After a jubilant weekend, bitcoin (BTC) was attacking $43,000 in London morning trading, signalling bulls may currently have the upper hand in the market’s recent tug-of-war.
BTC is now up 29% from its 24 January 2022 low, but it is still some 8% below its January open, and 38% below its all-time high recorded in November.
After weeks of debates whether the market is in correction or full-blown bear mode, BTC bulls are hoping that the weekend rally signed a reversal of the sentiment for the market.
Some market watchers looked to SuperTrend, a technical indicator that tracks price trends and gives buy and sell signals. “3-Day Supertrend is one of the key indicators I am waiting to flip bullish (green) to further confirm a bullish trend reversal. BTC currently needs to close a 3-Day candle above $48.8k to flash bullish,” wrote analyst Matthew Hyland on Twitter.
Meanwhile, cryptocurrency analytics firm Santiment wrote on Twitter:
The whole market rallied to around $2trn, according to CoinMarketCap, or $2.05trn according CoinGecko.
- ETH reclaims $3,000
Ethereum’s co-founder Vitalik Buterin took to Reddit on Sunday to share are his post ‘Why wouldn’t Proof of Stake drastically reduce block times vs. Proof of Work?’. This follows Buterin confirming that he is helping Dogecoin Foundation to move DOGE to a Proof-of-Stake network.
In an interview with FTX’s UpOnly, Buterin said: “Every major cryptocurrency except for one has an active plan to switch to Proof-of-Stake. I guess the arguments will be even easier to make once you know Ethereum is Proof-of-Stake and once you know Dogecoin’s plans are further along and Zcash plans are further along.”
Ether (ETH) has swung back above $3,000 mark in the latest rally – Credit: TradingView
- Altcoin season
Shiba inu (SHIB) benefitted from the latest rally. After spiking 23.45% in just 24 hours, SHIB is the biggest daily gainer from the 50 biggest cryptocurrencies by market capitalisation. Its rival, dogecoin (DOGE) added 5.74% over the same period.
Cryptocurrency analytics firm Santiment called the state of the market “altcoin resurgence” after it spotted that around 10 coins have seen the number of daily active addresses double in 24 hours. Daily active addresses (DAA) quantify a number of unique addresses sending or receiving tokens on a network. Bitru coin (BTR) and guildfi (GF) saw their DAA jump 213% and 133% respectively over the last 24 hours, with streamr (DATA) recording a 2,000% hike.
Quote of the day
The founder and CEO of digital media company Barstool Sports, Dave Portnoy, disclosed in a recent interview with Fox Business:
“I bought 29 bitcoins. I’ve been in and out of bitcoin. I bought it when it was $11,000. I sold it the next day. I got mocked across the internet for doing that. People called me ‘paper hands.’ I was waiting for my re-entry point. Fool me once, shame on you. Fool me twice, shame on me. I’m in for the long haul.”
Top coins by market capitalisation
As of 07:30 GMT:
- Bitcoin (BTC) fell 3.42% to $42,759
- Ether (ETH) increased 2.90% to trade at $3,089
- Binance coin (BNB) jumped 3.33% to $427.
Winners and losers
- Shiba inu (SHIB) added 23.45% in the last 24 hours and 34.74% over the last week
- Gala (GALA) lead the chart of the top 50 virtual token weekly gains; GALA jumped a whopping 85.15% in just seven days
- None of the 50 main cryptocurrencies were trading in red in London morning trade.
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