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This 17 Billion Hedge Fund Is Holding Bitcoin With Coinbase

This $17 Billion Hedge Fund Is Holding Bitcoin With Coinbase

By Steven Msoh – April 10, 2021

New York-based hedge fund Third Point Management is the latest multi-billion dollar firm to reveal it has delved into the cryptocurrency industry. According to its latest filings with the securities regulator, it holds a significant amount of crypto on Coinbase.

Founded by billionaire investor Daniel Loeb, Third Point currently holds crypto from five of its investment funds with Coinbase, regulatory documents filed with the SEC show. Some of these funds hold billions of dollars in assets. However, the documents don’t reveal how much of this is in crypto, which coins it has invested in, or for how long it has held them.

The documents further reveal that Third Point invests in crypto both directly and indirectly and even considers staking.

“The Accounts may invest in virtual or cryptocurrencies and related digital asset transactions. The Accounts’ cryptocurrency transactions may include, but are not limited to, direct investment on a spot basis, indirect investment involving derivative contracts referencing cryptocurrencies (including but not limited to cryptocurrency futures), and income generated through, activities such as staking and lending.”

Third Point acknowledged that investing in crypto is risky. With the industry being rather nascent, “new risks may emerge at any time.” In addition, they are very volatile as their value “depends partially on the growth and acceptance of distributed ledger technology by investors, market participants and regulatory authorities more broadly.” The crypto market is also opaque and subject to the risk of fraud and manipulation, the hedge fund stated.

Daniel Loeb, the Latest Billionaire Interested In Bitcoin

The public disclosures on Third Point’s crypto interest come just a month after its founder expressed an interest in crypto. Loeb made his first public comments on crypto last month on Twitter. “I’ve been doing a deep dive into crypto lately. It is a real test of being intellectually open to new and controversial ideas,” he stated.

Loeb advocated for “healthy skepticism” while deepening one’s understanding of crypto. He further revealed that for him, one of the greater conflicts in determining the timing of his entry into the crypto industry.

He explained, “Another conflict to overcome is the idea that being late to the crypto party will inevitably lead to one taking the sucker seat at a high stakes poker table versus this still being early days in what is just now being adopted in the mainstream.”

Loeb, who is worth $3.5 billion, is the latest billionaire to dive into crypto. He joins some of the world’s most elite investors and innovators who have continually warmed up to Bitcoin. Elon Musk, the world’s second-richest man, is among crypto’s biggest advocates. The Tesla CEO has been vocal about not just Bitcoin, but also Dogecoin, DeFi, and NFTs. His company showed great belief in Bitcoin by purchasing $1.5 billion worth of Bitcoin. It also accepts payments in BTC for its electric cars.

Mark Cuban, the billionaire Dallas Mavericks owner, is also a big fan of Bitcoin as a store of value. He has, however, criticized BTC as a currency, claiming Ether is closer to a currency than Bitcoin. The Shark Tank star owns BTC, SushiSwap, Aave, and Ether.

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DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Steven Msoh and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

Visit MarketHive to learn more: http://markethive.com/jeffreysloe

Bitcoin OGs Stopped Dumping After Tesla Bought BTC Analyst

Bitcoin OGs Stopped Dumping After Tesla Bought BTC – Analyst

JOHN P. NJUI   •   BITCOIN (BTC) NEWS •   APRIL 10, 2021

In brief:

  • Bitcoin long term holders, aka OGs, are no longer selling after Tesla bought BTC
  • Bitcoin old hands are extremely strong and their lack of selling, points to new highs for BTC
  • Bitcoin has since reclaimed $60k liquidating $550 million in shorts
  • A new all-time high by Bitcoin might just be a few days away

Veteran Bitcoin analyst, Willy Woo, has pointed out that long-term holders, also known as OGs, are no longer selling their BTC after Tesla bought $1.5 billion worth back in February. Mr. Woo made the statement via Twitter where he was responding to a similar analysis by the Co-Founder of Glassnode, Rafael Schultze-Kraft.

