Bitcoin climbed above $ 40,000
Tesla wants to use bitcoin in its payments. The company has bought $ 1.5 billion worth of bitcoins and wants to accept bitcoin as the currency to buy the company's products in the near future. Bitcoin rose above $ 40,000 in response to this news.
Bitcoin dominance reached its lowest level in three months!
Bitcoin dominance, or the ratio of bitcoin market volume to other digital currencies, is approaching the psychological support floor recorded in mid-October 2020. Bitcoin dominance fell 11 percent in January. Here are some possible reasons for this decline.
Bitcoin dominance targets 60%!
Bitcoin bitcoin reached 60% yesterday. Bitcoin dominance registered on February 7 (February 19), the lowest bitcoin dominance since October 20, 2020 (October 29). Since then, the price of bitcoin has tripled.
At the time of writing, the bitcoin dominance is around 60%. According to TradingView, it is currently in the 61.95% range. But that's about 60.1 percent on Coingecko and about 61.93 percent on Binance's CoinMarketCap.
Thus, Bitcoin Dominance has lost all its gains since the December rally. On January 3, Bitcoin Dominance hit a 15-month high of 73%. Also, this increase in dominance could be related to the Ripple price drop, in which the share of this cryptocurrency in the digital currency market was greatly reduced.
Just one week after the US Securities and Exchange Commission complained about Ripple, Bitcoin's dominance grew by 7%. Some analysts at the time predicted that money would flow from the Ripple market to Bitcoin.
Binance Quinn, Cardano and Atrium, the three flagships of the Alt Quinn season!
On the other hand, the decline in bitcoin dominance led to the Altcoin season. This price rally can be seen in two parts: the top 10 altcoins on the market and DeFi tokens.
For example, the market's second-largest cryptocurrency, Atrium, has grown 116 percent since December, and two days ago, set a new historical price cap of $ 1,750 at most reputable exchanges.
Bainance Coin (BNB), which is the exclusive token of Bainance Exchange, was able to set new price records. In just seven days, the price of this cryptocurrency grew by 58%. At the time of writing, the price of this currency code is above $ 70.
Cardano (ADA), also known as a competitor to Atrium, has also managed to record a tremendous price rally, growing by 25% in the last 24 hours alone.
An overview of the cryptocurrency market today Saturday, February 7
After another jump that pushed the BTC to $ 41,000, the cryptocurrency traded below $ 40,000. The value of the cryptocurrency market also reached a slump above $ 1.2 trillion.
Bitcoin touched the $ 41,000 level
After Monday's price drop, the price of Bitcoin was gradually rising until it exceeded the $ 37,000 level. Following this move, the cows raised it above $ 40,000.
In addition, Bitcoin touched the $ 41,000 price level. Thus, the market's top cryptocurrency was just $ 1,000 away from its record 42,000 (approximately 2%).
At this point, the bears took action and did not allow the currency to move further. On the contrary, BTC returned to the daily low of $ 38,000. However, since then, with a slight improvement in price, it has returned to the level of $ 39,000.
Technically, BTC still has to cross the $ 40,000, $ 40,735 and $ 41,000 resistance lines to challenge the $ 42,000 level. Conversely, support levels of $ 38,550 and $ 38,000 could help if prices fall again.
Cardano's new record
In the last few days, most alternative coins have been so successful that they have set new records for currencies such as Atrium, Polkadat and Binance Coin. As a result of these developments, the total value of the cryptocurrency market also reached a record $ 1.220 trillion.
However, the situation has changed somewhat in the last 24 hours. Atrium has dropped more than 2% and is currently trading below $ 1650. Bitcoin Cash (5%) also fell below $ 460. China Link (4-%), Polkadat (2-%) and LightQueen (4-%) are also red today. While BNB and XRP have made small gains.
In addition, Cardano showed the best performance among the top 10 currencies in the market with a significant increase of 23%. As a result of this move, the ADA has reached $ 0.67, which is the highest price for the currency code in the last 3 years.
Decentraland (30%), Dogecoin (21%), Quant (16%), Avalanche (16%), Huobi Token (14%), Elrond (14%) and Decred (13%) have all experienced double-digit price growth. .
Vs. Nexo (-11%), FunFair (-10%), Alpha Finance Lab (-10%), 0x (-9%), Ampleforth (-8%) and Ren (-7.5%) a significant percentage of They have lost their value.
An overview of the cryptocurrency market today
The crypto market took a big step forward with the entry of Ether into the $ 1,700 channel and its all-time high of $ 1,773. Atrium futures trading in the Chicago Mercantile Exchange (CME) Group is scheduled to begin on February 9, which is why many analysts predict that the Altcoin will move to serious resistance on its way to It will reach $ 2000.
Ether is currently trading at $ 1,669, up 1.27% in 24-hour timeframe. Meanwhile, the market's top cryptocurrency, Bitcoin, traded up 5.24 percent over the past 24 hours at $ 39,268.
