Dogecoin surges more than 85% in the last 24 hours

Bitcoin and Ethereum aren’t the only digital currencies that are hitting record highs this week. Dogecoin, the crypocurrency that features the face of a Shiba Inu dog as its logo, has surpassed 10 cents for the first time.

The virtual currency, which originally started as an internet parody more than seven years ago, has surged more than 85% in the last 24 hours and is trading at $0.13, according to CoinDesk. Its market cap is now over $17 billion.

The latest surge comes as investors gear up for the direct listing of cryptocurrency exchange Coinbase Global, which could further help validate crypto buying and selling as a business. Bitcoin also rocketed to a new record above $62,700 this week ahead of that listing, and other cryptocurrencies have also enjoyed big gains.

But Dogecoin’s rise is noteworthy. The currency has soared more than 2,000% from the start of the year, and has a big fan in Tesla CEO Elon Musk, whose tweets about it have on occasion driven up Dogecoin’s value.

Dogecoin has also enjoyed something of a cult status on Reddit, where a popular group — not unlike the WallStreetBets group behind GameStop’s rally — decided earlier this year to propel its value “to the moon.” Dogecoin soared over 600% in the wake of that push.

Musk is Dogecoin’s richest fan, but he has previously been critical of the more established bitcoin, once calling it “BS” in a tweet. In a February interview on social app Clubhouse, though, Musk said he should have bought that digital currency eight years ago. His company Tesla has also promised customers that they can buy their cars with bitcoin.

Coinbase, meanwhile, is set for its debut Wednesday. The company is profitable and has reported strong revenue growth.

Based on recent private stock trades for Coinbase, the company is…

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Bitcoin Rallies to All-Time High as Traders Eye Coinbase Listing

Bitcoin jumped to an all-time high as the mood in cryptocurrencies turned bullish ahead of Coinbase Global Inc.’s listing this week.

The token rose as much as 5.5% to $63,246, exceeding the previous peak in March. Cryptocurrency-exposed stocks such as Riot Blockchain Inc. and Marathon Digital Holdings Inc. also advanced.

Crypto bulls are out in force as growing list of companies embrace Bitcoin, even as skeptics doubt the durability of the boom. In one of the most potent signs of Wall Street’s growing acceptance of cryptocurrencies, Coinbase will list on the Nasdaq on April 14 at a valuation of about $100 billion.

Coinbase’s debut “will mark the first official juncture between the traditional financial avenue and the alternative crypto path,” Ipek Ozkardeskaya, a senior analyst at Swissquote, wrote in a note. “As such, a successful addition to Nasdaq should act as endorsement of cryptocurrencies by traditional investors.”

Goldman Sachs Group Inc. and Morgan Stanley have announced plans to offer their clients access to crypto investments. Tesla Inc. earlier this year disclosed a $1.5 billion investment in Bitcoin and more recently started accepting it as payment for electric cars.

Still, skeptics argue that digital coins have been inflated by stimulus that’s also sent stocks to records. Regulators around the world are stepping up oversight and casting doubt on its usefulness as a currency.

Isabel Schnabel, member of the executive board of the European Central Bank, called Bitcoin “a speculative asset without any recognizable fundamental value” in an interview with Der Spiegel this month.

Coinbase’s public debut this week is also boosting the digital coins of other cryptocurrency exchanges, such as Binance Coin, which has jumped to become the third-most valuable cryptocurrency behind Bitcoin and Ether.

Many analyst expect the rally to continue.

“The lowest 30-day volatility since October tells us Bitcoin is ripe to exit its cage and continue in a bull-market on its way to the next $10,000 move,” according to Mike McGlone, Bloomberg Intelligence commodities strategist. “Similar to Tesla’s equity-wealth allocation to Bitcoin, the Coinbase IPO may…

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Investor Says Bitcoin Bull Run Is Not Just Getting Started, Run-up Is in the ‘Top of the 7th Inning’

While bitcoin’s price has been consolidating for quite some time now, every now and then bulls have tried to press the price past the psychological all-time high captured in March. Meanwhile, a few bitcoiners have been saying that the bull market is “just getting started” even though the price has multiplied in value quite a bit. The financial entrepreneur Dave Levine has a bone to pick with these statements, after he insists the bottom was back in December 2018. Levine wholeheartedly believes, as far as the bull run is concerned, “it’s year 3 of the bull; the top of the 7th inning.”

Searching for the Elusive Bitcoin Bottom and Top

It’s only natural for a large group of investors who have been watching an asset rise relentlessly believe that the asset will continue its upward trajectory for a very long time. Of course, many crypto proponents are all about the ‘long game’ and are willing to hold their crypto assets for 5, 10, and even 20 years or longer. There’s also a great number of people who have high expectations about the current bull run and price predictions are upwards of six digits for this year’s high.