Mr. Schultze-Kraft had identified that early Bitcoin investors, also known as old hands, were still HODLing thus indicating that they are confident of BTC’s long-term value. Both tweets by Will Woo and Rafael Schultze-Kraft can be found below.

Bitcoin Reclaims $60k Liquidating $550 Million in Short Positions

At the time of writing, Bitcoin is trading at $60,700 after an impressive overnight pump from $58k to a local high of $61,800. The 6.5% positive move by Bitcoin resulted in liquidated short positions to the tune of $550 million.

The move above $61k by Bitcoin was also the first one since March 13th and is a bullish sign of further price movement. The possible growth of Bitcoin in the days to follow was pointed out by the team at Crypterium Analytics earlier this week through the statement below.

Most likely, in the next couple of days we will see another attempt by the price to break through and gain a foothold there. This level is at around $60,000…

At the same time, the growth range can be very significant, up to $72,000 — $74,000. Most likely, somewhere in the middle, we will see a small stop, presumably in the area of $66,000- $67,000.

Bakkt’s Bitcoin Open Interest at An All-time High

Institutional investors are also bullish on Bitcoin as the open interest on the Bakkt trading platform is at an all-time high. This milestone was identified and shared by the team at Unfolded through the following tweet.

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Original article posted on the EthereumWorldNews.com site, by John P. Njui.

Article re-posted on Markethive by Jeffrey Sloe

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Real Estate Company Has Invested In Bitcoin

One Of America’s Largest Real Estate Company Has Invested In Bitcoin

By Adrian Klent – April 9, 2021

California-based real estate giant Caruso Properties has decided to jump on the growing cryptocurrency roller coaster as it now accepts Bitcoin as payment for rent on its properties across the United States, further adding the virtual asset to its balance sheet.

The American real estate corporation founded and chaired by Rick Caruso, days back, revealed plans to accept BTC payment from its tenants one of whom is tech Billionaire Elon Musk who himself has been an ardent proponent of cryptocurrencies.

According to a report by LA Times, the firm, partnering with American regulated exchange Gemini, has added Bitcoin to its balance sheet, allocating 1% of its treasury to the digital asset—the value of which is undisclosed—in a bid to “diversify” the company’s finance.

Speaking on the matter, founder and CEO Rick Caruso noted, “I believe it’s a good hedge and has already proven to be a good investment for us,” further revealing that the decision to adopt BTC is not prompted by demands from tenants but rather fueled by their readiness to diversify the company’s portfolio and make preparations for the future as BTC grows into being a globally accepted asset.

Caruso also likened this Bitcoin and Blockchain era to the epoch characterized by the emergence of credit cards and computers, noting that, just like credit cards and computers, Bitcoin and Blockchain have the capability of disrupting the traditional systems we are so accustomed to sometime in the future; conclusively adding, “we want to be ahead of the curve.”

Being ahead of the curve, it seems, also translates to bigger crypto-related projects in the future as the real estate giant also revealed, in a press release, plans to indulge more in cryptocurrency, including NFTs and other applications of the Blockchain technology.

The press release notes, “This partnership marks the beginning of a holistic, long-term relationship intended to bring cryptocurrency, Non-fungible Tokens, and blockchain applications to Caruso Properties.”

Caruso Properties would not be the first major firm in the United States to adopt Bitcoin in this manner as Michael Saylor’s MicroStrategy, Elon Musk’s electric motor firm Tesla and Jack Dorsey’s Square among others have added some substantial amounts of Bitcoin to their balance sheets.

Furthermore, Tesla sometime last month revealed a decision to accept Bitcoin as payment for its electric cars; payment giant Visa noted late last month it would be partnering with Crypto.com to adopt USDC payments; PayPal late last year also announced it would allow users to hold, buy or sell funds in different cryptocurrencies including Bitcoin, Ether, Bitcoin Cash among others.

