Bitcoin’s price has remained stable overnight, currently circulating the $13,000 level. Other cryptocurrencies, however, have not been able to hold their strength, with Ethereum (ETH) slumping 3.4 percent, Bitcoin Cash (BCH) dropping 3.8 percent and Chainlink (LINK) dipping 4.7 percent in the past 24 hours.
With Bitcoin’s price recent surge, many believe that the BTC price will move even higher, as it recently decoupled with the stock market. Bitcoin and the S&P 500 correlation has dropped to 0, a new low not seen since May. Anthony Pompliano, co-founder of Morgan Creek Digital said that the cryptocurrency is now the ultimate safe haven, as the market has proven.
Bitcoin millionaires at an all-time high
Bitcoin millionaires have also reached an all-time high, as crypto analytics firm Glassnode’s data showed that the Bitcoin addresses holding over $1 million of BTC has surpassed 20,000. Glassnode also highlighted that this is the highest value level seen since January 2018, during the massive bull run.
Bitcoin’s first weekly close above $11,700 since 2018
Bitcoin’s recent weekly candle close has also given BTC some strength, as it was the first weekly candle that closed above $11,700 since early 2018. Crypto analyst Josh Rager explained the importance of Bitcoin’s recent weekly close:
“Bitcoin with a 13%+ candle to close out the week. And ever since flipping the 2019 high daily close of $12,920… Bitcoin has closed above it multiple days straight as we work on the highest daily close since Jan 2018.”
However, Rager also warned that there could be pullbacks ahead, but Bitcoin is still entering into a new bullish phase, and that there are “exciting times ahead” for the cryptocurrency.
Another crypto trader, Crypto Michael noted that he is not expecting a “clear breaker” above the $14,000 level yet, indicating that there could be a correction before entering the new resistance level. He tweeted while pointing to the graph below:
“I think this is a likely scenario, not expecting a clear breaker above $14,000 yet. A retest of previous resistance zone to build momentum towards the next rally towards $17,000 beginning next year.”
Source: Crypto Michael via Twitter
Bitcoin investor sentiment in the “belief” zone
According to the crypto analytics firm Glassnode, Bitcoin’s investor sentiment has been in the “Belief” zone for the past week. The firm analyzes the net unrealized profit and loss, and currently, more than 50 percent of the Bitcoin market capitalization consists of unrealized profits, which puts the investor sentiment in the “Belief” zone.
The indicator of the net unrealized profit and loss measures the difference between unrealized profit and unrealized loss of Bitcoin investors, indicating how much investors were willing to gain or lose if all Bitcoins were sold at the market price.
The “Belief” zone indicates that Bitcoin is in the stage of a bull market where the traders believe in the rally. The next phase according to Glassnode, is the “Euphoria” stage, which was seen in the massive bull run seen during 2017. Bitcoin has broken into the “Belief” zone last on Aug. 18.
On-chain and social metrics show concerning signs
Bitcoin has managed to secure its gains made in the past week, but how long would this last? Crypto analytics firm Santiment analyzed Bitcoin’s push above $13,000 for the first time in 15 months. Santiment indicated:
“On-chain and fundamental metrics show that FOMO has predictably intensified, and key on-chain metrics like daily active addresses haven’t quite kept up.”
According to the firm’s latest on-chain and social metrics, more concerning signs have come up as Bitcoin has shifted to a positive crowd sentiment. However, the firm also highlighted that more developers are starting to believe in the longevity of Bitcoin, as more developers are increasing their innovation on Github.
Active Bitcoin Addresses Hit Third-Highest Level in November
Bitcoin (BTC) bulls have been continuously trying reach the $20,000 price, falling just shy of what would have been a new ATH price by getting to $19,832 in the past 24 hours. Bitcoin has since nosedived and recovered to $19,268 at press time.
At the time of the Bitcoin price rally, the number of active BTC addresses was at its third-highest level, according to on-chain metrics platform Glassnode. The blockchain data provider noted:
“Almost 19.6 million Bitcoin addresses were active in November sending or receiving BTC. That is the third-highest value in Bitcoin’s history – only topped in December 2017 and January 2018.”
