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Cryptocurrency

Crypto market value nears $2 trillion, as Bitcoin surges to $60,000

The total crypto market volume over the last 24 hours was $167.59 billion, which makes a 0.55% decrease.

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High buying pressure from the two leading Crypto assets by market value has pushed the crypto market valuation near $2 trillion.

The flagship Crypto, Bitcoin, which was significantly responsible for this feat, has posted gains of more than 16% in the last 7 days, while Ethereum hit the $2,000 mark. At the time of writing this article:

  • The global crypto market cap stood at $1.93 trillion, a 2.22% increase over the previous day.
  • The total crypto market volume over the last 24 hours was $167.59 billion, which makes a 0.55% decrease.
  • The world’s most popular crypto traded at $60,253.05.
  • Bitcoin’s dominance was 58.21%, a decrease of 0.33% over the day.

Crypto pundits have cited that the heightened interest in these cryptos is emanating from a growing interest from institutional investors as seen from trend-following hedge funds, and lately, the powerful banks; coupled with credible reports hinting that Coinbase, the world’s most valuable online crypto trading platform, has gotten approval for its direct listing at the Nasdaq.

Experts also buttress on market indicators revealing that 78% of Bitcoin’s circulating supply is illiquid meaning that it is harder for a growing number of retail investors to have access to the prized Crypto at a fair value.

Adding credence to this bias, includes data from Glassnode revealing Bitcon’s number of Exchange Deposits (7d MA) just reached a 1-month low of 2,845.357, meaning there are fewer sellers of the world’s most popular crypto asset.

Previous 1-month low of 2,847.935 was observed on 26th March 2021.

In addition, Crypto assets have enjoyed exponential gains, as global financial markets become awash with record stimulus deals, triggered by global central banks using such dovish strategies in supporting the fragile global economy.

Sigma Pensions

The incredible feats seen lately shows that the ever-changing financial market is enjoying strong buying pressures on the bias that global investors are keen on hedging against inflation-prone assets like currencies.

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

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    Cryptocurrency

    Unknown Bitcoin whale moves $714 million, Bitcoin stays above $60,000 mark

    The flagship crypto traded at $60,514.60 on the FTX exchange with a daily trading volume of $45.5 billion.

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    $700 million worth of Bitcoin moved by an unknown identity

    Bitcoin whales are moving the vastly used treasury crypto in large amounts amid price volatility and bullish rush, as Bitcoin bulls regain control above the $60, 000 mark.

    Data retrieved from BtcBlockBot an advanced crypto blockchain tracking and analytics firm, an anonymous cryptocurrency user revealed someone (possibly http://coinbase.com) moved 11,901 BTC $714 million in block 678,688.

    Whale alert! 🐋 Someone (possibly http://coinbase.com) moved 11,901 BTC $714 million in block 678,688

    READ: XRP surges by 150% in 7 days as Ripple posts early victories against SEC

    The tracker further disclosed that the whale may have come from the world’s pioneer crypto exchange, Coinbase.

    Nairametrics’ research has recently seen the surge in unknown crypto transactions involving Bitcoin, Ethereum, and other top crypto assets at levels not previously seen in the cryptoverse suggesting that more institutional players are getting into the game.

    At the time of writing, the flagship crypto traded at $60,514.60 on the FTX exchange with a daily trading volume of $45.5 billion. Bitcoin is down 0.04% for the day.

    Sigma Pensions

    READ: Why Bitcoin is still going up

    During bull trends in the cryptoverse, these large entities can take profit on their positions, especially if the futures market is overcrowded.

    Wealthy investors reducing their crypto exposure to rebalance their portfolios can cause high price swings in the market, especially when accompanied by cascading liquidations.

    However, recent data suggests otherwise as data retrieved from Glassnode points at entities holding more onto the world’s most popular crypto, rather than selling; as data shows Bitcoin balance on Crypto Exchanges just reached a 2-year low of 2,337,271.262 BTC.

    A previous 2-year low of 2,338,724.621 BTC was observed on 08 April 2021.

    Stanbic 728 x 90

    READ: FG moves to recover N5.2 trillion debt owed by firms, individuals

     

    Continue Reading

    Cryptocurrency

    XRP surges by 150% in 7 days as Ripple posts early victories against SEC

    This surge has pushed the fast-rising crypto into the top 5 cryptos by market value, behind only Bitcoin, Ethereum and Binance Coin.

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    on

    XRP, Ripple's co-founder earned $411 million from selling XRP in 2020

    Amid the strong bullish rally at play in the cryptoverse, Ripple’s XRP looks to be leading the way with a push as it almost triples in value following a series of legal victories and social media rumours of relisting at some crypto exchanges like Coinbase.

    This surge has pushed the fast-rising crypto into the top 5 cryptos by market value, behind only Bitcoin, Ethereum and Binance Coin.

    At the time of writing this report, XRP traded at $1.47 with a daily trading volume of $29.3 billion. XRP is up 147% for the week with a current market value of about $67 billion.

    READ: Why this unknown crypto with over 600% gain in 3 months, might still explode

    The surge in this crypto asset is coming amid a lawsuit from the SEC which accused XRP’s $1.3 billion initial coin offering of being an “unregistered securities offering.” The allegation led most American crypto multiple exchanges to delist the crypto and XRP lost its place as the 3rd largest crypto by market value.

    That being said, crypto traders appear to be backing the crypto asset amid credible reports suggesting that Ripple lawyers have posted two victories in their legal tussle against the powerful American regulator, including gaining access to internal Securities Exchange Commission discussion history regarding crypto assets.

    READ: XRP stands firm, investors wait on Ripple’s legal outcome

    What this means

    Such access by Ripple’s lawyers to these records would offer them insights into why the Securities Exchange Commission has not deemed Bitcoin and Ethereum a security asset.

    Sigma Pensions

    Continue Reading

      





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