Today we see enormous support and public adoption of Bitcoin more than ever. These moves by major firms contribute massively to the growth of Bitcoin, fueling more mainstream acceptance which in turn influences the price positively.


BTCUSD Chart By TradingView (Click image for larger view)

As of publication, BTC trades at $58k with an approximate market capitalization of $1.1 trillion.

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DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Adrian Klent and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

Visit MarketHive to learn more: http://markethive.com/jeffreysloe

Bitcoin Miners are Making over 50M per Day

Bitcoin price stalls as traders warn BTC could dip lower than $55K

This week’s drop is not “convincing,” analyst Filbfilb says, echoing others’ misgivings about the likelihood of a short-term bullish continuation.


Image courtesy of CoinTelegraph

            APR 08, 2021

Bitcoin (BTC) barely recovered its losses on Thursday as fresh doubts emerged about the bull run continuing this month.


BTC/USD 1-hour candle chart (Bitstamp). Source: Tradingview (Click image for larger view)

$56,760 “not a convincing bottom”

After sliding 5% on Wednesday, BTC/USD saw only a modest rebound to circle $57,000 at the time of writing, Cointelegraph Markets Pro and TradingView showed.

Following multiple failed attempts to crack resistance close to all-time highs, analysts were becoming wary of a further dip and a temporary halt to further price gains.

Filbfilb, co-founder of trading suite DecenTrader, described this week’s current floor of $56,760 as “not a convincing bottom.”


BTC funding rates. Source: Bybt.com (Click image for larger view)

As reported on Wednesday, funding rates among trading platforms call for a shakeout of leveraged long positions from those overly bullish on a continuation. For Filbfilb, those rates remain “way too high,” he told subscribers of his Telegram trading channel.

Popular Twitter trader Cantering Clark, meanwhile, pointed to Bitcoin’s 20-week moving average (MA) — a classic “line in the sand” for price performance — still lingering at around $40,000.

“More fuel for why I think April-May puts a lid on $BTC until later in the year,” he commented on a comparative chart.

“Simple as it is, this 20 week MA with a 2 standard deviation band above. At some point, these meet. Either it comes to us or we come to it. Hard to imagine this takes plus much higher up.”

Macro turns favorable for Bitcoin bulls

Despite institutional interest continuing in recent weeks, fuelled by major new adoption announcements from banks, signs of a slowdown were also beginning to show on the day.

The Purpose Bitcoin exchange-traded fund saw a slight reduction in its BTC holdings after consistent growth, with its assets under management dipping in tandem from highs of $976 million to $944 million.

Fellow institutional portal Grayscale Bitcoin Trust (GBTC) maintained its negative premium, meanwhile, a phenomenon that has put pay to further Bitcoin accumulation since February.


GBTC price, holdings and premium chart. Source: Bybt (Click image for larger view)

But not everyone was wholly gloomy. For trader Crypto Ed, the ultimate market trajectory was clear.

“Not in a rush to get in a position,” he told Twitter followers on Thursday.

“54k first or up from here, both mean we’re starting a strong 3rd leg and plenty of upside waiting for us. BTC will break 60k and finally go much higher.”


U.S. dollar currency index (DXY) 1-hour candle chart. Source: Tradingview (Click image for larger view)

Beyond crypto, a buoyant outlook for United States stock markets coupled with a weakening dollar could further serve Bitcoin’s purpose in the short term.

“With excess savings, new stimulus savings, huge deficit spending, more QE, a new potential infrastructure bill, a successful vaccine and euphoria around the end of the pandemic…U.S. economy will likely boom,” noted JPMorgan CEO Jamie Dimon in his annual shareholder newsletter earlier this week.

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Original article posted on the CoinTelegraph.com site, by William Suberg.

