Bitcoin has climbed above $29.4k as the dollar weakens. BTC will have a 60 percent market share, according to Ki Young Ju, CEO of CryptoQuant, an analytics firm.
Here’s some hopium for bears, he said. Based on historical MDD, $BTC could drop so violently owing to the macro crisis that all Bitcoiner institutions go under.
Ki Young Ju showed a band chart of unspent transaction outflows (UTXOs) that reflects the lifecycle of investments. Those who had previously only experienced a “bear cycle” were now down 39 percent, according to him. At the same time, the value of the older coins increased.
Several predictions of a massive Bitcoin price collapse have circulated, with some going below $14,000.
Dollar Power Wanes after 20 Years
According to statistics from Cointelegraph Markets Pro and TradingView, the BTC/USD pair on Bitstamp achieved a high of $30,725. As it struggled to break above $30,000 to reliable support, the duo escaped a more severe drop. It allayed fears that the $23,800 capitulation event from last week had failed to bottom out.
The US dollar index provided a backdrop for bitcoin’s comparatively strong gain (DXY). After plummeting from two-decade highs, it lost 2% in a week. This seems to alleviate some of the market stress. The S&P 500 index finished the week 0.58 percent lower than the previous week. It has a market capitalization lower than the Nasdaq 100.
According to one researcher, the largest cryptocurrency has penalized market newbies by plunging more than 50% from its all-time highs.
Punishing Latecomers to the Market
Latecomers to the market were penalized, with the largest cryptocurrency treading water more than 50% below its all-time highs. After a few more days below $30,000, Bitcoin eventually climbed over it and even challenged $31,000. Most cryptocurrencies are also somewhat higher today, with XRP being the most significant gainer among the larger-cap ones.
ETH Approaches $2,000, XRP Rises
Ethereum took a hit during the most recent downturn, plummeting from $3,000 to $1,700 in a matter of days. It bounced off around the same time as BTC, then reclaimed $2,000 a few days later. It fell below the desired level on Wednesday and stayed there for the most part. The second-largest cryptocurrency, however, is already just above $2,000, thanks to a daily increase of 4%.
Binance Coin has also surpassed $300 after a small daily gain. Similar increases have been recorded in Cardano, Dogecoin, Polkadot, Solana, and Litecoin. Ripple has benefited the most from the larger-cap alts, with a 5.5 percent gain putting XRP above $0.4. The most notable gainers include the lower-cap cryptocurrencies ATOM, ICP, UNI, and TFUEL.