The rollercoaster ride experienced by Bitcoin price in November made BTC addresses either sending or receiving BTC to hit nearly 19.6 million, making the on-chain transaction volume to rise by 47%.
The number of active Bitcoin addresses broke the record in December 2017 by surging to 21.64 million, followed by January 2018, where they rose to 19.67 million, meaning that these numbers have not been seen in the recent past. November 2020, therefore, serves as a reminder of the notable levels the leading cryptocurrency can go.
The high number of active BTC addresses correlates with the fact that Bitcoin withdrawals from crypto exchanges surged to a 17-month high in November at 2,288.125. These record-breaking withdrawals were linked to investors either cashing in their profits after the BTC price hit a new all-time high of more than $19,800 on Nov 30 or others holding in cold storage wallets.
The near-record highs of active BTC addresses in November could prove to be a trigger of what awaits the leading cryptocurrency. For instance, an on-chain analyst who previously predicted the Bitcoin and stock market decoupling, Willy Woo, recently revealed a new model suggesting BTC will reach $200,000 by the end of 2021 at least, if not $300,000.
He expounded that the current re-accumulation phase coincides with the spot market inventory depletion, and is roughly two times longer and deeper than the last cycle, which could lead to Bitcoin’s price climbing higher.
Image source: Shutterstock Source: https://Blockchain.News/news/active-bitcoin-addresses-hit-third-highest-level-in-november
OKEx Announces Support for Spark (FLR) Airdrop as XRP Holders Prepare for Token Distribution
OKEx has joined other digital asset exchanges in announcing support for the upcoming Spark (FLR) token airdrop.
Along with other crypto exchanges, OKEx will enable XRP holders leveraging their services to benefit from the Spark Airdrop Program. It is the latest trading platform to have joined, as a growing number of leading exchanges such as Binance, Bithumb, Bitstamp, Poloniex, KuCoin, and more have said that the cryptocurrency distribution would be made available to their XRP holders. Per OKEx’s official Twitter announcement:
“$XRP Deposits and Withdrawals will be suspended from 12:00 pm UTC Dec 11; Snapshot of users’ $XRP tokens at 12:00am UTC Dec 12. After the snapshot, Deposits and Withdrawals will resume.”
How will Spark Airdrop Program work?
December 12 is announced as the official date where Spark will be airdropped, but it will actually be the first step in Flare Networks’ initiative to distribute FLR tokens to XRP holders. On December 12, at 12:00 am UTC, a “snapshot” of XRP holders’ total amount of XRP will be taken by Flare Networks. Traders and investors who hold Ripple’s native digital currency will be able to receive Spark tokens for free on a 1:1 ratio.
The total amount of tokens to be distributed under the Spark Airdrop Program will be approximately 45 billion, made available to all XRP holders except for Ripple Labs. The upcoming release of tokens is said to have triggered an upward price movement for XRP.
Flare Networks, the Ripple-backed smart contract utility fork, will then take into account XRP held on participating wallets and crypto exchanges. An actual distribution day for their native tokens is not known, although it is anticipated for some time between March and May 2021.
It is also recommended that all XRP deposits be locked into the compatible exchanges and wallets before December 11, as most crypto exchanges will temporarily pause withdrawal and deposits of XRP on their platforms.
The easiest way to benefit from the airdrop is to deposit XRP into a crypto exchange that supports the snapshot. Another way to gain free Spark tokens is to hold XRP in compatible digital wallets, although there may be additional steps for users to take before being able to claim their free tokens. Users also have the choice to file a self-custody claim of XRP, although this may not be the easiest way of participating in the token distribution.
Many exchanges have announced their support for the upcoming airdrop. However, Binance.US and Coinbase XRP holders will not be able to benefit from it. A crypto enthusiast retweeted by Flare Networks said:
“At this point in time, pretty much every major exchange minus @coinbase is supporting the @FlareNetworks airdrop.”
Coinbase had previously omitted to confirm their participation in the Spark token distribution and was called out by Flare Networks, as the US-based crypto exchange held about 3 billion XRP on their platform.