For instance, there’s the notorious bitcoin stock-to-flow (S2F) price model creator “Plan B” (@100trillionusd) who is extremely confident in his model. Then at the end of March, Plan B said that he believes “we are only ~4 months into the bull market and nowhere near the end of it” and he also added that “bitcoin is just getting started.” A number of people responding to Plan B’s tweet believed him and agreed with his assessment. However, not everyone agreed with his sentiment and opinion that the bull market is only 4 months old.

Investor Says Bitcoin Bull Run Is Not Just Getting Started, Run-up Is in the 'Top of the 7th Inning'
The financial entrepreneur Dave Levine discusses why he believes the bitcoin bull run is not just getting started.

The financial entrepreneur Dave Levine responded to Plan B’s March 26 tweet and disagreed entirely with his statement. “The bottom was [December 2018] at $3000,” Levine stressed in his tweet. “It has been a mostly smooth curve up since then. It’s year 3 of the bull; the top of the 7th inning. It’s not over yet, but buying more now is for the late and slow. Newbies who think this is the beginning and start buying now will be REKT,” Levine added.

Levine even made a video about the subject and detailed his reasoning as to why he thinks Plan B’s “just getting started” statement is a touch irresponsible. Levine is correct about the leading crypto asset’s bottom as it melted down to a low of $3,100 per unit on December 18, 2018. Now people might get confused because of the black swan event that took place on March 12, 2020, otherwise known as ‘Black Thursday.’ At that time, BTC did bottom out into the $3k range but every single asset, security, equity, and commodity dropped in value that day and in unison.

“In this video, I give [Plan B] some sh** for this tweet,” Levine said. “‘Bitcoin is not “just getting started.’ The bull run started in 2019 and it’s dangerous to not let newbies know they are late to the current crypto cycle,” Levine further detailed on April 9.

Dave Levine: ‘I Hate a Chart That Goes Straight Up’

Levine’s video discusses how many crypto fans are smart but some digital currency investors are just following the momentum of hype. “They love the charts, because that’s all they got… It has nothing to do with bitcoin, right? Not like ethereum where you actually have an economy. So they love the charts, and they love a chart that’s going straight up. I hate a chart that’s going straight up. Especially if I want to get in,” Levine insists.

Investor Says Bitcoin Bull Run Is Not Just Getting Started, Run-up Is in the 'Top of the 7th Inning'
The $3,122 reference on this chart is marked on December 18, 2018. This is where Levine believes the bottom was and where the bull run started.

The entrepreneur is a proponent of the Ethereum (ETH) network and his content expresses this on numerous occasions. Some crypto supporters may even dismiss Levine’s opinion because of his favoritism toward ETH. However, a few digital asset fans agreed with Levine’s argument and responded to his statements on Twitter. For instance, the popular crypto Youtuber from the show “Colin Talks Crypto” replied to Levine’s tweet about the current crypto cycle.

“You’re totally correct,” Colin wrote. “We are MID-way on the bull run– not at the start. Anyone using this over-bullish terminology and saying “we’re just getting started” is misleading new people to buy in, at least in terms of the current bitcoin price cycle. I even made a video on this topic. Similar concept. “Why I would NOT recommend that my friends buy BTC now.” I share a story of my friend who got in mid-bull run and what happened to him.”

We don’t know exactly when these time frames officially began because many observers have different opinions especially when they got into the market early. Moreover, we don’t know what the top will be during this run-up and we don’t know exactly when it will happen.

What we do know is that there can be a lot of topical conversations from both sides of the fence and in the end, it’s up to the individual to decide whether or not they become a crypto investor at this time frame. People should listen to both interpretations and come up with their own reasoning as listening to FUD or hype and simply accepting it might not be a great idea. Check out Dave Levine’s video below to see what he has to say about Plan B’s “just getting started” statement.

What do you think about Dave Levine’s opinion in his latest video? Let us know what you think about this subject in the comments section below.


Why Is Ethereum Classic Surging, How Is It Different From Ethereum?

Ethereum Classic (ETC) traded 13.94% higher at $17.01 in the early hours of Tuesday at press time.

What Happened: The cryptocurrency, which backs a version of the Ethereum (ETH) blockchain, has risen 38.03% on a seven-day trailing period.

ETH, which is now the second-largest cryptocurrency by market capitalization behind Bitcoin (BTC), traded 3.86% higher at $2,125.45 at press time. BTC traded 1.38% higher at $58,900.49.

