Global market cap hit a record high overnight as the total value of all cryptocurrencies went above $1.18 trillion for the first time, according to data company Nomics.
Global Market Cap hits record high. IMAGE: Nomics
The boom has been fuelled by the combination of Ethereum’s meteoric rise and DeFi’s renaissance. But over night, Bitcoin and Ethereum prices did little in terms of gains or losses.
Bitcoin’s price, after starting yesterday strongly, saw losses in the afternoon that lead to a minor 0.5% gain overall.
But that hasn’t stopped Bitcoin whales continuing their acquisition of BTC, according to on-chain market analysts glassnode.
The number of #Bitcoin whales (entities holding ≥ 1k $BTC) has seen an astounding increase.
Since the beginning of the year, more than 200 new whale entities have appeared in the network –– data supporting the case that institutions are arriving.
In news shared on Twitter, 2021 has seen the whale community - investors that hold more than 1,000 Bitcoin - grow aggressively. More than 200 new HODLers have appeared, lending more weight to the narrative that institutional investors continue to see value in cryptocurrency.
Ethereum too had a muted day, after a week of stellar growth. The project nudged up 0.8%, maintaining its position above $1,500 for four days straight.
But further down the market caps, things were far from dull. Ripple bounced back 14% from the crash after this week’s pump and dump action from investors.
The pump and dump schemes are back. The schemes, which involve groups of investors coordinating their buying, and subsequent selling are running riot with projects like XRP and Dogecoin.
Ripple’s XRP, currency which had surged over the last three days, collapsed by 42% in the past 24 hours.
The reason? A group of 295,000 Telegram users had been inflating the price of the currency, despite the SEC’s ongoing lawsuit against the project. Over the weekend, prices were up more than 150%.
XRP Pr...
Polkadot is up 4.6%, Cardano 16% and Chainlink 11%. In fact, almost all of the currencies in the top 20 by market cap are up, except Dogecoin. The meme coin which has been enjoying the affections of Elon Musk this week surged yesterday to a market cap of $6 billion.
Elon Musk’s public musings about Bitcoin and Dogecoin have caused spikes of almost 20% for both cryptocurrencies, according to a study by the Blockchain Research Lab.
The SpaceX CEO has about 44 million followers on Twitter. On January 29, when Musk updated his Twitter bio to Bitcoin, he set in motion a trend that saw famous YouTubers and NFL stars follow suit. Much has since been speculated about whether or not Musk’s tweets really can influence the cryptocurrency markets, but now a study has...
But the party appears to be over, for now, as its price slid nearly 7% overnight.
S&P 500 and Nasdaq hit record highs as US economy recovery accelerates
It was a day of records for both crypto and Wall Street as the S&P 500 and Nasdaq ended at record closing highs. The Dow closed just 0.5% shy of its own recent all-time closing high.
What’s got investors in such a good mood? Better-than-expected economic data showing the US recovery is accelerating. Oil markets are gearing up for a return of travel leading to price gains, and financial companies are growing faster than any other category on stock markets as treasury yields return.
With new weekly jobless claims improving to a two-month low, it seems yesterdays concerns a market bubble was forming are nothing but air.
Bitcoin is coming to the drive-thru.
American fast food chain Steak ‘n Shake said Thursday it will begin accepting the world’s largest crypto at all of its U.S. locations starting May 16, giving its more than 100 million customers the option to pay for milkshakes and burgers in BTC.
“The movement is just beginning,” the company posted on X.
Unlike high-margin retailers, fast food chains run on thin margins and high volume, making Steak ‘n Shake’s Bitcoin rollout a real-world stress test for the...
On Thursday, Bitcoin miner MARA Holdings reported a staggering $533 million net loss for the first quarter this year, despite amassing Bitcoin at a record pace and steadily growing its year-over-year revenue.
The company's Q1 earnings reported a 30% jump in revenue to $214 million, with its Bitcoin holdings ballooning to 47,531 BTC, a 174% increase from just 17,320 BTC a year ago.
Still, the company's results missed Wall Street’s expectations. Its net income loss expanded to $533 million (at $1....
Coinbase's total revenues fell 10% quarter-over-quarter and fell short of analyst expectations amid a decline in trading activity, the company said in its first quarter earnings for 2025.
The crypto exchange booked $2 billion in total revenue on Thursday, below Wall Street analysts' estimates of $2.12 billion. Net income came in at $66 million, marking a 94% decrease from the fourth quarter of 2024.
The company’s earnings per share shrank to $0.26 from $4.84 the previous year for the same thre...