Currently, XRP token tracker announced via Twitter that funds for XRP were increasingly being deposited into exchanges supporting the Spark airdrop. Per the Tweet:
“We’ve noticed a lot of $XRP action on the exchanges that will be supporting the airdrop including: @binance, @bitfinex, @Bitstamp and more.”
SushiSwap (SUSHI) Token Price Surges Over 15% After Merger with Yearn.finance
Decentralized finance SushiSwap’s native token SUSHI has surged over 15 percent in the past 24 hours, while Bitcoin and other large cap altcoins are in a sea of red. SushiSwap’s SUSHI token has become the best performing asset in the past 24 hours, and the DeFi token has been able to climb nearly 60 percent in a week.
While Bitcoin has attempted to surpass the $20,000 resistance level while hitting its all-time high, selling pressure quickly accumulated and the digital asset dropped 7 percent.
After the founder of Yearn.finance, Andre Cronje revealed that SushiSwap would be merged with the team of Yearn.finance, the SUSHI token quickly rose. Cronje announced the merger, saying:
“As Sushi focused on expanding their AMM ecosystem, and as Yearn focused on expanding their strategies, more and more overlap became apparent, Yearn needed custom AMM experiences for their strategies, and Sushi started pushing the boundaries of yield and money markets.”
The decentralized finance (DeFi) industry has also seen a boom lately, with over $14.4 billion in cryptocurrencies locked. MakerDAO continues to be in the lead with the most cryptocurrencies locked, almost reaching $3 billion, after SushiSwap’s original blockchain before its fork, Uniswap recently lost most of its dominance in the ecosystem.
SushiSwap currently has over $790 million in total value locked and is currently trading at $2.25 per token. SushiSwap is also expected to roll out new products in the future, which would enable it to differentiate itself from other automated market makers (AMM) in the DeFi ecosystem.
The last time SushiSwap’s SUSHI token price surged was when Uniswap’s rewards ended. SushiSwap’s TVL climbed over 150 percent the day Uniswap’s rewards ended and has reached above $1 billion. Bancor, another decentralized exchange has released a liquidity mining program, which includes retroactive rewards on Nov. 17.
Image source: Shutterstock Source: https://Blockchain.News/news/sushiswap-sushi-token-price-surges-15-after-merger-yearn-finance
BlackRock CEO Larry Fink Says Bitcoin Can Evolve Into Global Asset and Impact Dollar
Larry Fink, the head of the world’s largest asset manager BlackRock sees the potential for Bitcoin and cryptocurrency sector to evolve into a mainstream marketplace. He also noted the impact BTC is having on dollar-based assets internationally.
BlackRock CEO Larry Fink has given a relatively understated endorsement of Bitcoin in a report by CNBC on Dec. 1.
“Bitcoin has caught the attention and the imagination of many people. Still untested, pretty small market relative to other markets.”
Although the Blackrock CEO recognizes that BTC is “seeing big giant moves every day,” Fink maintained it’s a “thin market,” but did not rule out Bitcoin’s potential growth.
While speaking at the Council on Foreign Relations on Dec 1, Fink said:
“Can it (BTC) evolve into a global market? Possibly.”
Fink also noted in the CNBC report that having a digital currency like Bitcoin has a real impact on the US dollar—making it less relevant to international holders of dollar-based assets.
The Blackrock CEO further raised the question that many economists have been pondering in regard to Bitcoin:
“Does it change the need for the dollar as a reserve currency?”
BlackRock holds over $7.4 trillion in assets under management making it the world’s largest asset manager. While Fink’s comments were not overly bullish, the comments are still a positive development for the still-nascent cryptocurrency market and its pioneer Bitcoin. The CEO’s comments also indicate that BlackRock is watching the crypto space very closely.
Notably, institutional adoption is currently driving bullish sentiment in the Bitcoin and crypto space along with major players who have publicly announced major allocations of their portfolios to Bitcoin—such as billionaire hedge fund managers Stanley Druckenmiller and Paul Tudor Jones II and MicroStrategy’s Michael Saylor.
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