Polkadot Crypto on Rise; Crypto Market Cap Above $1 Trillion
Polkadot crypto rises past established altcoins while Bitcoin (BTC) has entered a strong recovery after it’s price dip earlier this week, jumping more than 10% and moving past $38,000 levels.
After the Bitcoin dip to $30,500, the bulls seem to have regained control once again and BTC is currently trading 13% up at a price of $38,651 with a market cap of $716 billion.
This week, the BTC price has rebound twice after forming support at $30,000 levels. Bitcoin is now confidently moving towards $40,000 and above. After massive institutional buying in Q4 2020, the new inflow of institutional money has come to a momentary hiatus, however, Grayscale Bitcoin Trust (GBTC) added $2,000 BTC in just the last 24 hours alone and currently hold more than 3% of all Bitcoins mined.
CryptoQuant CEO Ki-Young Ju predicts that since institutional players have purchased Bitcoin (BTC) at around $30,000, they won’t be allowing it to fall below those levels. The recent recovery in BTC price comes on the backdrop of the broader crypto market recovery.
Polkdadot Crypto and Altcoins Marking A Strong Comeback Along With Bitcoin (BTC)
The overall cryptocurrency market cap is up by 10% today and has moved past $1 trillion as of writing this article. Ethereum (ETH) once again is leading the altcoin rally with 10% gains. After forming strong support at $1000, the ETH price has surged once again back to $1200 levels.
At press time, ETH is up 12.74% trading at a price of $1193 with a market cap of $136 billion. Another altcoin leading the rally is the Polkadot crypto (DOT). The Polkadot crypto (DOT) price has surged more than 40% in the last 24-hours to hit an all-time high of $12.65 with its market cap moving past $11.2 billion making it the fifth-most valuable cryptocurrency in the world.
With this single move, Polkadot crypto (DOT) has moved past altcoin giants like Litecoin (LTC) and Bitcoin Cash (BCH). The DOT price rally comes along with higher developer activity and volumes.
Some of the other top-ten altcoins like Litecoin (LTC), Cardano (ADA), Bitcoin Cash (BCH), and Chainlink (LINK) have also surged between 7-10% today.
Top News In Crypto Market
- Israel-based crypto trading platform eToro has warned its customers that they might have to limit Bitcoin and crypto buying orders on the weekend citing “unprecedented demand”.
In an email to its customers, the crypto trading platform wrote: “The unprecedented demand for crypto, coupled with limited liquidity, presents challenges to our ability to support BUY orders over the weekend. In light of this, it may be necessary for us to place limitations on crypto BUY orders over the weekend.”
- On Wednesday, January 13, ECB President Christine Lagarde called for the need to regulate Bitcoin adding that it has facilitated “funny business”. During an interview at the Reuters Next Conference, Lagarde went above and beyond criticizing the world’s largest cryptocurrency saying: “(Bitcoin) is a highly speculative asset, which has conducted some funny business and some interesting and totally reprehensible money laundering activity”.
However, Lagarde didn’t give any specific example of Bitcoin money laundering and even didn’t elaborate further.
Interestingly, Lagarde’s comments came after German authorities shut down an illegal deep-web-based illegal marketplace. This was reportedly the largest darknet drug marketplace wherein cryptocurrencies including Bitcoin and privacy coin Monero were the primary sources of transaction.
Lagarde called for a global consensus on crypto regulations stating that “There has to be regulation. This has to be applied and agreed upon … at a global level because if there is an escape that escape will be used”.
- U.S. Treasury’s independent bureau Office of the Comptroller of the Currency (OCC) recently granted the first-ever crypto banking license to crypto custodian Anchorage. The OCC has granted the custodian a national trust bank charter to Anchorage which officially introduces the company into the United States federal banking system.
- After Coinbase, another crypto exchange Gemini is reportedly working on-going public and launching its IPO ahead this year in 2021. As Bloomberg reported, the decision hasn’t been finalized yet, but co-founder Cameron Winklevoss said: “We are definitely considering it and making sure that we have that option. We are watching the market and we are also having internal discussions on whether it makes sense for us at this point in time. We are certainly open to it”.