Markets
Bitcoin Price Tops $80,000 for First Time as Trump Win Boosts Crypto Market
Published
4 days agoon
By
adminBitcoin all-time high? It keeps happening, over and over again the last few days.
But this one’s an especially notable one, as Bitcoin rose above $80,000 early Sunday for the first time ever. Coinbase data shows that the leading cryptocurrency touched a high mark of $80,137.
Even by the past week’s standards, Bitcoin really saw a jump overnight, rising from a level just above $77,000 to breach the $80K mark. Bitcoin had been holding onto an all-time high price mark of $73,737 from March, going into Election Day, but rose above that mark Tuesday evening as Donald Trump’s election win took shape.
The U.S. president-elect made cryptocurrency a key part of his campaign this year, promising to protect and boost the industry in America and end the Securities and Exchange Commission’s crypto crackdown.
Bitcoin is now up nearly 17% on the week at a current price of $79,875, down slightly from the peak from earlier this morning.
Other major cryptocurrencies have marked even larger gains over the past week, however, with Cardano up a whopping 86%, Dogecoin popping 66%, and even Ethereum—which is notably lagged Bitcoin’s gains in recent months—jumping 31% over renewed decentralized finance (DeFi) optimism.
Daily Debrief Newsletter
Start every day with the top news stories right now, plus original features, a podcast, videos and more.
Source link
You may like
BTC Hits $93K, WIF Rally, PNUT Up 133%
Bitcoin May Hit $100,000 Faster Than Expected
Analyst Outlines Massive Price Targets for Dogecoin, Predicts Parabolic Rally for Ethereum-Based Altcoin
Senator to Push the Bill in Trump’s First 100 Days
Coinbase CEO Slams DOJ For Alleged Political Polymarket Probe
The Truth About Bitcoin Price Models: Stock-to-Flow, Power Law, and Beyond
all time high
Bitcoin May Hit $100,000 Faster Than Expected
Published
3 hours agoon
November 14, 2024By
adminIt’s been just over seven days since Trump was re-elected as president of the United States, and bitcoin is up over $18,800 (25.3%) at the time of writing. And it’s currently steamrolling its way towards $100,000.
I cannot lie, this is all happening way faster than even I expected.
$100,000 has, for the last four years, been the magic number Bitcoiners have been laser-focused hitting. It felt like there was consensus among Bitcoiners during the 2021 bull run that we were guaranteed to hit this target. But alas, the 2021 bull run underperformed most people’s expectations, with bitcoin’s price only reaching a high of $69,000 (which in retrospect, was a great run considering the low of the previous bear market was ~$3,000), $100,000 bitcoin was put on hold. But now, we’re almost there.
I feel like the price of BTC loves to do the opposite of what everything thinks it will do. Just when everyone thinks bitcoin is going to rip forever, bitcoin’s price falls or stagnates and vice versa (which is why it might not be so safe to assume we’re going straight to $100,000 from here).
Even I’m guilty of this, as I’ve been telling myself for a long time that the battle for $100k is going to be extremely tough with the amount of sell pressure I was predicting there to be. I think $100k is a number at which traders, ETF buyers, and OG whales may take some profit and that it would be an uphill battle to get there. And it still very may well be, considering we are only at $93,000 currently. But since Trump won the election, there has been practically no sell pressure, and we’re slicing through new all time highs like a warm knife through butter.
Bitcoin is now up over $5,500 (6.22%) today alone. If Bitcoin continues this momentum, we could see $100,000 BTC literally any day now — including even today. Nothing is off the table. Throw all your models out the window, they’re all being broken by the buying pressure from these ETFs and those trying to front-run the U.S. government’s implementing a Strategic Bitcoin Reserve.
Bitcoin is on its path to taking on gold as a legit reserve asset. $100k is the next big milestone for bitcoin to hit along this journey, and it may just come faster than expected.
This article is a Take. Opinions expressed are entirely the author’s and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.
Source link
Bitcoin Magazine Pro
The Truth About Bitcoin Price Models: Stock-to-Flow, Power Law, and Beyond
Published
7 hours agoon
November 13, 2024By
adminPredicting Bitcoin’s price has always been a hot topic for investors. Matt Crosby, lead market analyst at Bitcoin Magazine Pro, explores this topic in his recent video, “Truth About Bitcoin Stock To Flow, Power Law & Price Models“. Here, we break down Crosby’s key insights to help investors enhance their Bitcoin strategies.
