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Cryptocurrency

Crypto market post all-time high, breaks past $1.15 trillion

The Crypto market struck a lifetime high after gaining five times in market value since 2020.

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List of Cryptos not worth buying

The total market value of the crypto market just smashed past $1.15 trillion for the first time ever, amid the strong bullish and volatile rally in Bitcoin and other leading Crypto-assets like Ethereum, Stellar, Chainlink, and Cardano.

The Crypto market struck a lifetime high after gaining five times in market value since 2020 as data retrieved from TradingView shows.

READ: 52.5 million Ethereum wallets are making money

What this means: Crypto analysts have hinted at the incredible demand sighted from crypto traders, trend-following hedge funds, and lately the powerful institutional investors as among the reasons for such record gains.

Crypto assets are flying on stealth mode as the world becomes awash with record stimulus deals triggered by global central banks, using such programs in supporting the global economy.

READ: Wallstreetbets triggers top 5 richest billionaires to suffer daily loss of $20 billion

This incredible feat in the crypto market shows global investors and traders are rushing into digital coins, and hedging against inflation-prone assets like currencies.

  • The total crypto market volume over the last 24 hours is $152.17 billion, which makes a 0.47% increase.
  • The total volume in DeFi is currently $14.21 billion, 9.34% of the total crypto market daily volume.
  • The volume of all stable coins is now $118.92 billion, which is 78.15% of the total crypto market 24-hour volume.
  • At the time of drafting this report, Bitcoin’s price is currently $38,031.05.

READ: List of Cryptos outperforming Bitcoin, with weekly gains of over 100%

The past couple of months were all about bitcoin and large-cap assets like Ethereum, Ripple, and Tether attracting more investors. But the narrative has quickly switched as DeFi tokens and other altcoins are riding on the crypto bullish trend.

Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Follow Olumide on Twitter @tokunboadesina. He is a Member of the Chartered Financial Analyst Society.

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Cryptocurrency

Unknown whale moves $342 million worth of Bitcoin

an unknown BTC whale moved 7,215 BTC (342,066,420 USD) transferred from an Unknown wallet to an unknown wallet

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whale

A significant number of wealthy investors have increased their transactional volume lately in Bitcoin’s market amid rising price volatility in the ever-changing crypto-verse.

Data obtained from Whale Alert, a crypto analytic tracker, revealed that an unknown BTC whale transferred 7,215 BTC (342,066,420 USD) from an unknown wallet to another unknown wallet, some hours ago.

Active crypto-traders and powerful investors seem to now be using the flagship crypto asset of late as a form of treasury asset. Though it’s often challenging to anticipate market movements in the ever-changing crypto market, Bitcoin whales have shown historically that they often determine the BTC trend.

At the time of writing this report, the flagship crypto traded at $47,834.54 USD with a daily trading volume of $47 billion. Bitcoin is down 1.81% for the day.

However, it’s important to note that the market liquidity is tightening at the flagship crypto market, as there are less than 4 million BTCs in circulation available for upcoming investors including the likes of Grayscale, Paypal, and hedge funds.

Recent reports reveal that MicroStrategy Inc. recently bought more Bitcoin to raise the enterprise-software firm’s holdings to more than $4.3 billion.

  • It’s critical to note that just 21 million Bitcoins are ever going to be produced in total, and presently, there are about 18.9 million Bitcoins in circulation.
  • This shows a differential of about 2.1 million Bitcoins left to be produced, not forgetting about 4.5 million Bitcoin that have already been lost forever.

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Cryptocurrency

Bitcoins dash up strongly amid high buying spree

Bitcoin traded at $48,715.70 with a daily trading volume of $54.8 billion. Bitcoin is up 6.05% for the day.

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MicroStrategy, Data obtained from thecrypto analytics firm says that, the number of Bitcoin addresses having at least 0.1 BTC has risen by 14% over the past one year, Did Satoshi Nakamoto cause the panic sell-off in Bitcoin market, Bitcoin hits $8,826, Pigs hit hard at BTC market, plunges 8%

The price of bitcoin and saw strong gains amid high buying pressures particularly from wealthy investors, as the entire market capitalization surged by 5.62% at the time this report was written.

Bitcoin traded at $48,715.70  with a daily trading volume of $54.8 billion. Bitcoin is up 6.05% for the day.

This is coming on macros suggesting the daily Bitcoin Spent Output Profit Ratio has seen a full reset and turned negative for the first time in five months – investors were on average moving BTC at a slight loss, indicating profit-taking has abated.

In an exclusive interview with Nairametrics, Louis Schoeman, a Snr. Forex analyst at Forexsuggest, a Luxembourg-based currency analytic firm explained the rationality behind Bitcoin’s recent surge.

READ: About 33% of pension funds, hedge funds now own digital assets such as Bitcoin

“A bitcoin market correction has definitely been made in the last 7 days. According to our analysis, the reason for the price rise again is that hedge funds are starting to invest more aggressively in bitcoin,” Schoeman said.

In addition a leading global bank, Citi had recently suggested the flagship crypto-asset could “become the currency of choice for international trade,” thanks to its “decentralized design, lack of foreign exchange exposure, fast (and potentially cheaper) money movements, secure payment channels, and traceability.”

Crypto experts also argue that such strong demand in the Bitcoin market is largely attributed to the fact institutions are coming.

The market liquidity is tightening at the flagship Crypto market, as there are less than 4 million BTCs in circulation available for upcoming investors including the likes of Grayscale, Paypal, Microstrategy, hedge funds, MicroStrategy Inc.’s Michael Saylor purchased more Bitcoin to raise the enterprise-software company’s holdings to more than $4 billion.

READ: British hedge fund earns £540 million from selling half of its Bitcoin holdings

Recent reports reveal that MicroStrategy Inc. recently bought more Bitcoin to raise the enterprise-software firm’s holdings to more than $4.3 billion.

It’s critical to note that just 21 million Bitcoins are ever going to be produced in total, and presently, there is about 18.9 million Bitcoin in circulation.

This shows a differential of about 2.1 million Bitcoin that are left to be produced, not forgetting about 4.5 million Bitcoins that have already been lost forever.

bitcoin train

This also means that liquidity is drying up, with a growing demand for Bitcoin increasing, the price would most likely stay north.

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