Tag: Bitcoins

Michael Saylor Praises Bitcoin’s Scarcity, Says Gold Is A Commodity
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CEO of MicroStrategy Michael Saylor remains one of the most vocal supporters of bitcoin. Countless times in the past, Saylor has always lauded the benefits of the digital asset, which he says is the best investment. His convictions are shared by his firm which remains the publicly traded company with the largest bitcoin holdings in the world. Now, once again, Saylor has spoken out in favor of the cryptocurrency, effectively snubbing its competitors while he’s at it.

Bitcoin Is The Only Scarce Asset

Bitcoin’s scarcity has often been one of the strongest arguments for the value of the cryptocurrency. According to the code, there can only be 21 million bitcoins mined, meaning that once this supply is mined, there are no more bitcoins coming into circulation. More BTC cannot be created, making it one of the most scarce assets in the entire globe.

Related Reading | Bitcoin Mempool Fills, Transactions Fees Double; Here’s Why

With bitcoin’s growth, it has fast become a rival for other top investment assets in the space. One of those assets is gold. Bitcoin which is referred to as digital gold has outperformed its physical rival over the course of the last few years, putting them in fierce competition with each other. However, according to Saylor, only one of these assets is truly scarce and that is bitcoin.

Speaking on the PBD Podcast, Saylor explained that all other assets can have more of them created. He called bitcoin the only scarcity known to humanity. The CEO referred to gold as a commodity, alongside other assets like real estate and luxury watches.

“I can create more real estate in New York City. I can create more cars. I can create more luxury watches. I can create more gold. I can create more shares of a stock. I can create more bonds,” Saylor explained.
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BTC declines below $40,000 | Source: BTCUSD on TradingView.com
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His reasoning was that since he can create more of these, then they are basically commodities. Whereas, bitcoin is “magical” given that there will only ever be 21 million tokens and no one else can create more BTC once they are all mined.

Related Reading | Bitcoin On Course To Hit $100K Nine Months From Now, Bitbull CEO Predicts

“I can create any commodity; they’re commodities by definition. Given enough money and time, I can create infinite of any of them,” Saylor continued.

Saylor’s advocacy for bitcoin runs both personal and professional. Saylor is known for using his personal bitcoin investment as an argument for why MicroStrategy should invest in the digital asset. As of the time of this writing, MicroStrategy owns over 120K BTC worth almost $5 billion, putting the firm in profit territory.
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Featured image from Coingape, chart from TradingView.com
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March 10, 2022
Bitcoin’s Market Dominance Increases, Price Struggles around $36,000

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In the latest crypto sell-off, BTC holders suffered huge losses. However, there was one bright spot for the holders of Bitcoin. The overall market dominance of the most valuable digital currency spiked by more than 4% in the last 8 weeks and crossed 42% on Friday.

In a jittery season for crypto bulls, the overall value of digital currencies plunged by approximately $1.4 trillion since 10 November 2021. The latest surge in BTC’s market dominance indicates that other digital currencies dropped more than Bitcoin in the recent market sell-off.

To put things into perspective, Ethereum has lost nearly 20% of its value just in the last 7 days. The correction in Solana was even worst as SOL dipped by 30% during the same period. Bitcoin performed relatively better with a drop of just 6% during the recent week.

In terms of drawdown from its all-time high levels, BTC is currently trading nearly 48% down from its all-time high level in November 2021. Cryptocurrency assets like Solana and Dogecoin are down 65% and 75%, respectively from their all-time highs.

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Bitcoin Transfer Volume and Whales

With weak sentiment among retail traders, BTC whales are dominating the current market. Large transactions currently account for most of the trading volume. “Bitcoin transfer volumes continue to be dominated by institutional size flows, with more than 65% of all transactions being larger than $1M in value. The uptrend in institutional dominance in on-chain volumes started around Oct 2020 when prices were around $10k to $11k,” Glassnode noted.

“BTC whale addresses with 100+ Bitcoin continue their long-term pattern of accumulation during this volatility in the 34k to 38k range. In the past 5 years, 1.7M BTC has been added to these large addresses, including 60k more in the past 2 months,” Santiment highlighted in a Tweet.

In the latest crypto sell-off, BTC holders suffered huge losses. However, there was one bright spot for the holders of Bitcoin. The overall market dominance of the most valuable digital currency spiked by more than 4% in the last 8 weeks and crossed 42% on Friday.

