institutional investors led by Sequoia Capital.
- Such investment now puts SpaceX’s valuation at $74 billion, a 60% jump from August, and helped boost Musk’s net worth by about $11 billion, according to the index.
- A November 15, 2016 filing with the Federal Communications Commission revealed that the tech billionaire owned 54% of SpaceX.
Micheal Saylor has always been a strong fan of the world’s most popular crypto asset and he thus shares the bias that companies can use Bitcoin to hedge against future fiat inflation and allow them to plug into a revolutionary and superior monetary network.
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