$BTC continues to power on.
Decrypt reports that Bitcoin’s market cap has now broken $300 billion — 90% of its all-time high. Bitcoinist says BTC could surge to $20,000 after $17,150 turns into support. Cointelegraph claims that Bitcoin futures and options suggest a major price move is looming — and notes that CNBC is predicting crypto gains may extend to a full year following May’s halving.
Total Market Cap $464.6 BN (+1.77%)
24 Hour Volume $122.1 BN (+8.82%)
Notable Movers Kleros (PNK) (+41.54%)
BTC Dominance 64.8% (+0.31%)
Bitcoin, BTC to USD, rallied by 3.74% on Thursday. Following on from a 2.60% gain on Wednesday, Bitcoin ended the day at $16,296.2.
It was a bearish start to the day. Bitcoin fell to an early morning intraday low $15,453.0 before making a move.
Steering clear of the first major support level at $15,341, Bitcoin rallied to a late intraday high $16,325.0.
Bitcoin broke through the first major resistance level at $16,030 to wrap up the day at $16,290 levels.
The near-term bullish trend remained intact, supported by the latest move through to $15,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $6,400 to form a near-term bearish trend.
Across the rest of the majors, it was a mixed day on Thursday.
Bitcoin Cash ABC (+0.72%), Bitcoin Cash SV (+0.03%), Crypto.com Coin (+2.29%), and Litecoin (+2.38%) joined Bitcoin in the green to buck the trend on the day.
It was a bearish day for the rest of the majors.
Chainlink and Polkadot slid by 2.99% and by 4.62% respectively to lead the way down.
Binance Coin (-1.19%), Cardano’s ADA (-1.30%), Ethereum (-0.17%), and Ripple’s XRP (-0.45%) also saw red on the day.
For the current week, the crypto total market cap fell to a Monday low $421.37bn before rising to a Thursday high $466.77bn. At the time of writing, the total market cap stood at $495.66bn.
Bitcoin’s dominance fell to a Tuesday low 64.22% before rising to a Thursday high 65.90%. At the time of writing, Bitcoin’s dominance stood at 65.93%.
At the time of writing, Bitcoin was up by 0.27% to $16,340.0. A mixed start to the day saw Bitcoin fall to an early morning low $16,266.5 before rising to a high $16,344.0.
Bitcoin left the major support and resistance levels untested early on.
Elsewhere, it was a mixed start to the day. Binance Coin and Polkadot were down by 0.02% and by 0.45% respectively to buck the trend early on.
It was a relatively bullish start to the day for the rest of the majors, however.
At the time of writing, Litecoin was up by 1.14% to lead the way.
Bitcoin would need to avoid a fall through the pivot level at $16,024.4 to bring the first major resistance level at $16,596 into play.
Support from the broader market would be needed for Bitcoin to break out from the morning high $16,344.0.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
In the event of another crypto breakout, Bitcoin could test the second major resistance level at $16,895 and resistance at $17,000.
Failure to avoid a fall through the $16,024 pivot would bring the first major support level at $15,725 into play.
Barring an extended crypto sell-off, Bitcoin should steer well clear of sub-$15,500 levels. The second major support level sits at $15,153.
Bitcoin has now been in existence for 4,322 days. But data from Messari shows it has only been above $16,320 for just 12 of them — representing 0.28% of the cryptocurrency’s life. Ten of these days occurred in December 2017. Alas, any investor who bought BTC at the record high of $20,089 would still be down 18.35%.
Rumors of DeFi’s death may have been greatly exaggerated. According to Dune Analytics, the number of DeFi users has grown by 55% since the start of October. The number of unique user addresses also stands at 860,000 — 10 times higher than a year ago. Compound and Dydx have seen the biggest increases in user numbers over the past 30 days.
A new Deutsche Bank report has concluded that central bank digital currencies will eventually take over cash. However, the German institution’s research came with a warning for the U.S. and Europe. Both were told that they need to catch up immediately in the race to launch one of these assets, or their companies will be forced to adopt the CBDCs and policies of other countries.
In a big milestone, PayPal’s crypto service has gone live in the U.S. — meaning users can buy, sell and hold Bitcoin, Ether, Bitcoin Cash and Litecoin. No fees are being charged until the end of the year, and the weekly purchase limit has been doubled to $20,000. Soon, its 26 million merchants will be able to accept crypto.