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Chainlink [LINK] Gears Up For A Brief Fall Ahead

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It’s $1 trillion for the crypto-industry! As the community rejoiced at this milestone, Bitcoin went on to hit $38K. Chainlink [LINK] and Polkadot [DOT] despite being fairly new to the industry, managed to bag in good gains over the past few days.

XRP was seen enjoying the reversal of its downtrend as the asset was trading for $0.345 with a price change of over 50% over the last 24-hours. Ethereum [ETH] seemed to have forgotten the way back under $1K as the second largest coin was trading for $1,209.65 at press time. Bitcoin was moving without a blip with $40K as its next milestone.

Chainlink [LINK] turned out to be quite a promising asset as it managed to climb up the crypto ladder in terms of market cap. During the time of writing, LINK was trading at $16.24 with a 6.54% daily rise. The market cap of the asset had recorded a tiny hurdle as it slipped down to the tenth position with a market cap of $6.49 billion. Throughout the week, LINK was seen carrying gains of over 40%. 

Chainlink [LINK] One-Hour Price Chart

Chainlink

With a fairly low volume in LINK’s one-hour price chart, the bears were seen evading the coin market. The Parabolic SAR indicator proposed that the LINK market could be in for a reversal of trend as it formed dotted lines above the candlesticks, which further acts as a barricade for any potential upward breakout. The daily moving average indicator revealed signs of bulls as the 50 daily moving average [Blue] was above the 100 daily moving average [Red].

Chainlink [LINK] Price Chart With Key Indicators

Chainlink

Chainlink was done enjoying a vacation with the bulls as bears were out and about in its market. The Awesome Oscillator indicator formed red closing bars which further insinuated the presence of bears. The Relative Strength Index indicator gave out a neutral notion as its marker was close to 50-median.

The Trillion Dollar Club Welcomes Cryptocurrency Market

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The astonishing rally has catapulted the cryptocurrency market value to $1 trillion as Bitcoin smashed through a new record high above $37,000. While it might be unfathomable to many, the cryptocurrency market has now entered the trillion-dollar companies club, which is mostly dominated by global corporations.

Cryptocurrency Market’s Ongoing Success

It was the American multi-national companies, Apple, and Amazon, that first cracked the trillion-dollar ceiling back in 2018 before its shares took a plunge. As noted by Messari’s Jack Purdy, it took Apple 42 years to hit the said market cap and another two years to hit $2 trillion. The cryptocurrency industry, on the hand, hit the mark in 1/4th time.

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According to CoinGecko, the combined price of all cryptocurrencies currently in circulation now stood at $1.015 trillion, meaning, 1% of all the money in the world is now held in Bitcoin and other cryptocurrencies.

Interestingly, during the 2017 bull run, the cryptocurrency market cap peaked at $760 billion only for the figures to plummet shortly after. The soaring figure is not something that the community was surprised about. The confidence among the participants has been on a rise for quite some time now.

Erik Voorhees, the CEO of ShapeShift, for one, has made a strong prediction about the asset class in his recent tweet where he said,

“Crypto Market Cap: $1 Trillion. Took ten years. It will take less than six months to get to $2 Trillion.”

Next Up, Bitcoin?

Bitcoin has already gained nearly 30% since the beginning of the year. So what is behind this new record? It is the uncertainty of a potential looming financial crisis. The weakening US Dollar is yet another factor that has facilitated the money flowing through Bitcoin.

Over the past several weeks, portfolio diversification was also noted which has helped other large-cap assets such as Ethereum, and other cryptocurrencies to welcome an inflow of capital from investors both novice and institutional.

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Bitcoin remains the absolute leader in the market. According to AssetDash’s chart for ‘Top Assets by Market Cap’, the leading cryptocurrency crossed Chinese conglomerate, Alibaba to score the top 8th position on the ladder.  The crypto-asset was now trailing behind the US electric vehicle giant, Tesla which was seated at the 7th position.

With its price eyeing to break yet another milestone of $40,000, the industry proponents now predicted the Bitcoin market cap to soon hit $1 trillion.