Gas costs in the Atrium network also reached the highest level in history at the same time as the price increase and caused some exchanges to suspend the ability to withdraw ETH and ERC-20.
On February 4, Yern Finance (YFI) was the victim of a massive attack, and a hacker removed $ 11 billion worth of StableCoin DAI from the DAI coffers. The team took swift action to reduce the damage. These include blocking the $ 1.7 million stolen budget and making a targeted proposal by the MakerDAO community to create a debt-for-collateral position (CDP).
Altcoins on the growth path
While Bitcoin traded in the range of $ 36,000 to $ 38,000, Altcoins accelerated and on Friday a large number of Altcoins saw a bullish decline in their price.
MakerDAO (MKR) grew another 45% to $ 3,099 before modifying to $ 2,810, while the Defy 0x (ZRX) Infrastructure Protocol rose 61% to $ 1.63.
Cardano (ADA) showed the most prominent performance among the larger altcoins with a 26.44% increase. Baines Coin (BNB) also reached its highest price at 64.87.
The total value of the cryptocurrency market today stands at $ 1.17 trillion, while Bitcoin dominates 60.1%.
Dogecoin (DOGE) or other digital currencies?
SpaceX and Tesla CEO Ilan Musk took to Twitter to see how interesting Dogecoin (DOGE) is to people.
In the survey, Musk asked whether the future currency would be Dogecoin (DOGE) or other digital currencies in general.
At the time of writing, 72.5 percent have chosen Dogecoin (DOGE) and only 27.5 percent accept the other option.
The last time Musk tweeted about Dogecoin (DOGE) was on Thursday, when he called it the popular currency, boosting it by 50 percent to $ 0.559.
Of course, the effect of this pump did not last long and this currency entered the correction process. The Dogecoin (DOGE) is currently trading at $ 0.0485.
Is Mask disappointed with Bitcoin?
On January 29, at the height of the US stock market controversy, Ilan Mask posted the word bitcoin on his bio Twitter.
On the same day, he announced that Bitcoin is a very good currency and confirmed that he supports it.
That led to a 20 percent increase in bitcoin, from $ 32,000 to $ 38,500.
Like Dogecoin (DOGE) , the mask's effect on Bitcoin did not last, and the currency returned to $ 35,000.
However, on February 4, when Ilan Musk tweeted again about his favorite currency, DOGE, he removed bitcoin from his bio.
The world's largest digital currency crossed the $ 39,000 mark on Friday and is currently hovering at $ 39,387.
An overview of the cryptocurrency market today
Bitcoin eventually managed to break out of the $ 33,000 to $ 35,000 range and enter the $ 37,000 range. Most replacement coins are still green today.
The price of Bitcoin broke above $ 35,000
After a very volatile week, the price of Bitcoin calmed down somewhat between $ 33,000 and $ 35,000. The cryptocurrency remained in the same range for the next few days until it finally emerged from the consolidation triangle in the last 24 hours.
The first move raised the price of BTC to $ 35,500 (on Bitstamp), while the next move pushed it to a high of around $ 37,000. However, despite the correction in the price of this currency, it still shows a 3% increase.
Technically, the BTC must cross the next resistance lines at $ 37,000, $ 37,700 and $ 38,620 to target the $ 40,000 level.
Conversely, if the asset fails to maintain its uptrend, support levels of $ 34,500, $ 34,000 and $ 33,110 could help.
Altquin Blast
Over the past few days, most of the major altcoins on the market have also been relatively quiet. However, the situation has changed dramatically in the last 24 hours, especially for some of them.
As previously reported, Atrium set a new record in its history. The latest price record for the second largest cryptocurrency on the market is now around $ 1,580.
Ripple also rose 6% to $ 0.38 after its recent dump. Bitcoin Cash (6%), Bainance Coin (2%), Chinlink (3%), Polkadat (7%), Cardano (2.5%) and Light Coin (12%) also rose in price today.
Fantom still has the best performance among the top 100 currencies in the market, reaching $ 0.15 for the second day in a row with 50% growth. UMA (27%), Siacoin (20%), Terra (17%), SwissBorg (13%), Decentraland (13%) and Maker (12%) also follow.
Finally, the total market value has increased by about $ 100 billion since yesterday, reaching $ 1.1 trillion.
An overview of the cryptocurrency market today
After a sharp drop that caused Bitcoin to hit $ 32,000 again, the asset improved and rose to close to $ 34,000. However, the dominance of bitcoin continues to decline following the dominance of some alternative coins over the currency, including Ripple.
Touch the $ 34,000 level
The market's top cryptocurrency hit a sharp uptrend in bitcoin on Friday after changing the biography of Tesla CEO Ilan Mask's Twitter account.
The asset reacted sharply to the move, adding about $ 7,000 in just a few hours. However, the highly volatile nature of the market has once again manifested itself with the same intensity as the Bitcoin reform.
