So good, in fact, that total market capitalization for all cryptocurrencies today increased by $10 billion. It’s grown by $26 billion since last week, with Bitcoin—the largest cryptocurrency by market cap—gaining 8% to its price in that time.
Bitcoin is now trading above $11,500 per coin for the first time since August. It’s up nearly 2% on the day, and a whopping 40% year to date, according to data from CoinMarketCap.
While the coin kept with tradition and suffered throughout September, the bears could not undo the bullish market sentiment that Bitcoin has enjoyed since March (following the coronavirus-induced market panic that sent prices across global markets plummeting).
Since March, Bitcoin has remained in one of the most robust bullish trading channels in its short history. If this trend continues, Bitcoin could soon touch new all-time highs by mid-2021—though that’s with all other things remaining equal.
The BTC-USD trading pair over the years. Image: TradingView
Just about anything could send this very young, volatile market in a different direction, including the results of the US presidential election in November. For example, just look at what the news of Jack Dorsey’s Square sinking $50 million into Bitcoin last week has done for the asset now.
And there’s plenty of reason to be cautious. A recent study by behavior analytics platform Santiment shows that trading groups may be looking for the right time to short Bitcoin at the moment, with searches for “short” hitting a two-month high on “crypto discourse channels.”
The keyword #short has hit a 2-month high on #crypto discourse channels, as the crowd anticipates a local top after yesterday's peak at ~$11.44k. Comparing #long vs. #short mentions here has historically been a great identifier of market polarization. https://t.co/ZB2nodcNrmpic.twitter.com/zgFCxsDNK3
War, geopolitical uncertainty, President Donald Trump’s “Big Beautiful Bill"—with so much going on, what could possibly be shaking the Bitcoin market today? How about one of the biggest Bitcoin holders in history suddenly moving $8 billion from their wallet? Yikes.
The crypto community was shaken today by the movement of 80,000 BTC—worth approximately $8.6 billion at today’s prices—from wallets that had remained dormant for over 14 years. This "OG" holder, who controls the funds across eight wal...
Major altcoins have dropped after U.S. President Donald Trump stirred up trade tensions by threatening tariffs once again, while the controversial “Big, Beautiful Bill” passed its final hurdle in Congress on Thursday—much to the dismay of Tesla CEO Elon Musk.
XRP has dropped 2.8% over the past 24 hours, with Solana falling 2.6%, and Cardano 4%. Fan favorite Dogecoin has also tumbled by 4% and Hyperliquid 4.7%.
“President Donald Trump signaled that new tariff notices could be issued as early as...
The crypto market is showing relative calm Thursday, with top assets mostly flat on the day as traders digest positive macro news and consider where to allocate their positions.
Bitcoin gained 0.4% in the past 24 hours, trading near $109,800 after briefly reaching a daily high of $110,590, according to CoinGecko. Ethereum also climbed above $2,590, though traders remain uncertain about its direction as prices continue to move sideways.
Almost all of the top 100 coins have posted single-digit mov...