Grayscale Hits $23 Billion in AUM as Bitcoin Blasts Past $35k

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Bitcoin’s price has soared wild. Owing to the strong bullish momentum, the crypto fund manager Grayscale has surpassed $23 billion in assets under management [AUM] on the 5th of January, up from $22.8 billion on the 1st of January this year. Since the start of 2020, the platform has increased its holdings by ten times.

Bitcoin has been making and breaking records with each passing day. It crossed yet another milestone of $35.1k before retracing to the press time price of $34.82k. This has paved the way for the altcoin market to register tremendous rally breaching levels not seen since the 2017-2018 bull run.

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The growth that the asset manager has noted in the past couple of weeks has been nothing short of phenomenal. Thanks to the growing customer base of institutions, high net individuals as well as retail investors, the AUM figures have skyrocketed in a short period of time. As Grayscale products continued to attract massive capital inflows, Bitcoin was its largest holdings with a staunching $19.47 billion followed by its Ethereum product [ETHE] at $3.09 billion, Grayscale Litecoin Trust [LTCN] with $178 million.

Taking the opportunity, Grayscale has not only accumulated a massive amount of crypto-assets but has also launched substantial marketing campaigns. One of its most popular was the DropGold. More recently, it launched ‘GoGrayscale’ marketing campaigns to increase awareness about digital assets.

Reportedly, shares of Grayscale Bitcoin Trust [GBTC] soared by nearly 12% on the 5th of January. This was right after JPMorgan issued an extremely bullish forecast for the price of Bitcoin. A popular JP Morgan analyst went on to claim that Bitcoin could potentially rise as high as $146,000

TWJ had earlier revealed how confident the market has been following the stunning rally. Barry Silbert, the Founder, and CEO of Digital Currency Group which owns the digital asset manager had earlier tweeted,

“You all clearly want Grayscale to hit $20 billion in AUM in 2020. I’ll take it”

Could Cardano [ADA] Hit $1 Before XRP?

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The market value of cryptocurrencies seems to be rising without a hurdle. Cardano [ADA], Bitcoin [BTC], Ethereum [ETH], and an array of assets were seen elevating the entire crypto market cap. At the time of writing, the global crypto market cap was at $932.56 billion with a 9.13% daily increase. It was evident that the crypto-verse was on an uphill journey with $1 trillion as its next stop. Bitcoin advanced the bull run by hitting a high of $35K. Cardano [ADA], as well as Stellar [XLM], were undoubtedly the star of today’s show as both these assets were consolidating double-digit surges.

Over the course of 2020, Cardano had fallen down multiple times in terms of market cap. However, the asset seems to have found a comfortable spot as the sixth largest cryptocurrency. During press time, ADA’s market cap was at $8.67 billion. The altcoin was priced at $0.2780 with a 19.20% rise over the last 24-hours. The last seven days helped ADA bag gains of 53.04%.

Cardano [ADA] Short Term Price Chart

Cardano

The one-hour price chart of Cardano revealed that the altcoin was in for a trek up ahead. The Bollinger Bands indicator suggested that ADA was prepping for an increase in volatility. The bands were seen wide apart which further indicated an improvement in volatility. The daily moving average revealed that the increased volatility would be beneficial for the altcoin. The 50 daily moving average [Blue] was seen over the 100 daily moving average [Red] forming a bullish crossover.

Furthermore, the volume in the ADA market was quite high during the time of writing.

XRP Short Term Price Chart

Cardano

The ongoing SEC lawsuit against Ripple has caused hefty damage to XRP. The asset depreciated immensely over the last few days in terms of price and market cap. The Bollinger Bands indicator in XRP’s one-hour price chart affirmed that the altcoin would not endure any sudden drops for a while as the bands were diverging which indicated low volatility. The 50 daily moving average [Blue] and the 100 daily moving average [Red] were above the candlesticks which further suggested the presence of bears in the XRP market.

Additionally, the trading volume of XRP was quite low which is understandable considering the delisting of the asset from several exchanges.

