#39week

Bitcoin taps $26,900 – posting a 39-week high

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The cryptocurrency market cap saw net inflows of $58.1 billion over the last 24 hours and currently stands at $1.14 trillion – up 5.4% from $1.09 trillion.

Over the reporting period, the market caps of Bitcoin and Ethereum increased by 7% and 4.6% to $515.4 billion and $213.6 billion, respectively.

The top 10 cryptocurrencies recorded gains in the last 24 hours, with Bitcoin posting 7% gains to lead the pack, closely followed by Dogecoin, up 6.7%. Bring up the rear is XRP, increasing by 2.4%.

Source: CryptoSlate.com

In the last 24 hours, the market cap of Tether (USDT) increased to $75.4 billion. Meanwhile, USD Coin (USDC) and Binance USD (BUSD) fell to $36.8 billion and $8.3 billion, respectively.

Bitcoin

In the last 24 hours, Bitcoin increased 7% to trade at $26,702 as of 07:00 ET. Its market dominance fell to 45.3% from 44.5%.

During the reporting hours, Bitcoin saw an uptick in buyers around Thursday evening. This took the price of BTC from just under $25,000 to a peak of $26,870 — a 39-week high.

Source: TradingView.com

Ethereum

Over the last 24 hours, Ethereum grew 4.6% to trade at $1,742 as of 07:00 ET. Its market dominance fell to 18.7% from 18.8%.

Ethereum also saw bullish activity around 21:00 yesterday to take the price from $1,670 to a local top of $1,755.

Source: TradingView.com

Top 5 Gainers

RSK Infrastructure Framework

RIF is the day’s biggest gainer, rising 18.7% over the reporting period to $0.18053 as of press time. The token was recently listed on the LBank exchange. Its market cap stood at $172.12 million.

Immutable X

IMX gained 17% to $1.44042 as of press time. The project teased “news soon” regarding the IMX token. Its market cap stood at $1.25 billion.

Stacks

STX is among the day’s top gainers after increasing 15.7% to $1.06276 at the time of writing. Stacks 2.1 upgrade is readying for rollout. Its market cap stood at $1.45 billion.

Fantom

FTM surged 15.3% to $0.46786. The project announced its Gas Monetization Program recently. Its market cap stood at $1.3 billion.

Neo

NEO is up 12.9% to $12.1844 as of press time. The project launched its NEO Trading Challenge recently. Its market cap stood at $859.47 million.

Top 5 Losers

Helium

HNT is the day’s biggest loser, falling 12.8% to trade at $1.72467 at the time of writing. Binance delisted HNT, effective March 21. Its market cap stood at $241.45 million.

GensoKishi Metaverse

MV plunged 5.7% to $0.11367 over the reporting period. Its market cap stood at $194.3 million.

Kava

KAVA decreased 5.3% to $1.02803 over the reporting period. Its market cap stood at $457.51 million.

MAGIC

MAGIC is down 5% to $1.57387. Despite today’s losses, the token is still up 44.3% over the past week. Its market cap stood at $334.02 million.

Ribbon Finance

RBN fell 3.2% to $0.25369. The token remains up 31.5% over the past week. Its market cap stood at $135.16 million.

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Bitcoin surges to 39-week high, leaving Meta, Visa, TSMC, and Exxon Mobil in its dust

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Bulls ran rampant, pushing Bitcoin to a 39-week high at $26,500. The resulting market cap increase saw the leading cryptocurrency leapfrog Meta, Visa, TSMC, and Exxon Mobil in valuation.

Market momentum picks up

This week saw the Fed backstop the banking sector under the Bank Term Funding Program (BTFP). Similarly, U.S. Consumer Price Index (CPI) data come in as expected, at 6% year-on-year.

Crypto markets responded favorably to both incidents, sending Bitcoin higher. Since March 11, BTC has closed three consecutive daily green candles, with today (March 14) on track to follow suit.

Over this period, the leading cryptocurrency posted 32% gains to smash through a resistance level set on May 13, 2022 – 43 weeks ago. The next resistance zone is around the $28,000 level, representing the pre-Terra LUNA/UST price.

The Relative Strength Index (RSI) currently shows no easing in momentum – having shot from 30, on March 11, to 70, at present, in a straight line.

Source: BTCUSD on TradingView.com

The Fed was careful not to frame the BTFP as a pivot from hawkish policy. But, by definition, backstopping banking deposits with liquidity is a dovish move, albeit with the mismatch of relatively high rates.

As @stackhodler put it, “If it walks like a duck and quacks like a duck, it’s probably quantitative easing.”

Bitcoin valuation spikes

On March 14, due to the buying frenzy, Bitcoin’s market cap spiked as high as $512.19 billion. Profit-taking saw a reversal back down to $502.8 billion at press time.

Nonetheless, Bitcoin still rose in the global asset market cap rankings to 11th place, even at the lower-end valuation. In doing so, the leading cryptocurrency overtook Meta, Visa, TSMC, and Exxon Mobil.

Source: 8marketcap.com

Currently, Bitcoin is significantly behind 10th-placed Tesla, with a $65 billion gap separating the two.

To break into the top 10 global assets and overtake the EV maker, the price of Bitcoin would need to increase to above $29,500, assuming Tesla’s market cap stayed at $569 billion.

The last time Bitcoin’s market cap was above $570 billion was pre-Terra UST de-peg.

Posted In: Bitcoin, Analysis

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“I can’t wait to meet you, little one!”

This is what all my friends have been saying, and after a few weeks of consciously avoiding most social interaction outside my little family circle, I’ve seen many people this week. The introvert is not protesting too hard. It helps that when you’re 39+ weeks pregnant and just sit and stare into space, nobody really questions it. It also helps that I got to go out with my favourite other person, one on one, earlier this week. A rare, but always delightful experience. It’s nice sometimes to remember that we really like each other, a lot. Love and respect each other, make a great team, help each other out, all these things, yes, always. But we also just like to hang out together and be silly. And sometimes that seems to fall by the wayside with all the craziness. Right now we’re waiting together for another tiny person to come and hang out in our crazy little world. I can wait, because I need to. Because I’m praying for patience in my waiting. Because we have friends and family who care for us and will be around for us. It’s odd and wonderful to have a little community. I’ve felt really blessed this last week, in spite of the reflux and discomfort and lack of more than 4 continuous hours of sleep. It’s an odd place to be, here at the end of pregnancy. I want it to be over, so that I can lie down on my back again and maybe not feel out of breath if I walk faster than a slow wander... But the reality of being a family of 4 (as opposed to 3 - including one very large with limited mobility) is daunting as well as exciting. So I’m relishing these last few days/weeks (and trying not to ignore the laundry too much, because there’ll be more than enough of that to go around with a newborn).

This feels sort of rambling and uninspiring, but I’m posting it anyway. If you want to know why, Christy made me do it.

Love, Belligerence&Chocolate