Global Market Cap Passes $1.2 Trillion As Doge Breaks Back into Top 10

The weekend saw crypto’s global market cap continue to surge to new highs as a raft of new investors, and investment tools gear up to start offering more ways of dabbling in digital money. 

In just three days, markets added $500 million to their coffers to a total market cap of $1.23 trillion, according to data company Nomics. 

The overwhelming majority of that growth came from Bitcoin, which flirted with $40,000 before pulling back to the $38,000s. At the time of writing Bitcoin is down 2% over the last 24 hours, but is still within touching distance of January 8’s all time high of $40,771. Side note: different exchanges will have recorded different prices, and therefore different reporters report different numbers but the overall trend is: Bitcoin go up. 

BTC

-3.43%$104,049.59

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Ethereum meanwhile continued its price rally north of $1,500 over the weekend. The currency has spent six days above that mark despite a flash crash that sank the price by 10% over the weekend. 

ETH

-8.86%$2,515.97

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This week could bring increased volatility to Eth’s price as the Chicago Mercantile Exchange is due to launch its ETH futures contracts. These contracts will allow institutional investors to speculate on the price of the coin, in both long and short positions. 

For reference, when the CME first launched its Bitcoin futures contracts on 2017, Bitcoin surged to record highs. Speaking of Bitcoin futures, the amount locked in contracts betting on the future price of Bitcoin hit a record high of $14 billion over the weekend. 

Analysts Explain Why Bitcoin Futures Open Interest Just Topped $14 Billion

The total open interest (OI) across Bitcoin (BTC) futures markets today reached more than $14 billion, according to market analytics firm Skew, and as picked up by Unfolded. Global #bitcoin futures OI hits $14b for the first time. pic.twitter.com/l9UeeSguu7 — unfolded. (@cryptounfolded) February 7, 2021 Bitcoin futures open interest refers to the sum of all opened futures contracts minus those that have been closed. Bitcoin futures contracts are deals that let people buy Bitcoin at a predeterm...

However, with Chinese New Year fast approaching, many are expecting increased price fluctuations as Chinese citizens have traditionally sold their Bitcoin holdings around this time leading to a drop in price. But there are projects that seem impervious to China’s festive celebrations. 

Does the Chinese New Year really affect Bitcoin's price?

For the last five years running, the price of Bitcoin has fluctuated drastically in January. Historically, the wild price action seen in January often makes it the worst month for Bitcoin performance; for the last five years, Bitcoin has experienced a dump of between 15% and 50% beginning in early to mid-January, which often sends Bitcoin down to its lowest value of the year. Although there have been several explanations postulated for why this dump occurs so consistently around this time, one o...

Dogecoin’s rollercoaster ride continued across the weekend as more celebrities dived into pump the coin to their sizeable followings. 

Joining the likes of Elon Musk and former KISS frontman Gene Simmons was Snoop Dogg. 

Snoop Dogg Joins Gene Simmons and Elon Musk in Pumping Dogecoin

Snoop Dogg has joined Tesla CEO Elon Musk and KISS bassist Gene Simmons in pumping the price of Dogecoin. @elonmusk pic.twitter.com/KElwKghpei — Snoop Dogg (@SnoopDogg) February 6, 2021 Snoop tagged Musk in the tweet, which features the Shiba Inu ‘Doge’ meme (Dogecoin’s avatar) photoshopped onto the cover of Snoop’s album R&G (Rhythm and Gangsta): The Masterpiece. Twelve hours later, Musk responded with a picture of himself as Rafiki from the Lion King, holding Gene Simmons, who's holding up S...

The rapper photoshopped one of his album covers to include the Shiba Inu mascot, which was followed by Elon Musk photoshopping himself, Snoop and Gene onto an image from the Lion King.  

This flurry of activity has pushed Doge’s market cap into the top 10, as it recorded an 18% gain in the last 24 hours and an 73% surge in trading volume. 

DOGE

-1.64%$0.1731

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The project’s market cap is now hovering around $10 billion, but if the past few weeks are anything to go by, it’s unlikely to last.

Futures Markets Surge as Congress Fast Tracks Biden Stimulus  

While the markets were closed for the weekend, Dow Jones, S&P and Nasdaq futures all surged on the news that Joe Biden’s $1.9 trillion stimulus package had passed the final hurdle in the House. It’s due to become legislation later this month, fuelling bullish market sentiment around the recovery of the US economy.