XRP Makes Way For Litecoin As The Fourth-Largest Asset; Grayscale Kicks Out XRP From Its DLC Fund

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The crypto-verse has been closely spectating the movement of Bitcoin. XRP seems to be the only asset enduring a loss during the ongoing bull run. The crypto industry is so close to hitting $1 trillion, but it appears like XRP wouldn’t be effectively aiding the process. The SEC lawsuit has almost destroyed the altcoin. Over the past few days, several crypto exchanges went on to delist the asset and the list isn’t getting any shorter. A few other members join the list as the asset slips off as the fourth-largest cryptocurrency.

XRP Loses Spot On Blockchain.com

The SEC’s $1.3 billion lawsuit against Ripple seems to have an array of repercussions as XRP has been losing its stance in the crypto-verse. After Coinbase, Bittrex, OKCoin, and several other lesser-known exchanges suspending trading of the asset, Blockchain.com revealed that it would halt trading of the altcoin from 14 January 2021. However, users of the platform will reportedly be able to send out the altcoin that they already have, but cannot acquire extra XRP.

Grayscale also followed suit and bid adieu to XRP. In a recent tweet, the platform revealed its Quarterly review for the Digital Large Cap [DLC] Fund. Grayscale’s DLC entailed other crypto-assets like Bitcoin [BTC], Ethereum [ETH], Bitcoin Cash [BCH] as well as Litecoin [LTC]. But XRP didn’t seem to make it to the list. The tweet read,

In a recent press release, Grayscale further affirmed that it would “temporarily” suspend trading for the altcoin starting from 15 January post 5 PM [ET]. Elaborating on the platform’s reason for removing the coin, the post read,

“According to the Fund’s documentation, during the Fund’s quarterly review, the Manager may determine to exclude a digital asset from the Fund’s portfolio even if it meets the Fund’s Inclusion Criteria, including, but not limited to, if the Authorized Participant does not have the ability to trade or otherwise support such digital asset.”

Earlier this year, the largest stablecoin, Tether [USDT] flipped XRP as the third-largest crypto asset. Now, Litecoin has overshadowed the asset and took over its place as the fourth largest coin with a market cap of $10.63 billion.

XRP

Bitcoin Briefly Transcends Alibaba After Skyrocketing Above $34k

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Bitcoin underwent a correction to $30,215 shortly after smashing a fresh all-time high on the 12th anniversary of its network being created. With this, the world’s premier crypto-asset went on to break several other records as well. One of the most prominent ones has to be Bitcoin surpassing Chinese multinational technology company Alibaba.

According to AssetDash’s chart for ‘Top Assets by Market Cap’, the leading cryptocurrency briefly crossed Alibaba to score the top 8th position on the ladder. During this short-lived tryst, the cryptocurrency went on to challenge the US electric vehicle giant, Tesla which was seated at the 7th position.

As Bitcoin broke $30k, Jim Bianco, popular macro strategist, tweeted,

“*BITCOIN EXTENDS RALLY TO TOP $30,000 FOR THE FIRST TIME. Bitcoin first passed $20,000 on December 16, and $25,000 on December 26. Now over $31,000 50+% gain in less than 16 days! Bitcoin makes TSLA look like it is standing still.”

Having quadrupled in terms of its price during 2020, the crypto began 2021 with a bang as it breached through the $30,000 mark for the first time ever, in fact, in less than three weeks ago to be specific, after first trading above $20,000. Just four days into 2021 and BTC has already exhibited an extension of its mainstream recognition, which might be held as a guarantee for a long-term bullish trend.

The latest pullback of more than 12% over the past day, from a market cap of over $636 billion to the current $563 billion drove the cryptocurrency to the 10th position. However, it continued to rank well above the financial service giants such as Visa and Mastercard.

Will Bitcoin be able to resume this?

It is very likely that Bitcoin could be, in the coming days, will be able to take over Alibaba once more. The very reason why it seems plausible is that more and more anxious institutions and corporations are on a buying spree of more and more BTC. Hence, the scenario for not just BTC but also the collective crypto market cap is getting more bullish by the second. It is not just the high-net individuals that have played their part, the retail FOMO was also important in this rally.

It is not just Bitcoin that reigns in the charts..

Apart from Bitcoin, the only other cryptocurrency that was found among the top 100 assets by market cap was Ethereum. Thanks to its overwhelming rally of 15% over the past 24-hours, the altcoin made it to 93rd position just above the British multinational investment bank and financial services holding company, HSBC Holdings.