Although the currency seemed to have calmed down to around $ 34,000, a sudden drop of more than $ 2,000 yesterday pushed it to its daily low of $ 32,000 (on Bitstamp). However, BTC was able to offset the loss to a large extent and is now trading at less than $ 34,000.
From a technical point of view, the first lines of resistance will be $ 34,000, $ 34,450 and $ 35,000 if Bitcoin continues to grow. In contrast, support levels of $ 32,500, $ 32,000 and $ 31,200 will help the currency if prices fall.
Most replacement coins have been relatively stable over the past few days with prices falling or rising slightly. Atrium fell less than 3 percent to $ 1,315. China Link (3.5%), Polkadat (3%) and Cardano (2-%) are examples of the top 10 currencies on the market that are seen in red today.
In contrast, Bitcoin Cash (1.3%), Bainance Coin (3%) and Stellar (3%) have seen some price increases.
However, Ripple still performed best. After several weeks of unfavorable price movements due to allegations made by the US Securities and Exchange Commission, the price of XRP has risen sharply in the past few days.
In the last 24 hours alone, the Ripple native token has grown 50%, reaching $ 0.67, up 160% from Friday. While some believe that the dramatic increase is due to Ripple's response to the SEC, others speculate that a similarly priced pump has occurred with GameStop and Dogecoin.
PancakeSwap (34%), Dogecoin (30%), Flow (30%), Siacoin (18%), The Graph (17%), Compound (15%), Ampleforth (12%) and EOS (10%) Growth has been observed in 24-hour timeframes.
The rise in the price of altcoins led by Ripple has reduced the dominance of bitcoins by 62%. This figure shows a decrease of about 3% since Friday.
Finally, the total market value of cryptocurrencies remains above the $ 1 trillion mark.
An overview of the cryptocurrency market
On January 29, the price of Bitcoin (BTC) reached $ 38,500 for a short time before a sharp correction and reached $ 35,000.
This sharp resistance defeat in the price of Bitcoin is largely attributed to Ilan Mask and the change of his Twitter profile to Bitcoin. Dodge Quinn, on the other hand, continues its hype on Twitter and among traders. The DOGE price adjusted to 41% after reaching a record high of $ 0.078, before returning to $ 0.045.
These developments are related to the creation of the Wall Street Bets Index (WSB) in the FTX exchange. It tracks the prices of Nokia (NOK), BlackBerry (BB), AMC Theaters (AMC), GameStop (GME), Silver (SLV), DOGE and FTX tokens using their weighted average price.
Bitcoin price stability despite the sale of miners
Despite recent fluctuations, corporate investors are still showing more interest in bitcoin and are even willing to pay premiums for using bitcoin CME futures contracts.
Even the selling pressure created by bitcoin miners, at levels that have been unprecedented since the price increase to $ 14,000 in July 2019 (July 98), has not met the growing demand for this currency. Unlike previous years, mass sales by miners have not had a negative impact on the long-term price of BTC.
The growing interest of organizations and the advent of DeFi are the main reasons for the growth of bitcoin prices. As the Chinese New Year approaches, the main support level to watch out for is $ 34,000, while the resumption of the currency's uptrend will face resistance at $ 38,000.
The expiration of $ 4.9 billion in BTC futures on January 29 also did not seem to have much of an impact on the market, as Robinhood last week's move attracted more people to the cryptocurrency industry.
Altcoins growth signals
While Bitcoin is struggling to stay above $ 34,000, DOGE has found its way into the top 10 currencies in the market, and a number of Altcoins have seen bullish failures.
Ripple (XRP) and Stellar (XLM) have both grown by almost 9% in the last 24 hours, while Voyager Token (VGX) continues to climb higher. The currency is currently trading at $ 1.77 with 70% growth.
Atrium is trading with a 3.51% increase in 24-hour timeframe at $ 1344. Polkadat, despite a 0.93% price increase, still shows a 9.01% decline on a weekly basis. The currency is currently trading at 16.51%.
The total market value of cryptocurrencies is currently $ 1.01 trillion and the bitcoin dominance rate is 63.5%.
Bitcoin failed to break the $ 35,000 resistance level
In the last 24 hours, the Bitcoin digital currency (BTC) has fallen again after another unsuccessful attempt to reach the $ 35,000 channel and is currently trying to maintain levels above $ 31,000. Most Altcoins, following their leader, also experienced a downward trend, with the total value of the digital currency market falling by about $ 80 billion over the past 24 hours.
In the last few days, after the price of Bitcoin fell below $ 29,000, this digital currency was able to increase its price up to $ 35,000 by taking an upward trend. However, while the cows were preparing to further increase the price of bitcoin, the bears took control of the market and pushed the digital currency back.
In the following hours, Bitcoin lost about $ 4,000 and fell to $ 31,000. Technical indicators show that the $ 31,000 level is the first post-correction support level that Bitcoin can rely on. In the event of a further drop in the price of Bitcoin, this digital currency will test the next support level at $ 30,760 before it reaches the psychological level of $ 30,000.
