Good morning. Welcome to Tuesday Trades, 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 April 6, 2021:
Bitcoin closed April 5, 2021, at $58,707 per BTC. We’re up 1.6% in the last 7 days and up 102% since the year began. This is also 4.87% below the all-time high of $61,711, which was hit on March 13, 2021.
Bitcoin’s market capitalization stands today at $1,096,833,594,665 which is 54% of the entire cryptocurrency market. The entire crypto market, by the way, now has a market cap of $2,023,130,403,173 (+3.1%).
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.
Crypto Market Cap Now at $2 Trillion
Bitcoin’s price rally may have helped push the crypto market further, but altcoin rallies had helped reached a new milestone for the industry — a $2 trillion market capitalization.
Ether reached a new all-time high of near $2,100 last week over continued speculation that Ethereum will remain the network choice for the budding decentralized finance ecosystem.
Cointelegraph said because of this new milestone, another milestone has been reached – 100 cryptocurrencies have reached a $1 billion market cap.
According to Coindesk, Bitcoin will be the biggest benefactor of this altcoin rally. “These early adopters shifting to altcoins will both work to decrease volatility in bitcoin and also eventually help decide the winners from the losers in the alt space, which is kind of a necessary condition for any altcoin to emerge as a viable longer-term asset.”
NFT Twist on a Shark Tank-Like Competition
Sound Ventures, a startup founded by Ashton Kutcher and music exec Guy Oseary will throw $1 million behind “NFTs: The Pitch”, a virtual competition to find potential NFT businesses.
And Mark Cuban will also be taking part.
“Sound Venture’s NFT page says the competition is open to “anyone around the world who is innovating with NFTs whether it’s just an idea or a product in market.” It’s not looking for one-and-done NFT ideas, however. “Those applying should be interested in building a company over the long-term,” the FAQ reads.”
The Return of the Kimchi Premium?
The price of Bitcoin in South Korea is now 15% higher than the prevailing global rate, fueled by high BTC demand and low supply on local exchanges. This is the so-called Kimchi Premium. It occurs, Decrypt said, because South Korean exchanges don’t have enough crypto to meet the huge demand.
Why is there low supply? Decrypt pointed out SK’s capital controls. The government makes it highly difficult to send the national currency to other countries. This makes it tricky for crypto exchanges to keep money flowing through them.
“But the kimchi premium of 15% is still substantially lower than the massive premiums in May 2017 (63%) and January 2018 (47%),” the publication noted.
March Decentralized Exchange Volumes Fell By 8%
What else is happening
- Japan’s central bank begins digital currency experiments
- How will the Coinbase IPO Affect the Bitcoin Price
- MicroStrategy Stock Spikes Following Another Big Bet on Bitcoin
- Bitcoin at ‘Inflection Point’ as Fiat Debasement Rises: Soros Fund Management CIO
This article is published on BitPinas: Crypto Market Cap At $2 Trillion (April 6, 2021)