Friday Focus: One Word: $40k

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Good morning. If you told me a month ago that we’ll reach $40k by January 2021, I wouldn’t have believe you. 

Welcome to Friday, part of our new series: BitPinas Daily. We will look at the price of Bitcoin, Ethereum and the major cryptocurrencies. Crypto is global, but sometimes news that matters happens while we sleep. So we bring to you what’s happening in our space here and abroad. 

Market Price as of January 8, 2021:

Bitcoin$39,5477.07%
Ethereum$1,229.471.73%
Tether$1.010.0%
XRP$0.25238511.67%
Litecoin$170.370.64%
SLP$0.015-9.6%


Bitcoin closed January 7, 2021, at $39,547 per BTC. We’re up 28% in the last 7 days and 31% since the year began. This is a new all-time high.

Bitcoin’s market capitalization stands today at $707,434,504,428 which is 68.88% of the entire cryptocurrency market. The entire crypto market, by the way, now has a market cap of $1,027,680,441,524

On the table above, there’s the cryptocurrency SLP. If you wonder what that is, check out this article: Playing Axie Infinity vs Minimum Basic Salary in the Philippines.

Bitcoin

Bitcoin Tops $40K for First Time, Doubling in Less Than a Month

The price of bitcoin set a new-all time high of $40,123.30, up 13.45% over the last 24 hours. Yesterday, bitcoin (BTC, +4.53%) passed $36,000 and $37,000 for the first time before rocketing today past $38,000, $39,000 and now $40,000.

The prevailing narrative of this record-setting run is a growing view that bitcoin represents a form of “digital gold,” a view that has brought a flood of institutional investors into the cryptocurrency. Among them: Anthony Scaramucci’s Skybridge Capital ($182 million in December); insurance giant MassMutual ($100 million in December); and Guggenheim Investments (up to 10% of its $5 billion macro fund). (Kevin Reynolds, Coindesk)

Bitcoin Rich List

‘Bitcoin Rich List’ rebounds to hit all-time high

The number of addresses holding over 1,000 bitcoin (worth of approximately $37.5 million at the current price) is now at 2,334, a new all-time high, after the number dropped at the end of December by 3.7% to 2,221. This is an indication “whales” (large bitcoin holders) have been bullishly accumulating more bitcoin and driving the price higher. (Muyao Shen, Coindesk)

Ethereum

ETH’s market capitalization hits a new all-time high

Ethereum’s market capitalization broke its previous all-time high on Thursday, according to market data from TradingView. The previous all-time high market cap reached $145.7 billion in January 2018. The latest development came less than a day after the global market capitalization of all cryptocurrencies hit $1 trillion. (Aislinn Keely, The Block)

Exchanges

Cryptocurrency Exchanges Strained as Bitcoin Buying Hits Critical Mass

Coinbase, Binance, Kraken, and Gemini—four of the world’s most prominent cryptocurrency exchanges—experienced technical issues on Thursday after the price of Bitcoin shot past $40,000.

Coinbase appears to be the hardest hit; the site’s page on isitdownrightnow.com is currently flooded with comments from users who say they can’t access the service. (Will Gottsegen, Decrypt)

What else is happening

  • Bitcoin Miners See Revenue Per TH/s Nearly Triple in 3 Months (Zack Voell, Coindesk)
  • Tezos (XTZ), Synthetix (SNX) and Yearn.finance (YFI) lead the DeFi revival (Rakesh Upadhay, Cointelegraph)
  • What type of situation, if any, could crash Bitcoin? VC firm partner speculates (Benjamin Prius, Cointelegraph)
  • Ether has bullish long-term drivers but bearish short-term indicators: IntoTheBlock (Lucas Outumuro, The Defiant)

This article is published on BitPinas: Friday Focus: One Word: $40k

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Michael Mislos

A business ad graduate from the Pamantasan ng Lungsod ng Maynila, Mike is the website manager of Bitpinas.com. He is responsible for almost every content you see on the site, from topic/news selection to editing of articles. Mike believes correct information about blockchain and cryptocurrency can empower people to make accurate decisions about the industry, which, in turn, should deter bad actors from taking advantage of crypto & blockchain. [Telegram @mikemislos]