Stock-to-Flow (S2F): A Useful Tool, Not a Crystal Ball
The Stock-to-Flow (S2F) model is one of the most popular ways to predict Bitcoin prices, and Crosby explains its benefits and drawbacks clearly.
Key Takeaways:
- What Is S2F? S2F assesses Bitcoin’s scarcity by comparing the “stock” (current supply) to the “flow” (newly mined coins), similar to how rare commodities like gold are evaluated.
- Updated Predictions: The Cross-Asset S2F model initially forecasted Bitcoin hitting $288,000 between 2020 and 2024. More recently, it suggested a possible valuation of $420,000 by April 2025.
- Limitations: S2F works until unexpected events—like global economic changes—disrupt Bitcoin’s usual patterns. Crosby aptly points out, “S2F works until it doesn’t.”
While S2F is a helpful guide, it’s essential for investors to consider broader market conditions and macroeconomic influences alongside it.
Bitcoin Power Law: The Long-Term View
Crosby also explores the Bitcoin Power Law, a model that uses a log-log chart to illustrate Bitcoin’s historical price patterns.
Why It Matters:
- Logarithmic Scaling: By using logarithmic scaling, the Power Law highlights Bitcoin’s long-term trend of reduced volatility and moderated growth.
- Limitations: This model offers insights for the long haul but is less helpful for short-term predictions or market surprises.
For investors aiming to diversify their portfolios and strategically time their investments, the Power Law provides context but should be used with other, more dynamic tools.
Real-Time Metrics: The Key to Adaptability
Crosby emphasizes the limits of static models like S2F and the Power Law, advocating for real-time, data-driven approaches instead.
Tools Investors Should Use:
- MVRV Z-Score: Measures market cap against realized cap, identifying when Bitcoin is overvalued or undervalued.
- SOPR (Spent Output Profit Ratio): Provides insights into market sentiment by tracking profit-taking behavior.
- On-Chain Metrics: Metrics like Bitcoin’s realized price and value-days-destroyed help detect market turning points.
These metrics give investors the tools to adapt their strategies to the market’s behavior in real-time rather than relying solely on predictions.
Why External Factors Matter
Crosby cautions against relying only on Bitcoin-specific data, emphasizing the importance of external factors:
- Global Liquidity: Bitcoin’s price often moves with global liquidity cycles, making macroeconomic awareness crucial.
- Institutional Adoption: Actions by major players such as sovereign wealth funds, corporate treasuries, or institutional asset managers can greatly influence Bitcoin’s price.
- Regulatory Changes: Government decisions to regulate or adopt Bitcoin can significantly affect its valuation.
Incorporating both macroeconomic factors and Bitcoin-specific metrics is key for a well-rounded analysis.
Final Thoughts: Stay Pragmatic
Crosby concludes by reminding investors that no single model can predict Bitcoin’s price with certainty. Instead, these tools should be used to provide structure and insight into an unpredictable asset.
Practical Tips for Investors:
- Use Multiple Models: Cross-check predictions using different models to gain a clearer understanding of the market.
- Embrace Real-Time Data: Rely on metrics like MVRV Z-score and SOPR for timely, actionable insights.
- Adapt to Change: Be ready to adjust strategies based on both internal data and external influences.
Bitcoin Magazine Pro offers advanced analytics and real-time data to help investors navigate this fast-paced market. To dive deeper into Crosby’s insights, watch the full video here: Truth About Bitcoin Stock To Flow, Power Law & Price Models.
Source link
Layer 2
Solana price is falling, but shorting it is risky, crypto analyst says
Published
16 hours agoon
November 13, 2024By
adminSolana price has fallen for two consecutive days, dropping 7.8% from its highest level this week.
Solana (SOL), the fourth-largest cryptocurrency, fell to $207 on Nov. 13, down from this week’s high of $225.
Its retreat mirrored that of Bitcoin (BTC) and other cryptocurrencies like Ethereum (ETH) and Cardano (ADA).
Despite the sell-off, one analyst believes it is too risky for traders to short SOL at the current prices. In an X post, Kingpin Crypto, an analyst with over 27,000 followers, warned that shorting the coin could be risky. He cited the fact that Solana was breaking out of an eight-month trading range.
