29 Feb, 2024

Bitcoin Blows Past $60K, on Track for Best Monthly Candle Since Dec. 2020

If bitcoin’s price holds on for the next day and a half, February will mark its best month in more than three years.Bitcoin (BTC) has exploded by 43.2% over the month to date, swelling from $42,560 on Feb. 1 to briefly touch $64,000 this afternoon, before retracing to $60,950 as of 1:15 pm ET.If bitcoin rides out the month at comparable prices, its February candle would almost eclipse a 47% candle set in December 2020 — the early stages of the previous bull market.February would also be the second largest green monthly candle since May 2019.Bitcoin was lost in the doldrums of a bear cycle at the time, opening the month below $5,300 to finish past $8,500 — a 62% jump. Crypto exited its winter phase over the following year.The crypto market looked far different in 2019.No BlackRock or Fidelity spot ETFs were hoovering up bitcoin faster than they’re mined, the SEC had not yet sued Ripple Labs over XRP (the third-largest crypto at the time behind Ethereum), and there were only $3 billion in tether in circulation — now there’s close to $100 billion.Another major difference was the number of bitcoin on crypto exchanges: Investors kept around 3 million BTC on trading platforms. That’s the most in bitcoin’s history per CryptoQuant, which tracks exchange wallets.Altogether, that BTC was worth about $26 billion at the time.Bitcoin holders have been pulling their coins off exchange ever since. Now, exchange reserves are on track to dip below 2 million BTC, a level not seen since December 2017 — when bitcoin had just set an all-time high of $20,000.While that’s still more than 10% of the circulating supply, one could easily add a one-third reduction in BTC on exchanges over the past five years to the seemingly bottomless pile of bullish factoids swirling around right now. It’s worth considering though that bitcoin’s price has added six multiples across that period, from under $9,000 to $62,000. So, the dollar value of all bitcoin kept on exchanges right now is about $123 billion — its highest point since April 2022. With so much dollar value locked up in bitcoin markets right now, the only real guarantee moving forward is volatility.

23 Feb, 2024

Crypto Rally as BTC Hits $50,000 and Multiple Tokens Surge Over 20%

On February 22, amidst a landscape where Bitcoin surged and Ethereum held steady, several cryptocurrencies demonstrated notable price increases. According to data from CoinMarketCap, at least five digital assets saw increases exceeding 20% within a 24-hour period, maintaining the collective market cap of the digital asset market at just under $2.1 trillion. Despite minor declines in the values of Ethereum, CoinGecko reported a 2% uptick in the overall valuation of cryptocurrencies, indicating a trend of capital rotation towards alternative tokens to capitalize on potential gains.AI Tokens Lead the ChargeLeading the charge in price gains on February 22 was SingularityNET's AGIX token, which experienced a 39% surge in market price. AGIX's upward trajectory was in line with other artificial intelligence (AI) coins, reflecting a broader bullish sentiment within this sector, which has seen a 40% increase in value over the past week, boasting a market capitalization surpassing $17 billion. Following closely behind was WLD, the native token of Worldcoin, Sam Altman's eye-scanning identification initiative, which recorded a 36% increase, reaching over $8 and achieving consecutive all-time highs. Reports speculating on significant announcements from Worldcoin may have contributed to WLD's upward momentum, further fueled by the recent release of Sora, Altman's text-to-video program under OpenAI.AI and GPU Tokens SoarFetch.ai (FET), another AI-focused token, also witnessed double-digit growth, soaring 23% within the day to attain a new all-time high. This surge in value can be attributed to heightened interest in the convergence of blockchain technology and artificial intelligence, with Fetch.ai pioneering a protocol that facilitates access to machine learning networks and global datasets via a cryptocurrency-based economy. The Graph (GRT), a crypto indexing protocol built on Ethereum, mirrored this upward trend with a 23% price surge. The Graph's platform enables users to query data and publish open APIs known as subgraphs, with over 3,000 subgraphs already launched. Additionally, RenderToken (RNDR), the native cryptocurrency of Render, a distributed GPU network, experienced a notable 22% increase in price, bringing it within 12% of its 2021 all-time high. Render's platform serves as a marketplace for GPU computing, connecting mining operations with studios and creators seeking to utilize excess GPU resources.Bitcoin Surpasses $50,000 MarkMeanwhile, Bitcoin breached the $50,000 mark on Monday, reaching its highest level in over two years. Coin Metrics reported a 4% increase in the flagship cryptocurrency's price to $50,168.36, with a peak at $50,334.00, the highest since December 2021. Ether also saw gains of over 5.5%, reaching $2,643.80, after hitting $2,638.62, its highest point since January 12. Antoni Trenchev, co-founder of Nexo, a crypto services firm, remarked on the significance of Bitcoin surpassing $50,000, especially following the recent introduction of spot ETFs. Despite initial skepticism and subsequent sell-offs, Bitcoin's resilience signals a positive trajectory, culminating in its strongest weekly performance since December 8, with gains of 10.76% as of the previous Friday.Sustaining the MomentumIn the midst of a crypto rally marked by Bitcoin's surge past $50,000 and substantial gains across multiple tokens, LADT's significance becomes increasingly evident. As cryptocurrencies gain momentum globally, LADT's efforts to position Laos within the digital landscape stand to benefit not only the nation but also contribute to the broader crypto market. By embracing emerging technologies and fostering cooperation within ASEAN, LADT not only enhances Laos' digital infrastructure but also adds to the diversity and dynamism of the crypto market as a whole. This collaborative approach sets a precedent for other nations and reinforces the potential for digital currencies to drive innovation and economic growth on a regional and global scale.