In a jittery season for crypto bulls, the overall value of digital currencies plunged by approximately $1.4 trillion since 10 November 2021. The latest surge in BTC’s market dominance indicates that other digital currencies dropped more than Bitcoin in the recent market sell-off.

To put things into perspective, Ethereum has lost nearly 20% of its value just in the last 7 days. The correction in Solana was even worst as SOL dipped by 30% during the same period. Bitcoin performed relatively better with a drop of just 6% during the recent week.

In terms of drawdown from its all-time high levels, BTC is currently trading nearly 48% down from its all-time high level in November 2021. Cryptocurrency assets like Solana and Dogecoin are down 65% and 75%, respectively from their all-time highs.

Related content

Bitcoin Transfer Volume and Whales

With weak sentiment among retail traders, BTC whales are dominating the current market. Large transactions currently account for most of the trading volume. “Bitcoin transfer volumes continue to be dominated by institutional size flows, with more than 65% of all transactions being larger than $1M in value. The uptrend in institutional dominance in on-chain volumes started around Oct 2020 when prices were around $10k to $11k,” Glassnode noted.

“BTC whale addresses with 100+ Bitcoin continue their long-term pattern of accumulation during this volatility in the 34k to 38k range. In the past 5 years, 1.7M BTC has been added to these large addresses, including 60k more in the past 2 months,” Santiment highlighted in a Tweet.

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January 28, 2022
Anyswap, Keep3rV1, WEMIX follow Bitcoin’s move to $44K with double-digit rallies
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The cryptocurrency community is back in high spirits on Jan. 12 after a majority of tokens in the top 200 flashed green following Bitcoin’s (BTC) spike to $44,000.

The return of bullish momentum has come as a boon to several altcoin projects, with multiple tokens seeing gains in excess of 20%.

Top 7 coins with the highest 24-hour price change. Source: Cointelegraph Markets Pro

Data from Cointelegraph Markets Pro and TradingView shows that the biggest gainers over the past 24-hours were Anyswap (ANY), Keep3rV1 (KP3R) and WEMIX (WEMIX).

Anyswap expands its list of supported networks

Gains in the altcoin market were led by Anyswap, a decentralized exchange that specializes in allowing users to transfer and swap tokens between 25 distinct networks.

Data from Cointelegraph Markets Pro and TradingView shows that since falling to a low of $15.16 on Jan. 10, the price of ANY ripped 77.67% higher to a daily high of $26.93 on Jan. 12 as its 24-hour trading volume spiked 525% to $114.5million.

ANY/USDT 4-hour chart. Source: TradingView

The sudden spike in activity and price for ANY come as the protocol recently added two new networks to its list of supported chains including a FomoETH bridge and Moonbeam, which just officially launched on Polkadot.

Keep3rV1 branches out to other networks

Keep3rV1 is a project focused on creating a decentralized job board designed to help projects connect with external developers that can provide specialized services.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for KP3R on Jan. 7, prior to the recent price rise.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (green) vs. KP3R price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for KP3R climbed into the green zone on Jan. 7 and hit a high of 80 roughly 79 hours before the price rallied 79.64% over the next two days.

The bullish move higher for KP3R comes following a tease released by the project indicating that KP3R will soon have cross-chain functionality between Ethereum (ETH), Fantom (FTM) and the layer-two solution Optimism.

Related: QuickSwap founder: L2s are the path to mass adoption

WEMIX lists at Upbit

WEMIX is a global blockchain gaming platform developed by Wemade Tree that is designed specifically for gaming dApps and includes a marketplace for digital assets and nonfungible tokens (NFTs).

Data from Cointelegraph Markets Pro and CoinGecko shows that after sliding to a low of $3.96 on Jan. 10, the price of WEMIX rebounded 106% to a daily high at $8.16 on Jan. 12 as its 24-hour trading volume spiked to $1.2 billion.

WEMIX/USD 1-hour chart. Source: CoinGecko

The surge in interest and trading volume for WEMIX comes as the token listed on the popular Korean cryptocurrency exchange Upbit on Jan. 10 and announced the details for the next WEMIX NFT auction drop.

The overall cryptocurrency market cap now stands at $2.073 trillion and Bitcoin’s dominance rate is 39.8%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.