ETC has returned 200.4% so far since the year began, while ETH and BTC have given 186.16% and 102.18% returns so far.

At end of March, Ethereum Classic’s team tweeted that Grayscale Investments, a part of the Digital Currency Group, added nearly 161,612 ETC to its coin holdings.

Barry Silbert, the founder, and CEO of DCG is a proponent of ETC classic and often enthuses regarding the coin in public, according to Reuters.

Why It Matters: Ethereum Classic emerged after a contentious hard fork on the ETH blockchain in July 2016 after a disagreement over reverting the blockchain to reverse a hacking.

The hacking involved DAO or the decentralized autonomous organization, which had raised $150 million in an initial coin offering months earlier.

While ETC is the branch of the chain that did not revert the chain, ETH followed another course.

Both the coins support smart contracts, but that is where the similarity ends as ETH has taken a performance-based focus in its 2.0 iteration as it moves to a Proof of Stake model.

Image Courtesy: 

Another key difference is the…

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Peter Thiel: China Using Bitcoin as a ‘Financial Weapon’

Peter Thiel, billionaire venture capitalist, and PayPal co-founder advised the U.S. government to consider tighter regulations on cryptocurrencies.

Thiel made these comments after he expressing worry the Chinese are using bitcoin to corrode the U.S. financial system.

Bitcoin boogeyman

Thiel gave his more-than-skeptical sounding comments at a virtual roundtable for members of the Richard Nixon Foundation on April 7.

“Even though I’m a pro-crypto, pro-bitcoin maximalist person, I do wonder whether at this point, bitcoin should also be thought [of] in part as a Chinese financial weapon against the U.S,” said Thiel.

Thiel’s comment on the potential use of bitcoin as a “Chinese financial weapon” was followed by his forecast of its threat to fiat money and the U.S. dollar specifically.

This comes as China recently trialed its central bank-issued digital currency (CBDC). According to Thiel, this “internal stablecoin” will amount to nothing other than, “some sort of totalitarian measuring device”. However, he did urge U.S. policymakers to consider these crypto-forward moves from a geopolitical point of view.

Taking a stand

This is not the first time Thiel has leaned skeptical towards China. In late 2019, the venture capitalist repeatedly backed the San Francisco-based startup, Layer1. This was a bid to elevate the U.S. as a mining hotbed against the Chinese and its bitcoin mining monopoly.

Thiel isn’t the only one to take a stance against China’s potential intentions with digital currencies. Recently, celebrity investor and chairman of O’Shares ETFs, Kevin O’Leary, refused to accept any bitcoin mined in China.

Although O’Leary did not specifically call China’s crypto frenzy a threat to the U.S., he was sure to recall out the…

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Bitcoin Falls Sharply

Bitcoin fell by a sharp 4% so far today as it dropped as low as $55,600. The cryptocurrency had started the month with another attempt to breach the $60,000 benchmark level. Unfortunately, it was unable to overcome this resistance through the week as it set a range between $60,000 and $57,000.

Today’s price drop caused bitcoin to break beneath this range as mentioned above. As of writing these lines, and as seen on the following 4-hour chart, it is currently holding the critical support around $56,200 – $56,100, provided by a short-term .382 Fib and a 4-HR 200 moving average line.

BTC Price Support and Resistance Levels to Watch

Key Support Levels: $56,200, $55,600, $55,000, $54,675, $54,200.

Key Resistance Levels: $58,355, $60,000, $60,750, $61,781, $62,400.

Moving forward, if the bears push back beneath the current support at $56,200 (MA-200 on the 4-hour chart), the first support lies at today’s low around $55,500 (which is also a descending trend-line started forming towards the end of January).

This is followed by $55,000, $54,675 (.382 Fib), and the critical level of $54,200 (50-days MA). This last support is further strengthened by an ascending trend line that has been in play since early March 2021.

On the other side, if BTC price will hold here, the first resistance now lies at the daily MA-20 around $56,800. This is followed by $58,355 (February highs), and the crucial area of $60,000. The latter had been rejected at least 5 times over the past month.

The daily RSI has now crossed beneath the midline, indicating bearish momentum has taken control within the market, in the short term. This comes after the RSI produced a bearish divergence signal earlier in the week as we mentioned here in the previous price analysis.

Bitstamp BTC/USD Daily Chart

BTC/USD Daily Chart. Source: TradingView

Bitstamp BTC/USD 4-Hour Chart

BTC/USD 4-Hour Chart. Source: TradingView

Source: Crypto Potato


Ripple’s XRP Skyrockets to Hit Three-Year High

XRP bulls are back!

