Bitcoin traded at $37,422.2 up 10.05% on the day, amassing the largest one-day percentage gain since November 5, 2020.
What you should know: Such gains pushed Bitcoin’s market value to $697 billion, or 68.98% of the total crypto market value. At its highest, Bitcoin’s market value was $759 billion.
- Bitcoin had traded in a daily range of $32,451.9 to $37,764.6.
- Over the week, Bitcoin has seen a rise in value, as it gained 3.74%.
- The volume of Bitcoin traded for the day to the time of writing stood at $70 billion or 52.43% of the total volume of all Crypto market.
Bitcoin has been ranging between $30,411.5957 and $41,921. in the past week.
At its current price, Bitcoin is still down 10.73% from its all-time high of $41,921.72 set on January 8.
What this means: It’s key to note that the most popular crypto asset some hours ago broke through the $35,000 resistance level and appears to be stepping into a new range that would see the price trading around the $38,000 to $40,000 price levels.
Its most recent recovery from the $34,000 price level also appears to have invalidated what previously looked like a bearish head-and-shoulders pattern forming on the 4-hour timeframe price pattern on the Bitcoin chart.
That said, the number of wallets having at least the lowest unit of Bitcoin, just reached an all-time high. Data retrieved from Glassnode, a crypto analytic trading firm, revealed Bitcoin’s number of non-zero addresses just reached an all-time high of 33,539,871
The previous ATH of 33,538,483 was observed on 12 January 2021.
Previous ATH of 33,538,483 was observed on 12 January 2021
— glassnode alerts (@glassnodealerts) January 13, 2021
Present day cryptos won’t last long – Bank of England
The most powerful British monetary policymaker, is not of the bias that the current generation of digital assets has the structure needed to ensure long-term regulatory survival
The most powerful British monetary policymaker, Andrew Bailey, is not of the bias that the current generation of digital assets has the structure needed to ensure long-term regulatory survival.
Speaking during the World Economic Forum yesterday on “Resetting Digital Currencies” the Bank of England governor reacted to a question on whether crypto is here to stay for the long term with skepticism:
“Are cryptocurrencies here to stay? Digital innovation in payments – yes. Have we landed on what I would call the design, governance, and arrangements for a lasting digital currency? No, I don’t think we’re there yet […] I don’t think cryptocurrencies as originally formulated are it.”
In a report credited to This is Money, a British-based financial newspaper, Andrew Bailey said that crypto-currencies in their current state were not likely to be the final settling point, as consumers, businesses, and regulators would look for digital currencies that are stable, safe, and well-designed before fully shifting away from traditional currencies like the pound and dollar.
What you should know: At the time of drafting this report, the crypto market was valued at $955 billion, a 2.23% drop over the last day.
- The total crypto market volume for the day stood at $128 billion, which makes a 2.15% increase.
- The total volume in DeFi is currently $15.65 billion, 12.19% of the total crypto market’s 24-hour volume.
- The volume of all stable coins is now $101.61 billion, which is 79.15% of the total crypto market 24-hour volume.
- Bitcoin’s price is currently $32,164.91.
- Bitcoin’s dominance is currently 62.86%, an increase of 0.65% over the day.
List of Cryptos expected to outperform many financial assets in 2021
A list of cryptos expected to do very well in 2021 has been unveiled by a renowned crypto expert.
Widely respected crypto trader, Michaël van de Poppe recently unveiled the list of cryptos expected to do very well in 2021 amid the prevailing bullish run in the Crypto verse.
He started by mentioning Polkadot (DOT) and looking at levels where investors can buy on dips.
“We do see these retests at $15. That was one of the levels I discussed. Another one is this $13-level which is lower timeframes and then we’ve got this area around $10.50,” he said.
Polkadot protocol connects private and public chains, oracles future technologies, and permission-less networks allowing such independent networks to share information and transactions through the Polkadot relay chain,
Van de Poppe expects the next leg of the bull run to catapult DOT to his targets at $25, $29, and $45.
In addition to Polkadot, the analyst says he’s also bullish on smart contract platform Cardano (ADA), blockchain for enterprise solutions Zilliqa (ZIL), hybrid blockchain platform ICON (ICX), high throughput blockchain Elrond (EGLD), and interoperable blockchain network Cosmos (ATOM).
Cardano is a type of blockchain that permits people to receive and send funds.
- ADA coin is the name of the cryptocurrency.
- It uses the Cardano blockchain and it also allows people to design smart contracts just like Ethereum.
Elrond is a type of blockchain architecture, created to facilitate a 1000-fold cumulative improvement in the execution of speed.
Its architecture combines a secure Proof of Stake (PoS) algorithm facilitating unlimited scalability.
Zilliqa is a type of cryptocurrency that focuses on making blockchains more scalable and much faster; It uses sharding technology to simplify the consensus process so that blockchains like Ethereum can provide fast transaction processing successfully.
Another solid crypto on the crypto expert’s radar is Celer Network (CELR). He says the layer-two scaling platform can potentially rise to $0.035, representing a potential return of 400% from its present value of $0.007.
Last but not least is chainlink on the bias it has more room for upsides as its still upcoming crypto and has a solid fundamental;
“Chainlink itself has a very big market share of the oracle niche. Other oracles are just starting up their first,” Poppe said.
Chainlink is a blockchain that is designed to bridge the space between blockchain technology-based smart contracts (created by ETH), and other user programs.
Chainlink defying law of gravity, now more valuable than Litecoin
Chainlink traded at $25.31 with a daily trading volume of $3.9 billion and gained about 20,000 percent since its inception.
Chainlink (LINK) continued its bullish rally amid strong buying pressure in recent days, thereby setting a new all-time high at $25.50 and surpassing Litecoin (LTC) in terms of total market cap to become the seventh most valuable crypto.
What you should know: At the time of drafting this report, Chainlink traded at $25.31 with a daily trading volume of $3.9 billion. It has gained about 20,000 percent since its inception.
- Since blockchains by principle can’t have access to data outside their paths or networks, a DeFi instrument is needed to facilitate data feeds in smart contracts, and Chainlink helps to solve such needs.
Recall some days back, a highly revered crypto strategist, Michaël van de Poppe, listed some crypto assets that might likely overtake XRP as Polkadot did. Michaël, via his Twitter handle, revealed the cryptos expected to surpass XRP.
“Polkadot takes over spot 4 over XRP by market capitalization. Just a matter of time before Cardano, Chainlink, and Litecoin surpass XRP too.”
— Michaël van de Poppe (@CryptoMichNL) January 16, 2021
For enterprises, Chainlink is an abstraction layer that securely connects smart contracts to existing backend systems, massively expanding the kinds of business use cases that are possible, from parametric weather insurance to supply chain tracking.
Should you buy it now?
Many individuals have the impulse to enter a position when the price is soaring. But those support/resistance flips actually give the best entries. Specifically, the first area of concern for global investors is the $25 resistance level, on the bias that some crypto traders anticipate profit-taking amid its impressive run in recent days.