11 February 2021
Bitcoin Price Hits Record After Tesla, Oracle and Twitter Buy
The overall cryptocurrency market has topped $1.4 trillion and continues to hold there. Thanks to Bitcoin and the altcoin market showing overall strength. After Cardano (ADA) and Polkadot (DOT) showing strength earlier this week, Chainlink (LINK) and Binance Coin (BNB) now dominate the crypto altcoin news.
Tesla’s entry into Bitcoin (BTC) drove the world’s largest cryptocurrency to new all-time highs of $48,000. Although BTC has registered some partial pull-back, it is still trading at around $46,000 levels at $874 billion valuations.
The industry is buzzing with the speculations of the next big player from corporate America to join the Bitcoin bandwagon. Citing popular sources familiar with the matter, popular Bitcoin evangelist Max Keiser stated that Oracle’s Larry Ellison could make a Bitcoin announcement anytime soon.
On the other hand, in an interview with CNBC’s Squawk Box, Twitter CFO Ned Segal said that the company has been considering whether or not to add Bitcoin to its balance sheet.
Segal added: “We’ve done a lot of the upfront thinking to consider how we might pay employees should they ask to be paid in bitcoin, how we might pay a vendor if they asked to be paid in bitcoin and whether we need to have bitcoin on our balance sheet should that happen. We want to be thoughtful about it over time, but we haven’t made any changes yet.”
Business Intelligence MicroStrategy, who also happens to have invested $1.5 billion in Bitcoin, recently conducted the World 2021 Conference last week sharing its Bitcoin Corporate PlayBook for big organizations to put their surplus cash into BTC.
MicroStrategy CEO Michael Saylor notes with the money supply expanding at 15%, the purchasing power of cash has been degrading faster than before. “As corporations adopt Bitcoin as a treasury reserve asset on their balance sheets, they replace a non-performing asset with the best performing asset, choosing volatile appreciation over stable depreciation. This Bitcoin Strategy benefits all shareholders over the long term,” he adds.
Coming back to Bitcoin price analysis, the question is how shall Bitcoin move from here. At press time, Bitcoin (BTC) is trading at $45,133 with a market cap of $874 billion. As per the on-chain data by Santiment, Bitcoin’s address activity and Tether’s USDT exchange supply is very high. These are encouraging signs that BTC price can rebound after some mild pullbacks from its all-time highs.
Bitcoin-BTC-Address-Activity (Courtesy: Santiment)
Another positive indicator from Glassnode is that the Bitcoin Mean Hash Rate on a seven-day moving average has hit a new all-time high.
Bitcoin-Mean-Hash-Rate (Courtesy: Glassnode)
Top Altcoin News: Ethereum (ETH), Chainlink (LINK) & Binance Coin (BNB) Dominate
The world’s second-largest cryptocurrency Ethereum (ETH) has been also keeping up pace with the recent market rally. After hitting $1800 levels on Tuesday, ETH still continues to hold above $1750 levels.
The Ethereum (ETH) price rally comes on the backdrop of sting on-chain fundamentals as well as strong while accumulation. As per data from Glassnode, Ethereum is facing a huge liquidity shortage. The ETH balance on exchanges has reached a 16-month low of $15.1 million. While at the same time, the number of ETH addresses holding over 10,000 ETH and above has surged very fast in the last three months and touched a 19-month high.
Ethereum-ETH-Whale-Addresses (Courtesy: Glassnode)
On the other hand, the total value locked in Ethereum 2.0 Deposit Contracts has crossed 3 million ETH for the first time. Also, the launch of CME Ether Futures has triggered strong institutional interest.
Data from Glassnode shows that the CME Ether Futures traded 388 contracts on the first day registering over $34 million in trading volume.
Add Image of CME-Ether-Futures (courtesy: Glassnode)
Other altcoins in the news today are Chainlink (LINK) and Binance Coin (BNB) as both of them have registered a strong rally amid solid network growth. The oracle service provider has been in massive demand with the current boom in the crypto DeFi market.
The LINK price has hit an all-time high of $28.41 with its market cap touching $11.5 billion. As Santiment reports, LINK has registered 176% network growth I.e. the number of daily new addresses over the last 90 days.
At press time, Chainlink’s native crypto LINK is trading at $26.21 with the next analyst price prediction of $20.
Similarly, Binance Coin (BNB) registered a solid rally over the last week. In the last 24-hours, BNB price shot up by over 50% shooting up all the way to $150. This happened as Binance CEO Changing Zhao announced that the BinanceSmartChain flipped Ethereum (ETH) on the number of daily transactions.
“This validates the logic that low fees attracts more users & projects. We will continue to work with the BSC community to promote low fees (even as BNB rises) and #build more, ” wrote CZ.
This is the first time that the Finance Coin has moved past $100 for the first-time since Inception. The BNB price rally also comes backed by strong network fundamentals as the number of active addresses have shot up 3x in the last three months.
Binance-Coin-BNB-Active-Addresses (Courtesy: Santiment)
Binance Coin Price – 77.94
Binance Coin News – 74.92
Binance Coin Price Prediction – 63.85
Bitcoin price analysis – 76.35
Ethereum price prediction – 68.58
Altcoin News – 62.16
Chainlink – 75.36
Chainlink price – 77.31
Chainlink News – 76.65
Chainlink price prediction – 67.73
Chainlink Crypto – 75.33
Chainlink Coin – 73.26