Bitcoin has finally broken out of a window it has been trading within since the start of the year, rising to a three-month price high on Tuesday.
An overnight surge took BTC above $48,000 for the first time since early January, building on a price rally that has seen it rise more than $10,000 over the last two weeks. It has since settled slightly and is back just below $48,000 on Wednesday.
The latest gains were mirrored among other leading cryptocurrencies, including Ethereum (ETH), Cardano (ADA) and Solana (SOL), pushing the overall crypto market above $2 trillion.
Analysts have attributed the positive movements to various bullish trends that have been forming throughout March, including a dwindling supply of bitcoin on crypto exchanges.
There have also been rumours that other countries may be making moves to follow El Salvador by adopting bitcoin as a legal form of tender.
Bitcoin, altcoins plunge
Bitcoin has plunged by nearly 5 per cent in the last day, down from a value above $47,000 on Thursday to about $45,000 early Friday.
Ethereum has also plummeted by nearly 5 per cent in the last 24 hours, and is valued at close to $3,250.
Other top cryptocurrencies including terra, cardano, and avalanche have each also plunged by about 5 per cent in the last day.
Meanwhile, memecoins dogecoin and its spinoff shiba inu are down by 5 to 7 per cent.
The overall crypto market is down by over 4 per cent in the last day and is valued at $2.07 trillion.
Bitcoin represents ‘great exodus of capital’
Michael Saylor, who heads the largest corporate bitcoin investor MicroStrategy, has said bitcoin represents “the great exodus of capital from analog assets in physical space to digital assets in cyberspace”.
Software firm MicroStrategy announced another massive BTC investment yesterday, borrowing against the bitcoin it already owns to buy another $205 million worth of the cryptocurrency.
You can watch his full comments here:
BTC, ether prices stall, solana surges
Bitcoin’s price remains unchanged compared to its value a day earlier at about $47,200.
Ethereum has marginally increased in value by about 1 per cent in the last 24 hours.
The values of other top cryptocurrencies, including cardano and terra remain unchanged in the last day.
However, solana and avalanche have surged by 7 to 9 per cent in the last 24 hours.
The overall crypto market has grown by over 1 per cent in the last day and is valued at $2.16 trillion.
Bitcoin price rally stalls
Bitcoin’s recent good run looks to be on hold, stalling just below $48,000.
One reason for the slight dip, according to GlobalBlock analyst Marcus Sotiriou, is the $625 million hack of the blockchain game Axie Infinity. Here’s what he has to say:
“The dip has been bought up as bitcoin remains above $47,000, showing great strength amongst the news of the hack. One factor for this could be the positive news of Michael Saylor, CEO of MicroStrategy, obtaining a $205 million loan from Silvergate Bank, which is collateralised by bitcoin, in order to buy more bitcoin. The buy pressure of MicroStrategy and Luna Foundation Guard is understandably contributing to a strong uptrend in the short term.”
MicroStrategy buys more bitcoin with $205m loan
Software firm MicroStrategy is already all-in on bitcoin, with holdings of more than $5 billion arguably making it more a crypto company than a computer company.
Not satisfied with being the largest corporate holder of bitcoin, CEO Michael Saylor has announced another $205 million bitcoin purchase.
What makes this feat even more remarkable is that the bitcoin was paid for through a bitcoin collateralized loan. This means Saylor is borrowing against the bitcoin MicroStrategy already owns in order to buy more bitcoin. Bold strategy.
Bitcoin, altcoin prices drop after week of gains
Bitcoin has dropped in value by about 1 percent in the last day after a week of gains that took its price close to $48,000.
The leading cryptocurrency is currently valued at about $47,000, and has dropped by over 2 per cent in the last 10 hours.
Ethereum has seen its price drop by about 1 per cent in the last 24 hours.
Other top cryptocurrencies, including solana, cardano, and polkadot have also dropped in value by 1 to 2 per cent in the last day.
Memecoins dogecoin and its spinoff shiba inu have dropped in value by 2 to 3 per cent over the last 24 hours.
Meanwhile, terra has risen by over 8 per cent in the last 24 hours, and by more than 15 per cent in the last week.
The overall crypto market has dropped in value by about 1 per cent and is valued at $2.11 trillion.
Bitcoin mining energy could be slashed by ‘99%’
Environmentalists have launched a campaign to encourage the crypto industry to change bitcoin’s underlying code in order to reduce its considerable electricity consumption.
Change the Code Note the Climate claims that switching from proof-of-work to proof-of-stake would slash bitcoin’s energy requirements by 99 per cent – but it’s not a simple switch. It would require consensus among bitcoin miners and industry figures in order to happen, which has historically been extremely difficult (just look at bitcoin cash).
You can read the full story here.
Bitcoin mining campaign aims to reduce energy consumption by 99%
‘Change the Code Not the Climate’ says the proposed change would reduce BTC’s environmental impact – but it’s not a simple fix
BTC finally turns positive in 2022
It’s been a rocky first quarter for bitcoin but finally it’s back above the level that it started the year at.
It’s now up nearly $15,000 from the lows it saw in January, though still remains roughly $20,000 away from the all-time high it experienced in November.
BTC price hits 2022 record
BTC peaked above $48,000 overnight, reaching above its 2022 price record.
It is the first time it has been this high since 31 December 2021, with the latest rally providing renewed optimism that a longer term bull market could be forming.
There are several factors driving the positive market movement, including Goldman Sachs becoming the first big US bank to trade BTC over the counter, as well as the Terra network (LUNA) stockpiling bitcoin for a $10 billion reserve for its TUSD stablecoin.
Bitcoin, altcoins continue to grow
BTC continues to grow for the seventh consecutive day, rising in value by over 15 per cent in the last week.
The leading cryptocurrency has grown by over 1.5 per cent in the last day and is valued at about $47,500.
Ethereum has also grown in value by about 3 per cent in the last 24 hours, and by over 15 per cent in the last week.
Other top cryptocurrencies, including solana, cardano, and avalanche have also surged by over 3 per cent in the last day.
In the last 7 days, solana has grown in value by over 20 per cent, and cardano by over 30 per cent.
Memcoin dogecoin has seen a price surge of over 20 per cent in the last 7 days with its value marginally increasing in the last 24 hours.
Its spinoff shiba inu has grown by over 6 per cent in the last day and by nearly 20 per cent in the last week.
The chart looks green with the overall crypto market showing continued signs of growth, rising in value by about 2 per cent in the last 24 hours.