Article re-posted on Markethive by Jeffrey Sloe

Bitcoin Miners are Making over 50M per Day

Bitcoin Miners are Making over $50M per Day and Hodling their BTC

JOHN P. NJUI   •   BITCOIN (BTC) NEWS •   APRIL 8, 2021

Quick take:

  • Bitcoin miners have been earning over $50 million per day
  • This is a 4x increment in one year despite BTC rewards being halved
  • Bitcoin miners are choosing to hodl their BTC
  • Bitcoin’s $55k is the level to watch moving forward

Bitcoin (BTC) miners are making over $50 million per day. This is according to data shared by the Co-founder and CTO of Glassnode, Rafael Schultze-Kraft, who also explained the current miner revenue is 4 times higher than it was one year ago despite mining rewards being cut in half. He shared his analysis through the following statement and accompanying chart.

#Bitcoin miners have been making more than $50 Million per day for the past month. Put into perspective: A year ago this number was around $12 Million – that’s a 4x increase, despite the block subsidy being cut in half. Important datapoint!

Bitcoin Miners are Choosing to Hodl Their BTC

Mr. Schultze-Kraft went on to point out that Bitcoin miners are no longer selling much of their newly minted BTC and are instead opting to hodl. He pointed out that a lot of miners sold their BTC during the rise towards $40k but it seems this pattern has changed as illustrated through the following chart which he shared.

Bitcoin Miner Metrics Point towards More BTC Price Growth

To conclude his analysis, Mr. Schultze-Kraft stated that the miner metrics are particularly bullish for Bitcoin’s long-term price growth since there was not much data indicating miner capitulation.

I see strong Bitcoin miner metrics. Great fundamentals, bullish long-term – selling or capitulation not in sight. Imo miners have little to no incentives to be cashing out now and have other means to cover capex and opex (e.g. borrowing).

Review of Bitcoin’s Short Term Price Movement

At the time of writing, Bitcoin is trading at $56,500 after yesterday’s dip to a local low of $55,473 – Binance rate. The latter price level is now acting as short-term support that could assist Bitcoin in printing a double bottom pattern in the hours to follow. However, if $55,473 fails to hold, Bitcoin could be headed towards another strong support zone at $55k.

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Original article posted on the EthereumWorldNews.com site, by John P. Njui.

Article re-posted on Markethive by Jeffrey Sloe

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CEO of biggest crypto exchange

CEO of biggest crypto exchange has ‘close to 100%’ of net worth in crypto

Binance founder and CEO Changpeng Zhao is placing his bets on crypto.


Image courtesy of CoinTelegraph

            APR 07, 2021

Changpeng Zhao, founder and CEO of the largest global cryptocurrency exchange Binance and one of the world’s top crypto billionaires, does not own much except crypto.

“I’m one of those guys who value liquidity much more than owning something. I actually prefer not to own anything,” Zhao said in a Bloomberg interview on Wednesday.

He noted that various cryptocurrencies like Bitcoin (BTC) now make up nearly 100% of his entire net worth as he does not own any real estate or much fiat holdings. When asked how much of his net worth is invested in crypto, Zhao said:

“I would say probably close to 100%. I don’t own any fiat. The physical stuff that I own is probably negligible in terms of my net worth. So, this is a concept shift. I’m not using crypto to buy fiat; I’m not using crypto to buy houses. I just want to keep crypto. And I don’t plan to convert my crypto into cash in the future.”

Zhao said that it took him a while to ramp up his crypto portfolio. After buying his first Bitcoin, the CEO was in a big hurry to sell his apartment that he bought back in 2006 in Shanghai. “I sold my apartment to buy Bitcoin, and I also quit my job,” he said. ”You can rent an apartment or stay in a hotel — that gives you much higher liquidity,” Zhao added.

The Binance CEO has previously claimed that he does not hold any fiat currencies. “I hold 0 fiat,” Zhao declared on Twitter in February, stating that he only converts crypto to fiat for payments that can only be made with traditional money.

According to data from China’s Hurun Research Institute, Zhao is one of the world’s richest men in the crypto and blockchain industry, ranked the third-richest crypto billionaire with a total wealth estimated at $8 billion as of January 2021.

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Original article posted on the CoinTelegraph.com site, by Helen Partz.

