Bitcoin broke the $50,000 barrier this week and kept climbing, nearly touching $54K over the weekend. But after a massive $14K plunge and a small recovery we’re now back at prices not seen since … last week. In fact, we’re up 13.2% on last Tuesday to trade around $46,000. Ether looked like it was closing in on a new all-time high and topped $1,700 before the plunge. It’s back at $1400 to finish the week up 7.1%. Both coins are up 85% on a month ago. Apart from Litecoin (down 8.2%), and EOS (-3.6%), everything else was up: XRP (24.6%), LINK (9.1%), Stellar (64.6%), AAVE (8%) and SNX (20.3%).
The new year has certainly started off with a bang, with Bitcoin nearing $45,000 on January 3, then “crashing” below $38,000 in the first big retracement since we crossed the US$20K barrier (A$26K) in December. It finishes the week around $42,200 to mark a 20% gain. The Ethereum price was even more explosive and is nearing $1500 for the best prices since early 2018. It’s up 51.1% this week. Other coins saw big gains including Litecoin (up 20.8%), Bitcoin Cash (15.4%), Chainlink (12%), Stellar (13.1%), EOS (2.5%) AAVE (39.2%) and Synthetix (47.7%). Bitcoin SV gained 6.8% while Ripple gained 2% and was briefly overtaken as the fourth largest cryptocurrency by Litecoin.
It’s been another massive week in crypto with Bitcoin trading above $37,100 for the first time. At the time of writing Bitcoin was around $35,400 to be up 16.9% for the week and 47.9% for the month. Bitcoin’s current market cap of $660 billion makes it larger than Visa and Walmart and it’s closing in fast on Berkshire Hathaway. The news hit the front page of CNN, in a story headlined: “What the #)$*#@)($ is happening with Bitcoin’s insane record run?”. After lagging Bitcoin for some time, Ethereum finally outshone the king this week, marking an 18.5% gain to trade above $950. Litecoin increased 21%, Bitcoin Cash gained 12.4%, Chainlink was up 1.2% while Synthetix jumped 28.2%. It’s not alt season quite yet however with Bitcoin SV losing 2.9% and EOS down 7.3%. XRP‘s legal dramas saw it fall 53.1% and may have contributed to the 14.3% fall for Stellar, a similar project from XRP co-founder Jed McCaleb.
It seemed like Black Thursday occurred in reverse this week, with Bitcoin shooting up into price discovery mode. The price sailed past the US$20K mark early on Thursday (A$26.4K) and then kept going. It peaked at A$32K (a new all-time high) and is currently trading above $30,100, up 19% for the week. A contributing factor may have been MicroStrategy’s announcement that it had just bought 29,646 more Bitcoin, bringing its total to 70,470 BTC (more than $2 billion worth). Litecoin led the rest of the pack with a 28.6% gain, followed by Synthetix which gained 19.2%. Ethereum was up 4%, XRP (3.5%), Bitcoin Cash (15.6%), Bitcoin SV (3.3%) and EOS (3.7%). Stellar lost 2.9%, LINK (-4.3%) and AAVE (-5.5%). Meanwhile, WBTC (Bitcoin tokenised for use on Ethereum) is now the 15th largest crypto by market cap.
The Bitcoin price is once again in sight of the US $20,000 (A$26,550) mark, after dipping down to the mid $17,000s (A$23,425) on Saturday. At the time of writing Bitcoin was trading around $25,600 which is within 1% of where it was last week. Ethereum also finished flat, Stellar was up 1.2% and SNX gained 2%. Bitcoin Cash lost 2.7%, XRP was down 17.9%, Litecoin (-1.2%), Bitcoin SV (-7.2%), EOS (-3.5%) and AAVE (-6.5%).
Bitcoin has spent much of the week consolidating at just under $26,000. At the time of writing Bitcoin was just 1.2% down on seven days ago to trade at $25,750. On-chain analyst Willy Woo says he has “never been so bullish” and his “top model” suggests that $270,500 by the end of 2021 “looks conservative“. If you’re a fan of the Stock to Flow model, it suggests Bitcoin will not fall below $16,000 after this point. Most other coins headed backwards including Ether, which was down 2.3%, XRP lost 5.8%, Litecoin (-3.5%), Bitcoin Cash (-9.2%), Chainlink (-7.4%), Stellar (-14.9%) and EOS (-8.3%). Bitcoin SV finished flat while DeFi ‘blue chips’ SNX (8.8%) and AAVE (18.6%) gained ground. The Fear and Greed index is at 95 or ‘Extreme Greed’.