Started by Bitcoin, Feb 08, 2022, 06:12 pm
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This year, cryptocurrencies have been on a rollercoaster, with Bitcoin prices trading near $42k after jumping over 40$. The world’s most significant digital token is up 1.5% at present but down 9% overall for 2022 so far – it still needs to recover some lost ground if we want our asset back near its record high.
As a sign of the times, Bitcoin continues its climb to new heights. The cryptocurrency market capitalization is now over $2 trillion as per CoinGecko – with solid support coming from crypto prices across all markets today.
Related Reading | Bitcoin above $42,000, Shiba Inu rallies 29%; ether, Solana slip. Check cryptocurrency prices today
Ether, the cryptocurrency linked to the ethereum blockchain network, scaled again as it reached new heights above $3K for the first time since January 21. The coin was trading hardly lower at 3125 but has shown signs of recovery. Likewise, Binance Coin (BNB) shed about 0.6% today and is currently trading at around 419 USD per coin.
With the price of Dogecoin climbing over 5% to $0.15, Shiba Inu skyrocketed 29%. Other coins like XRP (Ripple) and Stellar had mixed performances with gains. Avalanche, Cardano, and Polygon prices traded higher than the last 24 hours, whereas Solana slipped by 1%.
Cryptocurrencies have seen their value volatility skyrocket this week as they continue to struggle with an uncertain regulatory landscape. The rise of cryptocurrency came alongside a rally in US stocks, with Nasdaq ending last week’s trading session up despite major fluctuations. Still, traders are not entirely convinced about how these digital coins will perform long due to the heavy volatility.
Related Reading | Bitcoin Hits Two-week High Imitating The Stock Rally
The news that bitcoin production more than doubled in January from a year earlier helped boost other listed crypto assets on Friday. In addition, miner Riot Blockchain announced they would be releasing new coins into circulation.
With the market slowing down, they struggled to break out. Growth stocks and other riskier assets faltered amid investor concern about an impending Fed rate hike. A global trend toward tighter monetary policy caused their downfall in this environment. The authorities did not reward high-volume trades with lucrative returns like before 2016’s crypto bubble burst on numerous exchanges worldwide.
With the on-chain data indicating the long-term price of Bitcoin seems to be setting new lows every other day, there’s no need for worry as it will eventually rise again.
As seen in the Root Analytics account, short-term holders of Bitcoin are beginning to see their share increase. The portion of the Bitcoin supply controlled by short-term holders is starting to tick upward after falling at times, coinciding with macro price lows.
On Monday, Root commented in a tweet;
"Likely the macro bottom is in. Who could have known."
There’s some good news for holders of short-term notes, with the ratio slipping back above one this weekend.
With values climbing through 1 from below, it’s clear that short-term holders, on average, are beginning to sell at a profit rather than lose.
With 25% of the bitcoin supply remaining underwater, it's no wonder that only 16.7% has been purchased between $30K – $41.5K.
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