Bitcoin Price Today (January 29): Rebound accelerates, rose as much as 3.4%
The largest cryptocurrency rose as much as 3.4% and was trading at $34,000 as of 11:10 a.m. in Hong Kong. The coin is up about 7% this week, bouncing back from a 16% tumble over the previous two weeks after touching a record of almost $42,000. Bitcoin has also dipped below $30,000 multiple times this week, testing its 50-day moving average.
“$30,000 is key support and there appears to be a rising wave of institutional interest buying all dips,” said Mike McGlone, Bloomberg Intelligence Commodity Strategist, Bloomberg cited.
The wild swings come amid the turmoil seen in stocks such as GameStop Corp. that have become favorites of retail investors. Advocates have called the activity in the equity markets a sign of revolt against traditional structures and pointed out the advantages of the decentralized nature of crypto finance.
“Much of the work being done in the blockchain space has been inspired by these barriers,” said Paolo Ardoino, chief technology officer with Bitfinex.
SkyBridge Capital’s Anthony Scaramucci said that the turmoil is an affirmation of financial decentralization, which has long been the guiding force behind Bitcoin. Tyler and Cameron Winklevoss, co-founders of Gemini Trust Co, told CNBC Thursday that there are common themes between traders on Reddit and those investing in cryptocurrencies.
“What I'm seeing today is indeed a trend upwards,” Alessandro Andreotti, an over-the-counter crypto trader, said. “But it's still too early to call whether this is a return to a bullish cycle or not.” The current crypto market seems to be distracted by the ongoing GameStop situation, where a group of Redditors on a board called “Wall Street Bets” (WSB) sent GameStop shares (NYSE: GME) skyrocketing in order to squeeze hedge funds that were betting against the video game retailer and its stock.
DOGE tweet volume up 1800%, becomes the first altcoin to surpass Bitcoin ever
Data from Cointelegraph Markets and TradingView shows that BTC has steadily climbed higher in price from $31,000 to its current value of $33,400, an increase of 9.5%. The most notable gainer of the day was Dogecoin (DOGE) which surged more than 200%.
Dogecoin (DOGE), a meme coin created as a joke, has seen a groundswell of Twitter activity in the past 24 hours after attention was thrown on the coin by the now-infamous Reddit group responsible for pumping the share price of GameStop.
Dogecoin’s Twitter volume — the number of daily tweets versus the 30-day average — skyrocketed 1,787% on Thursday, according to crypto data provider The TIE. In total, there were 89,991 tweets about DOGE over a 24-hour period. In fact, The TIE’s data suggests it’s the first time any altcoin has surpassed Bitcoin in terms of volume. In addition to seeing a spike in Twitter activity, Dogecoin experienced a similar surge in trading volume. The digital currency's price appreciated 223% over the 24-hour period.
At the time of writing, DOGE was valued at $0.024 for a total market capitalization of just under $3.1 billion. It has surpassed cryptocurrencies Tezos, Monero, and EOS following its latest spike.
The traditional markets also saw a bounce following a minor sell-off yesterday. The S&P 500, NASDAQ, and Dow all saw positive inflows and finished the day up 0.98%, 0.68%, and 0.99% respectively, CoinTelegraph reported.
Cosmos (ATOM) rallied by 15.41%
Stellar (XLM) gained 13.91%
Compound (COMP) added 14.21%
Ether (ETH) increased by 5.96% and currently trades at $1,355.
The overall cryptocurrency market cap now stands at $984.6 billion and Bitcoin’s dominance rate is 63.2%.
Price Forecast: Bitcoin will surge to $55,000 by the end of 2021
Webull CEO Anthony Denier says he thinks bitcoin will surge to $55,000 by the end of 2021.To be more exact, Denier predicts the cryptocurrency will surge to $55,000 per coin by the end of 2021, a 70% increase from its current price of around $32,200, according to Business Insider
A big reason is growing acceptance and legitimacy, as institutional investors and big names like David Tepper and Stanley Druckenmiller sink money into the asset, and platforms like Cash App and PayPal allow the use of the currency. On its legitimacy, Denier gets philosophical. While Bitcoin bears argue that the currency will fail because of its arbitrary value, Denier points to gold's inherent value as a rebuttal.
"Why is gold more valuable than silver? It's not like we use gold to build buildings. It's just that someone a long time ago said 'this metal is really valuable and I want it,' and everyone jumped on board and everyone believes gold has this amazing value," he said. "So it's a collective consciousness. Same thing with bitcoin, it's a collective consciousness where people say 'yes, that has value to it.'"
Further on this point, he highlighted the fact that most of bitcoin's supporters tend to be younger, and therefore will prove to be an increasingly relevant force in legitimizing the currency as time goes on. Denier also said that the risk of inflation in fiat currencies is a tailwind to bitcoin. Inflation has become one of the main themes on Wall Street in recent months, as monetary and fiscal policy remain loose in the near future.
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