Bitcoin (BTC) Price Approaches $50,000 After Citibank Calls It Future Global Trade Currency
NFT Crypto Craze Shoots
After severe downward pressure and correction over the last weekend, it’s a good start of March 2021 for crypto investors and the NFT (Non-fungible Tokens) crypto craze strikes again.
Crashing all the way to $46K levels last Sunday, Bitcoin (BTC) is once again eyeing a move above $50,000 levels. At press time, Bitcoin (BTC) is 9.64% up and trading at a price of $49,766 with a market cap of $927 billion.
The immediate Bitcoin Price prediction stands at $50,000 and above. But it remains to be seen how long can BTC hold above this resistance for the moment.
The recent Bitcoin price rally comes on the backdrop of several positive comments from financial institutions. On Monday, March, Wall Street banking giant Citibank said that Bitcoin (BTC) is at a ‘tipping’ point and one day shall become ‘the currency of choice for international trade’.
“Bitcoin’s future is thus still uncertain, but developments in the near term are likely to prove decisive as the currency balances at the tipping point of mainstream acceptance or a speculative implosion,” the bank noted.
Bitcoin has been increasingly used as a hedge against the fears of inflation and currency devaluation. Citibank also acknowledged the growing acceptance of Bitcoin among institutions and how it is better than the traditional payment system.
“The entrance of institutional investors has sparked confidence in cryptocurrency but there are still persistent issues that could limit widespread adoption. For institutional investors, these include concerns over capital efficiency, insurance and custody, security, and ESG considerations from Bitcoin mining,” the bank added. “Security issues with cryptocurrency do occur, but when compared to traditional payments, it performs better.”
Two days back, banking giant JPMorgan also said that it is prudent for investors to expose 1% of their entire portfolio to Bitcoin (BTC). In a note to clients, accessed by Bloomberg, JPMorgan strategists including Joyce Chang and Amy Ho wrote: “In a multi-asset portfolio, investors can likely add up to 1% of their allocation to cryptocurrencies in order to achieve any efficiency gain in the overall risk-adjusted returns of the portfolio”.
On Monday, March 1, two other major announcements took place adding fuel to the BTC price surge. Tech giant Twitter announced $1.25 billion worth of convertible notes offering thereby raising speculations that it’s going to add Bitcoin to its balance sheets.
On the other hand, MicroStrategy poured another $15 million cash into BTC making the most of the weekend price dip for Bitcoin. Company CEO Michael Saylor announced: “MicroStrategy has purchased an additional ~328 bitcoins for ~$15.0 million in cash at an average price of ~$45,710 per #bitcoin. As of 3/1/2021, we #hodl ~90,859 bitcoins acquired for ~$2.186 billion at an average price of ~$24,063 per bitcoin”.
Also, on-chain indicators are not quite positive for the BTC price rally ahead. The data of BitMex’s perpetual contracts funding rate shows that the Bitcoin leverage longs are back to neutral.
Also, on-chain data provider Santiment shows that Bitcoin’s correlation with stocks has turned positive. Historically, a negative correlation leads to a Bitcoin price rally.
Bitcoin-BTC-S&P-500 (Courtesy: Santiment)
Ethereum Price Prediction At $2000, Key Indicators for the Rally
Along with Bitcoin (BTC), Ethereum (ETH) too has surged 10% today gaining above $1575 levels, at press time. Falling to a low of $1302 last Sunday, February 28, ETH has re-bounced quickly adding $275 to its price.
Although it is critical to make the next Ethereum (ETH) price prediction, ETH is still eyeing a move above the $2000 levels. Unlike Bitcoin, the BitMex perpetual contracts funding rate shows the leveraged longs are above the average bullishness.
Ethereum-ETH-Longs (Courtesy: Santiment)
On the other hand, the Ethereum gas fee has also significantly cooled down with the average transaction fee spiking above $37 last week. This has now come down to $11 with the ETH miner revenue hitting a one-month low.
Ethereum-ETH-Miner-Revenue (Courtesy: Glassnode)
Overall Scenario In The Altcoin Space & the NFT Crypto Craze
Apart from these two, the crypto market volatility continues. Today, the overall crypto market cap is up 7.12% with all of the top-ten cryptocurrencies shooting 5-10%.
The Binance Coin (BNB) price has shot 20% and is back above $250 with a market cap of $39.2 billion. Cardano’s ADA holds its position as the third-largest cryptocurrency holdings its price at $1.26 with a market
The craze around non-fungible tokens (NFTs) is back again heavily in the market. NFTs are blockchain-based tokens that represent digital collectibles with each one being different and unique from its peers.
The National Basketball Association (NBA) has recently dipped its toes into the NFT mania. Recently, NBA joined hands with Canada-based Dapper Labs, the creators of CryptoKitties.
NBA Top Shot – a marketplace for NFTs – has seen solid growth in recent times. Leveraging Dapper Labs’ Flow blockchain, they have generated $230 million in sales by selling clips of popular tricks by NBA players in different identical “moments”.
Last week, popular auction house Christie’s announced support for NFTs. The 250-year-old auction house said that it will auction digital artwork by popular digital artist Mike “Beeple” Winkelmann in partnership with digital marketplace MakersPlace.
Bitcoin Price Prediction – 77.54
Crypto Market Volatility – 77.86
Binance Coin Price – 78.79
Ethereum Price Prediction – 70.85
Chianlink Crypto News – 75.28
NFT – 76.22
NFT Crypto – 73.59
- $51 + 2.4%
- $51 + 2.4%