The Ripple blockchain’s native token, which got embroiled in a legal controversy with the US Securities and Exchange Commission over its alleged securities status — and which led to the delisting of its highly traded financial instruments across many US-based crypto exchanges, reached its highest levels in three years this week.

XRP’s price against the US dollar hit $0.948 on Tuesday, up 66.15 percent into April 2021. The token’s major upside move surfaced partly due to a rally across the cryptocurrency market and else due to anticipations that it would walk through the SEC lawsuit unharmed.

Small Wins, Big Celebrations

In retrospect, the SEC filed a lawsuit against Ripple Labs, a Silicon Valley blockchain startup, in December 2020 for “allegedly” selling illegal securities in the form of its pre-mined XRP tokens. It is believed that Ripple Labs controlled XRP’s supply and distribution in its early days — and even its claims to have no control over the XRP circulation are cosmetic in nature.

As the case drags on in a US court, traders have started treating the legal proceedings as market indicators. For instance, the XRP price surged by over 15 percent right after the SEC agreed to remove market manipulation claims against Ripple Labs in February 2020. Many analysts upped their XRP price target after the event, with some anticipating a rally towards $1.

On Tuesday, the Ripple token came closer to hitting a greenback’s worth.

Again, a small legal victory played a huge role in boosting traders’ bullish bias on XRP. Ripple Labs won its bid to redact its private emails out of the public eye last week. The first email contained a conversation between CEO Brad Garlinghouse and an anonymous entity about ‘Rippleworks,’ Ripple’s nonprofit venture capitalist wing.

Meanwhile, the second email, which appeared crucial to the lawsuit, contained information about public perception of XRP and Ripple’s control over the token.

Did it prove XRP is not a securities token? No. But traders jumped the bullish guns, even though Mr. Garlinghouse stated in his interview with CNN last week that Ripple could do without XRP should they lose the SEC lawsuit.

XRP and Altcoin Season

The hugely counterbalancing catalysts do little to explain the ongoing XRP price boom. Nevertheless, what might really be providing the Ripple token its much-needed bullish tailwinds is a renewed optimism for altcoin, on the whole.

Bitcoin has stabilized around $60,000 after posting an incredible bull run in the previous 12 months, driven higher by institutional demand against the fears of policy-led higher inflation and a dwindling US dollar index. As the flagship cryptocurrency risks getting overvalued, traders have started hedging their profits in neighboring altcoin markets.

So it appears, XRP benefited from the so-called “altcoin season.” The token surged against bitcoin by more than 25 percent in the previous 24 hours.

Source: Bitcoininst

Data: Bitcoin Bull Run May Be Less Than One-Quarter Complete

Bitcoin price continues to struggle with resistance above $60,000, but data suggests it is refueling for a much larger move higher. In fact, the same data could point to the current bull run only being roughly one-quarter or less of the way through to completion. 

There’s also a chance that the cryptocurrency bull run is only just getting started, making potential targets as high as $400,000 per coin when it is all said and done.

Bitcoin Building Solid Technical Base Around $50,000 to $60,000

Right on schedule – according to its regularly scheduled halvings – Bitcoin is back in full bull mode. Within a year, the cryptocurrency climbed from $4,000 to more than $60,000 per coin. But once it got to that local high, the leading cryptocurrency by market cap has now spent several weeks below the now strong resistance level.

At the same time, price action has failed to bring Bitcoin back to support levels any lower than $50,000, keeping the bull trend in tact and eyes on targets much higher.

And while there’s still no ruling out a more substantial correction due to technicals being so overheated, ongoing buy pressure from institutions while BTC supply diminishes implies this is the calm before the storm.

The Puell Multiple backs up the theory that new highs are just ahead, potentially indicating that the current bull market is merely one-quarter or potentially less of the way through.

Puell Multiple Implies Crypto Bull Run Has Much More To Go

According to the Puell Multiple, there’s a lot more room to climb before the peak is in of this cycle. The metric doesn’t say anything about corrections along the way, but does project that the current rally is far from finished. But how far through the current are we exactly?

The tweet above suggests that Bitcoin is roughly between 15 to 25% through its current bull market, matching up well with the $3,000 to $5,000 range. This zone ultimately built enough long-term support to catch the cryptocurrency’s bear market free fall, and the current resistance level could one day act as bear market support.

But for now, bulls are in charge.

Using the $3,000 to $5,000 range as a gauge and the $20,000 peak in 2017 as a factor in projecting the next top, it would indicate that the bull market is anywhere between 15% and 25% of the way through.

At 25% through, Bitcoin would be projected to peak at around $240,000. At 15 %, however, the cryptocurrency could run to the full $400,000 per coin that some analysts have projected. Following the exact path of the last cycle, puts the peak around $325,000.

