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Bitcoin Breaches $6200 Price Mark on Friday

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  • Bitcoin Breaches $6200 Price Mark on Friday

Bitcoin, the most dominant cryptocurrency, breached $6,200 a coin on Friday for the first time in six months.

Bitcoin, which accounts for more than 50 percent of all cryptocurrencies combined, rose as high as $6,076 a coin on Thursday before climbing to $6,290 on Friday. Its highest since November 14, 2018.

The cryptocurrency market capitalisation grew by $1.45 billion or 1.39 percent to cross the $100 billion in the last 24 hours.

Similarly, the cryptocurrency market share rose the most in 8 months to 56.8 percent, again the biggest since September 13, 2018.

Data from Messari.10 showed the total trading volume of the coin across exchanges in the last 24 hours exceeded $15.5 billion, however, its Real 10 Volume – a metric that takes into consideration trading volume of 10 exchanges reporting real volume figures, according to Bitwise Asset Management, reported $502 million trading volume in the last 24 hours.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Bitcoin Price Shoots Past $60K, Ether Hits New All-Time High in Early Saturday Trading

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Bitcoin’s price neared its all-time high of $61,712 early Saturday while ether (ETH, -0.26%) set a new all-time high at $2,190.

According to CoinDesk’s Bitcoin price page, the leading cryptocurrency traded above $60,000 for the first time in nearly a month after spending weeks vacillating between $52,000 and the upper $50,000s. Bitcoin pulled back marginally after peaking around $60,900, though it remains above the psychological marker as of press time.

Bitcoin last hit an all-time high in mid-March, according to CoinGecko.

Meanwhile ether, the second-largest cryptocurrency by market cap, came close to $2,200, just days after breaching $2,100 for the first time.

While it’s unclear if there’s a causation, the price action comes just days before leading U.S. exchange Coinbase begins trading on Nasdaq in one of the crypto industry’s most anticipated events. A sign of the maturing market, the listing will likely give Wall Street traders their most accessible bet yet on growth in the space.

Some institutional investors have wasted little time. Friday, Daniel Loeb, CEO of $17 billion hedge fund Third Point revealed he was a hodler in response to a CoinDesk report. He’s hardly alone: institutional funds have flooded the markets and have been deemed at least partly responsible for the 2020-2021 rally.

Bitcoin bulls were further bolstered on Friday by the idea that an exchange-traded fund (ETF) with exposure to the digital asset space might be approved in 2021, after the Securities and Exchange Commission (SEC) confirmed it was reviewing ETF giant WisdomTree’s application.

The regulator previously began reviewing VanEck’s ETF application last month, and another six companies have filed initial registration forms declaring their own efforts to launch a regulated bitcoin (BTC, -0.99%) investment vehicle.

The broader digital asset space has seen tremendous froth over the past few months, with investors and industry participants trading heavily in decentralized finance tools, non-fungible tokens and altcoins like doge, which hit a peak of $0.08 in February, eight times its value a month earlier.

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Cardano’s Coming of Age – Will it Hit Bitcoin and Ethereum?

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Cardano’s recent full decentralization will fuel its appeal and price, better positioning it to take on rivals Bitcoin and Ethereum in the booming cryptocurrency market, predicts the CEO of one of the world’s largest independent financial advisory and fintech organisations.

The bold prediction from deVere Group CEO and founder Nigel Green comes as Cardano (ADA) last week became a fully-fledged community-run network.

Mr Green says: “The price of Cardano has exploded over the last few months – up around 600% since the beginning of the year, recently making it the third largest cryptocurrency by market capitalisation after Bitcoin and Ethereum.

“But now Cardano has come of age by becoming fully decentralized – meaning its parent company has handed control of the blockchain over to the community – we can expect it to attract more investors which will, of course, drive its price on an upward trajectory.”

He continues: “This milestone will help Cardano better position itself to challenge major rivals in the cryptoverse.

“Cardano is likely to be a challenger to Ethereum as not only can it be used as currency, but its blockchain – the tech on which it runs – can also be used to build smart contracts, protocols and decentralised applications. Plus, it is said to be significantly more scalable than Ethereum.”

Mr Green goes on to say: “It will also pose a challenge to the all-mighty Bitcoin.  This is because those who invest in digital assets already or are planning to do so, know that one of the secrets of successful investing is diversification.

“Therefore, these investors will want their cryptocurrencies diversified too and this is ultimately likely to eat into Bitcoin’s market share.”

Earlier this year Cardano (ADA) was added to deVere Crypto, the cryptocurrency exchange app, to join other major digital currencies including Bitcoin, Ethereum, Dash, Bitcoin Cash, XRP and Dogecoin.

At the time, Nigel Green noted: “The addition underscores our commitment to continually reviewing and expanding our cryptocurrency offering in order to give users of the exchange access to the opportunities and rewards of digital currencies.”

The deVere CEO concludes: “This landmark moment in Cardano’s development journey will further galvanise its position as a rising star in the crypto market.

“I wouldn’t be surprised if some celebrity investors soon publicly express their support on social media for Cardano as they have recently done with other cryptocurrencies.”

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XRP Surges With Ethereum, Gains 32.14 Percent in 24 Hours

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XRP, the cryptocurrency of Ripple, gained 32.14 percent in the last 24 hours despite the ongoing lawsuit.

The sixth most ranked coin rose with the surge in demand for Ethereum after ether, Ethereum blockchain’s token set a new all-time record at $2,151.25 a coin.

XRP rose by 32.14 percent to $0.886998 without specific reasons for the renewed interest in the embattled coin besides surged in Ethereum value.

“We’re not seeing anything specific to XRP and the move feels more like an altcoin season type move given outperformance in other tokens as well,” Joel Kruger, currency strategist at LMAX Digital, stated. Names like TRON and siacoin “are performing even better than XRP on this more thinly traded Easter holiday Monday.

However, Pankaj Balani, Delta Exchange CEO said the XRP prospects look going by the inverse head and shoulder pattern.

XRP has formed an inverse ‘head and shoulder’ pattern with head at 20 cents and shoulders at 40 cents, and neckline resistance passing through 70 cents.

Balani, therefore, sees XRP hitting $1.00 a coin and $1.30 on a breakout above the neckline resistance.

The pattern has formed over the six months; therefore, in case of a breakout, the bullish move is expected to be quick and sustainable,” Balani said in a WhatsApp chat, adding that volatility is likely to remain high due to the SEC lawsuit.

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