Additionally, Solana maintains solid fundamentals as it has become a major player in the crypto industry. For example, it has become the blockchain of choice for developers who are building meme coins.
According to CoinGecko, the total market cap of all Solana meme coins has jumped to over $17.8 billion. Dogwifhat has a market cap of $3 billion, while Bonk, Peanut the Squirrel, and Popcat each have valuations of over $1 billion.
Solana has also overtaken Justin Sun’s Tron to become the second-largest chain in the decentralized finance industry. Its total value locked has jumped to over $7.58 billion, with the biggest players in the network being Jito, Kamino, Jupiter, and Raydium.
After dominating Ethereum in DEX volume in October, Solana is repeating the same trend this month. Its volume has risen by 91% in the last seven days to $24.55 billion, mostly due to several trending Solana meme coins like Department of Government Efficiency and Happy Coin.
Solana price to form break and retest before roaring back
The daily chart shows that the SOL price has pulled back after soaring to $225 on Tuesday. It has remained above the 50-day and 200-day moving averages, which is a bullish sign. Also, the MVRVZ indicator has moved sideways after rising to its highest level since March.
Most importantly, there are signs that Solana is about to form a break and retest pattern by moving to the key support at $193, its highest level on June 29. A break and retest happens when an asset rallies above a key level, retests it, and then resumes the bullish trend. If this is correct, there are high chances that Solana will rebound and retest $250 in the near term.
Source link
BTC Hits $93K, WIF Rally, PNUT Up 133%
Bitcoin May Hit $100,000 Faster Than Expected
Analyst Outlines Massive Price Targets for Dogecoin, Predicts Parabolic Rally for Ethereum-Based Altcoin
Senator to Push the Bill in Trump’s First 100 Days
Coinbase CEO Slams DOJ For Alleged Political Polymarket Probe
The Truth About Bitcoin Price Models: Stock-to-Flow, Power Law, and Beyond
Solana’s Tensor Teases Social Trading App to Rival Pump.fun
Polymarket CEO probed by FBI after Trump’s triumph
FBI Raids Polymarket CEO Following Donald Trump’s Victory Prediction
The Trump Pump: A Road To Capture and Failure
How a $115M Crypto Fund With Big Ambitions Plans to Invest In Latin America
Crypto giants Arca and BlockTower merge into one crypto management leader
Dogecoin Co-Founder Reveals How To Make DOGE Deflationary
A Vision For Ethereum Final Design
Scaling Bitcoin Practically With Ark Labs
182267361726451435
Top Crypto News Headlines of The Week
Why Did Trump Change His Mind on Bitcoin?
New U.S. president must bring clarity to crypto regulation, analyst says
Ethereum, Solana touch key levels as Bitcoin spikes
Bitcoin Open-Source Development Takes The Stage In Nashville
Will XRP Price Defend $0.5 Support If SEC Decides to Appeal?
Bitcoin 20% Surge In 3 Weeks Teases Record-Breaking Potential
Ethereum Crash A Buying Opportunity? This Whale Thinks So
Shiba Inu Price Slips 4% as 3500% Burn Rate Surge Fails to Halt Correction
‘Hamster Kombat’ Airdrop Delayed as Pre-Market Trading for Telegram Game Expands
Washington financial watchdog warns of scam involving fake crypto ‘professors’
Citigroup Executive Steps Down To Explore Crypto
Mostbet Güvenilir Mi – Casino Bonus 2024
Bitcoin flashes indicator that often precedes higher prices: CryptoQuant
Trending
- 2 months ago
182267361726451435
- 24/7 Cryptocurrency News3 months ago
Top Crypto News Headlines of The Week
- Donald Trump4 months ago
Why Did Trump Change His Mind on Bitcoin?
- News2 months ago
New U.S. president must bring clarity to crypto regulation, analyst says
- Bitcoin4 months ago
Ethereum, Solana touch key levels as Bitcoin spikes
- Opinion4 months ago
Bitcoin Open-Source Development Takes The Stage In Nashville
- Price analysis3 months ago
Will XRP Price Defend $0.5 Support If SEC Decides to Appeal?
- Bitcoin4 months ago
Bitcoin 20% Surge In 3 Weeks Teases Record-Breaking Potential