Even if the top crypto by market cap failed to meet these lofty expectations, and instead was roughly 50% of the way there, the top would still be at least another $60,000 away – leading to six figure BTC at minimum.

Source: Bitcoininst

Mark Cuban Says 60% of His Crypto Holdings Are in This

Shark Tank and Dallas Mavericks billionaire co-owner Mark Cuban recently disclosed that a significant portion of his crypto holdings are stashed in bitcoin because he believes the cryptocurrency is a better store of value asset than gold. 

Speaking in a recent episode of the Delphi Podcast as published on CNBC, Cuban noted that of his total crypto holdings, 60% are in BTC, 30% in Ether (ETH), and the remaining 10% is allocated to other altcoins. 

Bitcoin Is Superior To Gold

The billionaire investor has held onto his crypto holdings, especially bitcoin, because, according to him, it was more than just a currency, but a store of value asset. 

Cuban noted that he is certain of bitcoin’s superiority to gold as a better store of value asset, and would never sell it for anything. 

His argument dates back to 2012 when people believed bitcoin was just a digital currency. 

“But, the entire time, I said it was a store of value where, if you could get people to believe that it was a better alternative than gold, because of its algorithmic scarcity, the price is going to go up,” the self-made billionaire said. 

Cuban Picks ETH As His Second-Best Crypto

The billionaire further revealed why 30% of his total crypto holdings are in Ethereum, the second-largest cryptocurrency by market capitalization. 

The Dallas Mavericks co-owner said he picked interest in Ethereum due to its smart contract feature, which led to the birth of decentralized finance (DeFi), as well as non-fungible tokens (NFTs). 

According to Cuban, he drew a comparison between the development of Ethereum smart contracts and the early days of the internet. 

Despite the massive growth of the DeFi space and the fuss around NFTs of late, Cuban still predicts that more people will adopt the tech, as developers continue to improve its functionality. 

Cuban disclosed that he did not invest in ETH during the time he bought bitcoin, adding that he wished he had purchased the asset earlier. He noted that he started buying ETH four years ago because it is the closest to a “true currency.” 

Cuban Buys DOGE

While Cuban failed to reveal his altcoin holdings, it is possible that the billionaire also owns a certain amount of his altcoin investments in Dogecoin (DOGE). 

Cuban bought a small amount of DOGE for his son in February 2021, which he stated at the time that the purchase was mainly for fun and educational purposes. 

However, in March, his NBA team, Dallas Mavericks, announced that it would start accepting Dogecoin as a payment option for game tickets and merchandise on its online store.

Source: Crypto Potato

Elon Musk Says SpaceX Will Put Dogecoin on the Moon, DOGE Price Skyrockets

Tesla boss Elon Musk is known for influencing the sudden growth of cryptocurrencies, which could be in the form of tweets or investments.

SpaceX To Put DOGE On The Moon

After publicly supporting Dogecoin (DOGE), the popular billionaire has once again thrown his weight behind DOGE, causing the cryptocurrency to reach a six-week high.

In a tweet today, Musk noted that one of his companies, SpaceX, will put “a literal Dogecoin” on “a literal moon.”

Indeed, the post led the cryptocurrency to the moon, as it spiked by 35% within minutes after the tweet was made. The meme-inspired token’s value reached a stunning $0.07 before plummeting to $0.06, as at the time of writing. 

DOGE Gains 1,500% In 3 Months

Based on the significant growth of DOGE, it is up 1,500% since the beginning of the year. The token, like a few other altcoins, did not begin the year on a good note. Data on Coingecko showed that DOGE was at $0.004 on January 1st. 

Interestingly, Musk’s comments in February shot the token to approximately $0.08, as investors thought the billionaire would purchase a large volume of the crypto.

However, many DOGE enthusiasts felt disappointed after the Tesla boss abandoned the token to purchase a groundbreaking $1.5 billion worth of Bitcoin (BTC). Meanwhile, Musk said in February that he would give his full support to Dogecoin if whale holders sold their bags.

DOGE Adoption 

This is not the first time Musk will be publicly supporting Dogecoin. Musk, who recently renamed himself the “Technoking of Tesla” has been declaring his support for Dogecoin since 2017. His comments about the token have been key to its growth. 

Earlier this week, Dogecoin recorded a massive feat when Latvian national carrier AirBaltic announced that its customers can now pay for flight tickets using the cryptocurrency. 

Although the initiative cannot be attributed to the sudden spike of DOGE today, it is also healthy for the token’s organic growth in the future.

Source: Crypto Potato