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Crypto Market Cap Reaches Record Value as Analysts Predict Another Bull Run  

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Cryptocurrency trader Scott Melker stated that technical analysis supports the prediction that Bitcoin may soon surge to $63,000.

The total crypto market value after taking a nosedive for a couple of weeks took a swift turn to record an all-time high value of above $1.21 trillion on February 6, 2021. These huge gains were largely contributed by the Bitcoin price after it nearly broke its all-time high of around $42,000 set in January 2021.

Ethereum supported the movement with an incredible performance after gaining over 20% in the last 7 days to hover within the $1700 price zone. Dogecoin was very involved with a 106% gain in the last 7 days taking its market cap to over $7 billion.

Speculations played a huge role in the recent market run after Elon Musk, an entrepreneur billionaire with a little over 43 million followers updated his Twitter Inc (NYSE: TWTR) biography with Bitcoin. Investors’ perception reached an all-time high as hedge funds and retails levels reacted positively according to Jehan Chu, managing partner with Kenetic Capital, a blockchain advisory firm in Hong Kong.

Bitcoin was in high demand since last week, and according to analysts, there is a high possibility of another bull run.

Bitcoin Price Expected to Break Its ATH and Boost Crypto Market Value

A crypto analyst and researcher known as “Material Scientist” has disclosed that the activities of mega whales (mostly dealing with $1 million to $10 million) reached an all-time high. They have been actively buying everything they sold in the past since Bitcoin hit $40,000.

“Downtrend is over, IMO. New ATH soon, don’t miss it, ” he said.

An analyst gave a perfect explanation to what is happening with the market:

“The whales of #Bitcoin (1,000+ $BTC addresses) haven’t stopped accumulating, while the mid-tier traders (10-1,000 $BTC) haven’t stopped taking profit as its price hovers around $38,000. Meanwhile, the small addresses have been #FOMO’ing back in rapidly!”.

Another cryptocurrency trader known as Johnny said that the fact that Coinbase UK has seen a significant amount of Bitcoin being withdrawn in this period of price surge indicates that whales have retaken over and are controlling the Bitcoin price. This means that the first market correction recent bull run has come to an end.

Adding to the positive Bitcoin price prediction, a cryptocurrency trader, Scott Melker stated that technical analysis supports the prediction that Bitcoin may soon surge to $63,000. According to him. The Bitcoin price is attempting to break out from a massive bull flag. It has been said that the potential confirmation of the Guggenheim Strategic Opportunities Fund’s (NYSE: GOF) investment in Bitcoin following the securing of Grayscale Bitcoin Trust (OTCMKTS: GBTC) right could accelerate the price to the predicted height.

Denis Vinokourov, the head of research at Bequant Crypto Trading stated that Bitcoin showed an efficient price recovery when it traded at $38,000 for quite a long time. Lack of price information forced the price into a reversal mode. When Bitcoin breaks the $40,000 price level, what happens next will be hard to predict since there is little price information. This means any prediction will just be anyone’s guesses.

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Excellent John K. Kumi is a cryptocurrency and fintech enthusiast, operations manager of a fintech platform, writer, researcher, and a huge fan of creative writing. With an Economics background, he finds much interest in the invisible factors that causes price change in anything measured with valuation. He has been in the crypto/blockchain space in the last five (5) years. He mostly watches football highlights and movies in his free time.





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Cardano Reaches All-Time High, Ahead of Ethereum in Transaction Volume

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Alex Kyriakopoulos



Today has been a monumental day for Cardano. Caught within the recent crypto bull market, its token, ADA, hit a new all-time high price of $1.38 this evening. This marks an increase of approximately 2600% over the past year, as tracked by Messari

In fact, this milestone brings with it more good news for the smart contract platform. Over the past 24 hours, the surge of interest in Cardano has brought its on-chain transaction volume to $19.8 Billion, soaring past Ethereum’s $13.2 billion and second only to Bitcoin at $27.2 billion. 

All this activity has brought ADA’s market cap has exceeded both BNB and USDT to the third highest in the market, behind Bitcoin and Ethereum.

Initially released in 2017, Cardano was created by Ethereum Co-Founder Charles Hoskinson, through his company Input Output Hong Kong (IOHK) and the Cardano Foundation. Although he had previously expressed apathy towards the value of ADA, Hoskinson appears to be celebrating Cardano’s achievements on Twitter:

Cardano as a Smart Contract Platform

Cardano’s recent success comes as a surprise given its lack of major projects utilizing the blockchain. Although it has surpassed Ethereum in terms of transaction volume, Ethereum remains far more popular with regard to blockchain-based applications. This raises the question, will Cardano be able to maintain this success without dApps to legitimize it as a platform for developers?

However, Cardano’s lack of major applications may eventually change due to the publicity of ADA’s recent bull run. Cardano’s previous lack of volume may have acted as a deterrent to developers looking for a platform for their application, ultimately attracted by the ensured popularity of the Ethereum network. 

Alternatively, a developer might also consider the EVM-compatible Binance Smart Chain (BSC), which has found recent success in the realm of smart contracts. BSC remains noteworthy due to its popularity with recent larger applications despite a far lower market cap than Cardano.