Total Crypto Market Cap Goes For A Stunning Run Above $900 Billion

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The cryptocurrency market is on a full-scale bullish track. The total market cap has reached a milestone of $909 billion before retracing back to the current figures of $865 billion.

This coincided with Bitcoin blasting past $34,000 which, in turn, propelled the altcoin market to enter the bullish weekend bender. According to data compiled by CoinMarketCap, the market cap had previously touched close to $840 billion during the parabolic surge back in 2017-2018.

With this, the crypto market is a little over 10% away from hitting a whopping $1 trillion market cap. This called on for a cheeky comment by Erik Voorhees, CEO of Shapeshift, who went on to state that the latest figure for the total market cap was “roughly 1/7th of The Fed’s balance sheet”.

total market capitalizat

Ethereum Trails Behind Bitcoin’s uptrend

Bitcoin is the largest cryptocurrency out there. It is not just the largest by adoption, and market capitalization, but also most importantly, by hash rate. And while the crypto-asset is undoubtedly responsible for this rise, the altcoins have also caught up to the bullish affair. One of the most prominent coins that have aided the cumulative market capitalization to a new high was Ethereum. The world’s largest altcoin crossed $1,150.

The last time Ethereum hit a four-figures on the dollar was nearly three years back in February of 2018.

The Impact?

Bitcoin’s strong momentum can eventually bring in the much-talked-about alt season in the coming days. Most often than not, altcoins prepare for a substantial surge when Bitcoin consolidates after a big rally, something that was observed since Christmas which has extended to 2021. This essentially happens because it is when Bitcoin stabilizes, that market participants and investors often look to take more risk-on plays in the crypto market.

Historically, when Bitcoin consolidates, the altcoin market was found to be witnessing a significant rise in volume.

A well-known trader at the Amsterdam Stock Exchange Michaël van de Poppe noted that the probability of a temporary Bitcoin establishing a local top is increasing. And if the prediction does hold true, chances of that triggering a massive rally for the altcoin part is likely to materialize.

“The likelihood of a temporary top is becoming significant at this point. Bitcoin dropping down intraday after reaching the second target, while #Ethereum is bouncing upwards heavily in the $BTC pair. That’s great news for altcoins in general.”

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Bitcoin Options Action Swells On Deribit After Introduction of $200K Options Strike

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Bitcoin’s wild ride has not just catapulted the spot market but has propelled fresh highs on the derivatives space, as well. Bitcoin derivatives markets have been witnessed a significant demand in recent months simultaneously as the spot markets jumped to new peaks.

After a few days of dwindling figures, the parabolic upside breaching $34K has spurred newfound optimism among the option traders. In the latest development, the traders of the bitcoin options exchange, Deribit recorded a 24-hours exchange trading volume of a whopping $4.4 billion with more than $1.98 billion in notional for the first time ever.

In addition, the BTC options open interest [OI] surged to an all-time high of $8 billion. Deribit remains at the top position in terms of the aggregate BTC options open interest. This was followed by open interest from crypto platforms such as Okex, Bit.com, CME Group, and Ledgerx respectively.

Coinciding with the market-wide bullish sentiment was another crucial announcement from the platform. The options traders on Deribit can now bet on a potential rally all the way to $200,000 by late December 2021. This replaced the $160,000 option as the highest traders can bet Bitcoin would surge to.

This news comes a little over a week after Deribit introduced call and put options at the $100,000 strike price expiring on the 24th of September, 2021. Interestingly, when the said options went live, the underlying crypto-asset was in the middle of a massive rally blasting past the coveted level of $20k and setting a then-record high of a new territory close to the $24k.

As the prices continued to soar, Deribit then announced the launch of both $120k and $140k strikes within a short span of time. The exchange had earlier explained its decision in the following tweet,

“Our introduction policy is adding strikes up to delta 10”

The latest bull run witnessed a lot of new investors foraying the market amid the uncertainty that scourge the traditional financial realm due to the ongoing pandemic. These entities were now seeking to hedge their bets against the industry through derivatives of underlying assets like Bitcoin and Ethereum. This was reflected in the speed at which the crypto derivatives market has been growing in the midst of Bitcoin’s stunning run into unchartered territories.