Article re-posted on Markethive by Jeffrey Sloe

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MicroStrategy continues Bitcoin accumulation marathon buys 15 million worth of Bitcoin

MicroStrategy continues Bitcoin accumulation marathon, buys $15 million worth of Bitcoin

By Olivia Brooke – April 5, 2021

Apparently, the act of continuously accumulating Bitcoin is a practice that the software intelligence firm MicroStrategy has made a tradition. The company has just bought 253 Bitcoins, which is worth $15 million at press time, at an average price of $59,339. This brings the company’s total Bitcoin holdings to 91,579, which was acquired for $2.226 billion.

At this point, the Bitcoin community has accepted MicroStrategy’s Bitcoin buying pattern to be an unending bullish tradition. Some believe that in contrast to retailers, and some other institutions that are more strategic about their Bitcoin accumulation habits, the company’s CEO simply buys Bitcoin for the sake of it.

These observations may not be wrong, but it is crucial to note that regardless of the company buying Bitcoin during a bear market or a bull market, the gains have outweighed the losses severely. As of March 16th, MicroStrategy’s stock surged significantly, with a closing price of $724, which is around $107 up from the last year.

On a mission to save instructional balance sheets using Bitcoin

To most Bitcoin maximalists, this is the highest form of devotion, support, and proof of conviction from a Bitcoin proponent. It seems apparent that there is some truth to this claim, as Micheal Saylor once reveals that his mission (reason for buying Bitcoin) is to “fix the balance sheets of the world.”

Clearly, Micheal Saylor has already begun this self-assigned duty. Last week he agreed to make a case for Bitcoin in an upcoming debate with a gold proponent Frank Giustra. Most notably, the investor’s exchange with Elon Musk can be credited as an influencing factor, on Tesla’s decision to buy Bitcoin.

Retail traders continue to fall prey to institutional buyers

With companies like MicroStrategy buying Bitcoin non-stop, discussions on a brewing Bitcoin supply crisis have intensified. Since miners have stopped selling, and whales have followed in miners’ footsteps, retailers are probably the biggest drivers of sales right now.

Analysts’ have reacted differently to retailers’ activities. Some have branded them to be the weakest link in the Bitcoin market, as massive sales could potentially send prices downwards. Others have called it a blessing in disguise, insisting that retail traders are a good catch for investors who intend to keep buying until there’s a shortage of supply. The expectation is that weak hands will be eliminated in the near term, causing bearish loopholes to decline significantly.

The bull market ahead is highly promising

Per previous reports, Bitcoin recorded its best 1st quarter this year, since 2013. The second quarter is expected to carry the bull market to new price levels. In the near term, analysts’ are fixing their gaze on $70,000, a price that they collectively claim Bitcoin could smash in no time.


BTCUSD Chart By TradingView (Click image for larger view)

The data backing these claims are mostly fundamental, as analysts’ have reiterated that technical indicators are not entirely reliable. The highly anticipated $100,000 price mark Bitcoin is expected to hit before the end of this year may be surmounted if near-term predictions become a reality in the month of April.

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DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Olivia Brooke and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

Visit MarketHive to learn more: http://markethive.com/jeffreysloe

Cryptocurrency market cap hits 2 trillion

Cryptocurrency market cap hits $2 trillion — Now worth as much as Apple

The combined market cap of all cryptocurrencies reaches $2 trillion for the first time.


Image courtesy of CoinTelegraph

            APR 05, 2021

The market capitalization of all cryptocurrencies in existence surpassed $2 trillion on April 5, according to data from Goingecko, led by the impressive growth of Bitcoin (BTC), Ether (ETH) and other altcoins in 2021.

The cryptocurrency market as a whole has become approximately as valuable as Apple, the second-biggest company in the world after Saudi Arabia's oil giant, Aramco.

The milestone also comes less than three months after the cryptocurrency market surpassed $1 trillion for the first time back on Jan. 7 when the price of Bitcoin was around $33,000.