This incredible surge of price may act as a resolution to the “chicken and the egg” scenario of lacking dApps due to lower volume and popularity, and lacking volume and popularity due to the lack of major dApps on the Cardano network. This bull market may very well put not only ADA’s future value in question, but Cardano’s future usage as a smart contract platform.

At the timing of writing, ADA remains just beneath its ATH and is holding steady, up 34% over the past 24 hours. Transaction volume continues to grow as ADA shows no signs of backing down.

Featured Image from Unsplash





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DeFi Alliance Announces New Investment Fund to Fuel Growth in DeFi Space

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The newly launched DeFi Alliance Fund aims to help early-stage DeFi startups by offering them financial and regulatory guidance as well as helping them connect with institutional players to fuel growth.

The crypto DeFi market has seen explosive growth this year in 2021 surging more than 350% year-to-date. As the DeFi projects continue to gain strength, big players are coming together to take the industry further. To fuel the growth of DeFi space further, investors and DeFi experts have announced a proactive collaboration thereby announcing the first DeFi Alliance Fund. The DeFi Alliance came into existence with some of the big industry players joining hands. Popular personalities from the DeFi space like Aave‘s Stani Kulechov and Compound Finance’s Robert Lashner are part of the alliance.

The DeFi Alliance has more than 60 member companies and over 28 DeFi projects including dYdX, 0x, Kyber Network, IDEX, Synthetix, and much more. The newly announced DeFi Alliance Fund I has been seeded by Alliance members, its founding members, as well as popular investors like Mark Cuban. These players have raised an initial corpus of $15 million.

The official announcement further notes:

“The fund is designed to be collaborative and distribute capital broadly across the DeFi startup ecosystem and adjacent industries (such as NFTs). We will invest in several dozen early stage startups each year, which will allow the DeFi Alliance to formalize and fuel our accelerator program. We will distribute capital across the DeFi and adjacent industries (such as NFTs) investing in several dozen startups each year.”

DeFi Alliance Fund: Growth Plans for 2025

The DeFi Alliance has set some major goals and targets itself for the next five years. The Alliance plans to have over one billion users globally directly associated with the DeFi developments.

The latest funding introduced will help the alliance members to further formalize and fuel its accelerator program. This will thus provide necessary resources to DeFi startups to build, deploy, and grow their platforms. Besides, the alliance also plans to offer DeFi-focused ‘tracks’ in addition to the existing ones.

This will provide startups additional assistance with regulations, institutional liquidity, recruiting, and growth. These new ‘tracks’ will be specifically for Asian DeFi startups, NFTs, and other institutional educational platforms. Synthetix founder Kain Warwick has acknowledged this new financial support for DeFi startups. He wrote:

“Being part of the first cohort had such a huge impact for us, helping for several key strategic partnerships that wouldn’t have happened otherwise. The impact they have on early stage projects is even larger. Excited to see all the new projects they fund”.

Other news of the crypto-related world can be found here.

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.





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‘Shift 1% of Portfolio into Bitcoin’, JPMorgan Advises Investors as Bull Run Cools Off

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Analysts of JPMorgan highlighted the evaporating liquid supply as multi-billion dollar institutions and corporations are buying substantial quantities at a fast rate.

JPMorgan Chase & Co (NYSE: JPM) strategists have suggested that investors should consider moving 1% of their portfolio into Bitcoin to serve as a hedge against fluctuations in traditional asset classes including stocks, bonds, and commodities.

Many people over the years including the majority of Wall Street saw Bitcoin as a commodity without any strong backing, hence doubting its ability to perform and stay in the financial scene. It seems the narrative about the biggest digital coin is gradually changing which is evident in the new wave of institutional influx in the crypto market. 

The latest endorsement from the US multinational investment bank, JPMorgan has boosted the already existing notion which has seen many experts tout Bitcoin as a hedge against inflation. The bank has told its investors that they can shift 1% of their portfolio into Bitcoin only if those investors have just a small interest in Bitcoin.

Analysts from the bank highlighted the evaporating liquid supply as multi-billion dollar institutions and corporations are buying substantial quantities at a fast rate. “The demand for bitcoin is significantly higher than the actual supply and investors could put 1% of their portfolio in BTC,” JPMorgan advised. 

Bitcoin’s last halving which happened in May last year, saw the production rate of new Bitcoins slashed into two. The increasing demand that followed the halving, coupled with its decreasing liquid supply drove the price of the coin up as it has gained over 50% value since January 1.

The latest interest from institutions has further fueled the decreasing liquid supply as MicroStrategy Inc (NASDAQ: MSTR) now owns over 90,000 Bitcoin, with Tesla Inc (NASDAQ: TSLA) allocating $1.5 billion in the asset while Grayscale is purchasing new coins at record levels. 

JPM strategists Joyce Chang and Amy Ho in a note to clients stated that “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.”

Bitcoin’s insane bull run looks to have hit a wall as its value has seen a 20% decline since its all-time high of over $58,000 on February 21. JP Morgan’s latest comments have been met with criticisms as it contradicts earlier statements made by other strategists from the bank, which stated that “crypto assets should be treated as investment vehicles and not funding currencies such as USD or JPY.”

The bank also claimed that “crypto assets continue to rank as the poorest hedge for major drawdowns in equities,” but looks to have circled back on its words. 

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Crypto fanatic, writer and researcher. Thinks that Blockchain is second to a digital camera on the list of greatest inventions.



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