Bitcoin Spikes Above $21,000: Is The Move Sustainable Or Just Speculative Mania?

Bitcoin Spikes Above $21,000: Is The Move Sustainable Or Just Speculative Mania?
ZINGER KEY POINTS
  • Major cryptocurrencies see gains, market capitalization surpasses $1 trillion.
  • Bitcoin has crossed $20,000, having experienced 11 consecutive days of upward movement.

The largest cryptocurrency by market capitalization, Bitcoin has spiked above the psychologically important barrier of the $21,000 mark. Saturday’s move brought cheer to the subdued markets, which have been rattled by the collapse of several high-profile companies, including cryptocurrency exchange FTX.

The rally in prices of major cryptocurrencies like Polygon and Solana and memecoins like Dogecoin and Shiba Inu, is fuelled by optimism that digital currencies may have bottomed.

This is the first time since Nov. 8, 2022, that Bitcoin has crossed $20,000, having experienced 11 consecutive days of upward movement.

Other notable cryptocurrencies such as Ethereum and Cardano also saw substantial gains, pushing the total market capitalization of the cryptocurrency market over the $1 trillion mark for the first time since November.

The current spike in Bitcoin’s value comes after the Labor Department issued data showing that top-line inflation rose by 6.5% in December, down from 7.1% in November.

On Thursday, Federal Reserve policymakers expressed relief that the inflation rate continued to decrease in December.

Bear Market Not Over

Anndy Lian, Chief Digital Advisor, of Mongolian Productivity Organization tells Benzinga says investors should take a cautionary stance and not become too bullish on the digital currency.

“This does not mean that the bear market is over. Firstly, the lack of Bitcoin trading volume around the region of $18,000 and RSI shows that bitcoin is over-bought, showing that the rally could be short-lived.  Secondly, the massive layoffs by the crypto companies and the SEC’s new charges on Genesis and Gemini for the Unregistered Offer and Sale of Crypto Asset Securities looks like it would take a longer time to see a real sustainable bull run,” he says.

He added that Bitcoin and other cryptocurrencies tend to respond more quickly to macroeconomic changes and shifts than stocks do and that we may be currently witnessing such a shift.

“I do see more investors putting more capital over the week. Overall, this is still a positive sign for the market,” he adds.

Mainstream Adoption Will Lead To More Stability

According to Scott Tripp, a member of redecentralise.com, a not-for-profit organization, the increasing mainstream acceptance and institutional adoption of Bitcoin will lead to more stability in its price over time, the current rally is driven by speculative mania and may not be sustainable in the long run.

Bitcoin May Shoot Up Further Over 2024

Raj A Kapoor, the founder of India Blockchain Alliance, predicts that 2024 could be the year when Bitcoin experiences a significant price increase due to the halving event.

According to Kapoor, this event could be responsible for the current positive sentiment and upward trend in Bitcoin’s value.

“I also feel that large investors or Bitcoin Whales have resumed their Bitcoin holdings. The large Bitcoin whales are keeping between 1,000 and 10,000 BTC in their wallets, according to data from Santimen clearly indicating that investors have been stocking up on Bitcoin, which may be a hint of a recovery in the price of Bitcoin,” Kapoor adds.

 

Photo: courtesy of Shutterstock.

Source: https://www.benzinga.com/markets/cryptocurrency/23/01/30420995/bitcoins-spikes-above-21-000-is-the-move-sustainable-or-just-speculative-mania

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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Is The Dogecoin Slump Just A ‘Blip’ Before A Rally? Here’s What Experts Say

Is The Dogecoin Slump Just A ‘Blip’ Before A Rally? Here’s What Experts Say

Popular memecoin Dogecoin (CRYPTO: DOGE) slipped about 10% on the heels that new Twitter owner Elon Musk has reportedly halted work on the social network’s crypto wallet.

But experts say the current slump is only a “blip” before a long-term rally on the back of increased use cases for the world’s eighth largest cryptocurrency by market capitalization.

Ever since Tesla (NASDAQ: TSLA (NASDAQ:TSLA)) chief Musk — dubbed the “Dogefather” due to his frequent mentions of the cryptocurrency and engagement with its community — having completed the Twitter deal last week, Doge spiked 150% in value. That’s the highest it has been since April.

Musk recently tweeted a picture of a Shiba Inu sporting a Twitter t-shirt and a pumpkin bearing the Twitter logo, which also led to renewed enthusiasm among investors.

Also, Musk has discussed the possibility of using Dogecoin as a payment method.

Experts believe that the memecoin has performed well over the long term and that there could be a massive shift from Bitcoin (CRYPTO: BTC) mining to Dogecoin mining.

Dogecoin: Integral To Twitter’s X SuperApp Strategy “The way Musk had brought payment utility to Dogecoin and enabled it to be a part of the Tesla merchandise ecosystem, it is obvious that Dogecoin will become integral to Twitter’s X SuperApp strategy,” says Sharat Chandra, VP of Research and Strategy, at EarthID. “The current correction in Dogecoin prices is a blip. The utility of Dogecoin in Twitter’s overall Web3 wallet and SuperApp play will increase manifold in the coming months. Therefore, Dogecoin prices might shoot north in the long term.”

Also read: What The Fed’s Latest Interest Rate Hike Means For The Crypto World

Correction In Prices Was Anticipated Raj Kapoor, an advisor at several blockchain companies and the Founder and Chairman of the India Blockchain Alliance said that Dogecoin remains bullish over the medium term until it sustains above $0.1200, a 38.2% Fibonacci retracement level.