Grayscale Now Has $19 Billion in Crypto AUM; Figures Triple

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It is, without a doubt, that Grayscale has effectively cornered the cryptocurrency industry. Bitcoin’s prices have unfolded tremendously over the holiday week, thanks to the growing institutional investor interest as well as the retail FOMO.

Owing to this, the digital asset manager, Grayscale Investments has hit yet another milestone, after it touched $19 billion in assets under management [AUM] on the 28th of December, up from the $16.4 billion announced just last week. With this, the figures have tripled since the start of November.

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Notably, Grayscale’s trust for XRP witnessed a significant decline all the way from $13.7 million AUM a week ago to the current $11.2 million. This can be attributed to the recent SEC-Ripple fiasco which has prompted intense sell-off.

Nevertheless, Grayscale products have attracted massive capital inflows over the course of the year. According to the latest data by the NY-based platform showed that Bitcoin continued to be its largest holdings with a staunching $16.3 billion followed by Grayscale Ethereum Trust [ETHE] at $2.1 billion, Grayscale Litecoin Trust [LTCN] with $151.3 million.

The world’s leading crypto asset management firm had garnered a lot of traction recently due to its DropGold advertising campaign. To top that, the company reported a growing interest in Ethereum earlier this month.

Besides, Ki Young Ju, who happens to be the CEO of CryptoQuant, revealed that out of the total $186 billion Bitcoin realized market cap, 16% is owned by institutional investors. This comes after Grayscale’s third-quarter investment report disclosed that 80% of investments to its products came from institutional investors, which were dominated by hedge.

In addition to the rising Bitcoin price, yet another factor that has made the US-based platform, realy popular among the experienced and the novice traders alike was the weakening dollar which has triggered institutional adoption. Furthermore, it is no news that certain major Wall Street firms have also integrated digital assets in their investment portfolio to hedge against dollar depreciation.

Confident about the massive figures, Barry Silbert, the Founder and CEO of Digital Currency Group which owns the digital asset manager, tweeted,

“You all clearly want Grayscale to hit $20 billion in AUM in 2020. I’ll take it”

Polkadot [DOT] Gears Up For A Setback After Hitting An ATH

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The crypto-verse has all eyes on it after Bitcoin [BTC], Ethereum [ETH], Binance Coin [BNB] as well as Polkadot [DOT] reached new peaks. XRP has been recording huge losses after an array of cryptocurrency exchanges bid adieu to the asset. While its tiff with the SEC prolongs, XRP was trading below $0.20 throughout the day. Bitcoin seems to be headed towards the moon as the king coin was moving unstoppably. With a few brief setbacks, Bitcoin seems to be heading towards $30K. The crypto market was painted in both red and green. As some coins were witnessing corrections, a few others were trying to hit new highs.

At the time of writing, the price of Polkadot [DOT] was noted at $7.21 and wasn’t far off from its all-time high of $7.65 that DOT hit earlier today. The altcoin was seen surging by over 11.24% in the last 24-hour. DOT has seen bagging gains of over 46.12% in the last seven days.

Polkadot [DOT] One Hour Price Chart

Polkadot

DOT had immensely high trading volume earlier today as seen in its one-hour price chart. The bulls seemed to have left behind a few traces as the daily moving average revealed a bullish sentiment in the DOT market. The 50 daily moving average [Blue] was seen lounging above the 100 daily moving average [Red] and is labeled as a bullish crossover.

Earlier today, DOT had managed to speed past a prominent line of resistance at $6.8. The coin prolonged its journey and hit an all-time high of $7.65.

Polkadot [DOT] Price Chart With Indicators

Polkadot

The Bollinger Bands indicator was hinting at a decrease in volatility as the bands were seen diverging after staying apart for a while now. The Stochastic RSI indicator pointed out that the marker was in the oversold zone, which further revealed strong sellers’ sentiment. MACD indicator revealed that DOT was going to take a little rest from its trek uphill as signal line took over the MACD line, indicating the presence of bears in the market.