Will the Ethereum and altcoin bull market continue?

In recent months, several major catalysts have fueled both Bitcoin and Ether to rally strongly to new all-time highs.

Financial institutions, like PayPal and Visa, are beginning to actively support cryptocurrencies, with Bitcoin leading the cryptocurrency market's uptrend.

In 2021, Bitcoin has faced several short-term corrections but has now consistently remained above $50,000 for almost a month, with low volatility compared with altcoins, preventing both ETH and the altcoin market from seeing a severe pullback.

In fact, Bitcoin's volatility has dropped to the lowest level since November 2020 as BTC price has been consolidating between $55,000 and $60,000 over the past few days.


Bitcoin volatility index (30-day average). Source: Bybt (Click image for larger view)

In the same period, the price of ETH rallied and broke out against Bitcoin, reaching a new record high above $2,000.

A pseudonymous trader known as "Rekt Capital" attributed the strong performance of ETH to Bitcoin's consolidation under $60,000. He wrote:

"#BTC is still just consolidating inside this range. It is this consolidation that has helped $ETH breakout to new All Time Highs. #ETH is arguably leading the market whereas $BTC is trying to catch up. Good sign so far is that orange resistance is struggling to reject #Bitcoin."


BTC/USD 1-day price chart (Coinbase) with key levels. Source: Rekt Capital, TradingView (Click image for larger view)

Fund managers and investors in the crypto market are generally optimistic about the short- to medium-term trajectory of cryptocurrencies.

Jonathan Habicht, a partner at Moonrock Capital, said:

"I know so many people who are just waiting to increase their $BTC $ETH and major Altcoin positions during larger dips and they are surely not the only ones. Bear market is not an option for the foreseeable future."

As long as the strength of the ETH/BTC pair remains intact and Bitcoin does not see a major sell-off, the cryptocurrency market's short-term outlook remains highly optimistic for April and into the summer.

Coinbase IPO buoying market sentiment

On April 2, Coinbase, the top United States cryptocurrency exchange, announced that the U.S. Securities and Exchange Commission (SEC) approved its S-1 filing.

Coinbase is expected to be listed on the Nasdaq exchange on April 14, making it a publicly traded company on the U.S. stock market. The company said:

"We’re happy to announce that earlier today, the SEC declared our S-1 registration statement effective and that we expect our direct listing to occur on April 14, 2021, with our Class A common stock trading on the @NASDAQ under the ticker symbol COIN."

The listing of Coinbase on the U.S. stock market will likely cause the demand for cryptocurrencies to increase because it will attract the eyes of investors in the traditional financial market.

Depending on the performance of the stock, it could also lead exchange tokens such as Binance Coin (BNB), FTX Token (FTT), Huobi Token (HT), SushiSwap's SUSHI, Uniswap's UNI and others to rally, mirroring the momentum of COIN.

At the same time, some analysts believe that Coinbase's IPO may bring major volatility in, if not downward price pressure on, the cryptocurrency market, as the date aligns with a big BTC options expiry date.

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Original article posted on the CoinTelegraph.com site, by Joseph Young.

Article re-posted on Markethive by Jeffrey Sloe

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Cardano Going Head-To-Head With Bitcoin

Cardano Going Head-To-Head With Bitcoin As Interest Among Institutional-Grade Investors Blows Hot

By Erie Maxwell – April 4, 2021

Cardano’s ADA has been taking the crypto world by storm of late, much more than what Bitcoin or even Ethereum has had to deal with.

Surveys and reports have revealed that of the overall polled investors, nearly 30% of them are seen to be bullish when it comes to Cardano, as compared to only a little over 20% who had elected to go for Bitcoin instead.


ADAUSD By TradingView (Click image for larger view)

Cardano Soaring Steadily

The aforementioned reports and surveys which had been thoroughly conducted and analyzed also revealed that Cardano had experienced a record all-time high, rounding up a trading volume of $20 billion in February 2021.