Four days of a winning streak led to its price increase by over 150% and, after a rally of such magnitude, a minor correction was anticipated, he explained.

“Investors could use every dip 20-25% dip in Dogecoin for medium to long-term buying, as with Elon at the helm of Twitter, it is very likely that the crypto will be promoted in all possible ways by him. Even if reports of a crypto wallet being put on hold by Twitter were true, I suspect it is only temporary. Apart from this several new use cases for Dogecoin are expected to come up shortly,” Kapoor said.

A Golden Era For Dogecoin Anndy Lian, book Author of “NFT: From Zero to Hero,” expects to see Musk lead initiatives at Twitter that will drive the price of Dogecoin.

“Imagine enabling payment using Dogecoin for the new Twitter blue subscription at $8. This simple move for instance could push its price to new highs. This is more on the shorter term basis,” he says.

“Looking at the longer term, Dogecoin has survived and done well in multiple bull and bear cycles. Dogecoin is considerably faster and easier to mine than Bitcoin. It also has a lower mining difficulty. Based on the current price situation in the PoW mining space, there might be more miners switching to Dogecoin mining. This could be a new trend,” Lian adds.

 

Source: https://uk.investing.com/news/stock-market-news/is-the-dogecoin-slump-just-a-blip-before-a-rally-heres-what-experts-say-2813064

https://www.benzinga.com/markets/cryptocurrency/22/11/29573929/is-the-dogecoin-slump-just-a-blip-before-a-rally-heres-what-experts-say

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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Cristiano Ronaldo to release NFTs, experts say this is just the beginning

Cristiano Ronaldo to release NFTs, experts say this is just the beginning

Even as Manchester United star Christiano Ronaldo inked a multi-year partnership with cryptocurrency exchange Binance to release his NFTs, experts are of the opinion that the deal will set a precedent for other sports icons to join the bandwagon.

NFTs are rapidly gaining traction across the world as scores of celebrities are endorsing the digital tokens, either by minting their own collections or purchasing them at high prices.
Celebrities such as Paris Hilton, Snoop Dogg, and Tony Hawk have already endorsed NFTs, with the Portuguese football star becoming the latest member of the club.

Ronaldo is a top-class current football legend with hundreds of million followers across all social media. His NFT would surely be sold-out in seconds when launched and the over subscription will flow to the secondary market creating another round of hype,” Anndy Lian, Chief Digital Advisor, Mongolian Productivity Organization, said.

When asked to predict an estimation of Ronaldo’s NFTs value, Lian said if there are unique pieces with special rights, a few hundred thousand will not problem. “This price range is taken with the current market reference for NFT and prices of Ronald’s collectibles,” he says.

Lian said signing big Intellectual Properties like this is also part of a bear market strategy and that there is a need to bring in non-crypto new blood to support the market now.

“I am also curious what the other centralized marketplaces such as Bybit for instance would do next to grab their share of the pie,” he said.

Responding to another query, Lian predicted that either South Korea-based K-Pop supergroup BTS or basketball player LeBron James could be the next in line to launch NFTs.

Raj Kapoor, the chief advisor of crypto advisory firm Acryptoverse, suspects Binance needed this partnership with Ronaldo to possibly bring value to BSC and begin increasing its (https://www.livemint.com/news/world/bill-gates-says-cryptocurrencies-nfts-are-greater-fool-theory-type-of-investments-11655262148828.html market share.
Asked to estimate the value of Ronaldo’s NFTs collection, Kapoor says guesstimating is dangerous but if one goes by the thumb rule, a few more zeroes are going to be added soon to his net worth.

“Ronaldo would be raking in upwards of $5 million with this new partnership and I am being conservative,” Kapoor says and predicts that “media favorite Lionel Messi, would soon be the next NFT darling.”

Kapoor says worth over $420m, Messi remains a popular figure with an unparalleled fan following and that he would not be surprised if his next big goal would be in the NFT space.
Germany-based Aliasgar Merchant, founder of ‘Learn Web3 With Us’ says launching and promotion of NFTs is an indication of the overall adoption of the web3 space, however, it might also be an underrepresentation of what NFTs are capable of doing.

“Predicting the kind of sales Ronaldo’s NFTs will make is a long shot, given the bearish crypto market sentiments prevalent. Previously, Snoop dog made around $100,000 from his NFT sale. I would predict something around that range for Ronaldo too, given the conditions of the market don’t deteriorate,” he says.

Merchant further said the trend of launching NFTs by celebrities is skyrocketing and that this is just the beginning for sports icons to join the trend.

“If I had to make a guess, I would predict Neymar and Novak Djokovic would be next in line,” Merchant says.
Tapan Sangal, founder and Chief Evangelist of P2E Pro, a technology company, said while the initial offer price for his collection would be driven by his fan fervor, once the pixie dust settles, sustaining the same would be subject to demand and supply influences in the NFT marketplace.

“The important question that needs to be answered is as to how will his loyal fans turned investors be safeguarded when brutal market forces, agnostic to Ronaldo’s fandom, come into play, in the seemingly unsecure NFT zone, which promises ownership of an authentic Ronaldo moment,” he says.

Sangal predicted Lionel Messi, Neymar, Mohamed Salah or even Pele could be the next in line to come up with their own NFT collections.

 

Original Source: https://www.livemint.com/news/world/football-legend-cristiano-ronaldo-to-release-nfts-experts-say-this-is-just-the-beginning-11656309600307.html

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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