This success caused Cardano to temporarily become the 4th biggest crypto asset through market capitalization, as it has now fallen to number 6 on the table of top cryptocurrencies.

As a matter of fact, ADA’s recent gradual progress has been so shocking to investors and the cryptocurrency community that Voyager CEO Steve Ehrlich, claimed that the fact that Cardano had temporarily outperformed Bitcoin was indeed unexpected, to say the least.

The CEO had further gone on the record to say that this kind of passion and enthusiasm is precisely what is required in the world of digital trading and cryptocurrency. Steve is therefore looking forward to seeing how other cryptocurrencies respond and what innovations they can come up with.

Bitcoin Still Most Fancied

Cardano may have a steady supply of both popularity and interest, however, numerous top venture funds feel ADA has a long way to go and still fancy Bitcoin, and as such are still going with BTC over Cardano.

Still, the success that the digital asset has undergone as of late should not be understated. In fact, one particular investor had actually utilized a $1,200 stimulus check on ADA and had managed to earn over $40K as part of his overall investment.

Ultimately, this all just highlights the ever-increasing prevalence of cryptocurrencies and numerous sources have indicated that it’s very likely to stay that way for the foreseeable future.

Nevertheless, Bitcoin remains the undisputed king of the industry for now, but due to its high price many are actively considering the options of finding alternatives in the form of altcoins, and these include ADA alongside other popular options such as ETH, DOT, and LINK.

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DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Erie Maxwell and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

Visit MarketHive to learn more: http://markethive.com/jeffreysloe

Bitcoin Sees Best Q1 Performance Since 2013

Bitcoin Sees Best Q1 Performance Since 2013 – What To Expect In The Near Term

By Olivia Brooke – April 3, 2021

The month of April is extremely promising for Bitcoin. The benchmark cryptocurrency has surged 101% in the first quarter of the year, proving that the bull market has impacted the asset in many ways.

Bitcoin takes on $60,000

Historically, Bitcoin has had the best 1st quarter performance since 2013. According to data provided by BLOQPORT, Bitcoin has been in the green for six consecutive months. The last time the market was in this state was as far back as 2013 when the same pattern repeated itself.


BTCUSD Chart By TradingView (Click image for larger view)

Going further, Bitcoin has managed to stay above $50,000 for the past 30 days. This is an incredible step up for the asset which had only recently attained that price in February. Seeing bitcoin below $50,000 is becoming less possible, according to analysts’ speculation, this will filter the number of people who can afford to buy a single Bitcoin.

Following the announcement of Goldman Sachs offering Bitcoin to its wealthy clients after years of rejecting the asset, bitcoin hit 3% and has continued moving in green since the news surfaced. At press time price of $59,804, buying pressure seems to have been halted for a while, as Bitcoin has stayed stagnant at that price range for the past 12 hours.

It’s a crucial point for Bitcoin from here on out, as failure to remain above $59,000 could increase the time frame it will take the asset to go above $60,000 again. Regardless, the month of April remains highly bullish for Bitcoin.

On-Chain signals are just as bullish

While our previous report noted that the current bull market is largely different from the bull market that took off in 2017, some notable similarities in market movement captured by Glassnode imply that the “HODL Ratio suggests we are at the equivalent of ~$3k-$4k in 2017.” The analyst who observed this is confident that the present Bitcoin bull run “still has a ways to go.”

Similarly, the chart suggests that PEAK HODL (“where the volume of 1yr+ supply hits a maximum, often near the last cycle ATH”) is approaching. According to On-chain analyst Willy Woo, this purports that with every bull market, holding continues to get stronger.

A much bigger opportunity for the bull market to take off? Willy Woo believes so, adding that “the target HODL levels, very much like the price chart on the log scale (climb tapers off), we’ll prob top out in the low to mid-40s; lots more bull market to come.”

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DISCLAIMER

The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

The original article written by Olivia Brooke and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

Visit MarketHive to learn more: http://markethive.com/jeffreysloe