Total Crypto Market Cap Stabilizes Above $1T; Is The Worst Behind Us?
Weekly Update
The Global Crypto Market Cap is down by 4.03% to $1.02T at the time of writing this article. Over the past 24 hours, the overall volume of the Cryptocurrency Market has increased by 14.13% to $74.56B.
DeFi’s total 24-hour volume is $7.81B, or 10.47% of the overall Crypto Market volume. All Stablecoin volume is currently $61.94B, or 83.07% of the 24-hour volume of the whole Crypto Market. The total 24-hour volume of DeFi and Stablecoin has remained the same in comparison to last week.
Bitcoin was trading at $21,857.59 at the time of writing. According to data from CoinMarketCap, Bitcoin’s dominance is currently 41.38%, an increase of 0.15% from the previous day. In the last 24 hours, the price of ETH decreased by 5.26% to $1,548.35, while the price of BNB went down by 4.27% to $308.13.
With various financing options for BTC mining available, even small traders are now entering the mining space for a long-term safe investment, preparing for a possible impending rally that could take BTC to a new ATH.
NFTs on the Bitcoin Network?
Bitcoin Ordinals appear to have taken over Web3. The new ordinals protocol has aided in the introduction of NFTs into the Bitcoin Network, but what is Ordinals?
Each Bitcoin is divided into 100,000,000 units called satoshis (or sats). The new Ordinals protocol allows people who run Bitcoin nodes to inscribe each sat with data, resulting in something called an Ordinal. That data inscribed on Bitcoin can include smart contracts, enabling NFTs. Ordinals are NFTs that can be minted directly on the Bitcoin blockchain.
One of the Ordinals Punk NFT (Punk #94) was sold for 9.5 BTC (equivalent to $215,000) on February 9, 2023.
Is the worst behind us?
When Bitcoin’s 50-day moving average crossed above its 200-day moving average, it formed a historically bullish pattern. This pattern is known in the market as a golden cross, according to an analyst from on-chain analytics firm Jarvis Labs, and forecasts price appreciation in the coming months. Bitcoin’s last golden cross occurred in 2021, which appears to be in the rearview mirror for investors. At this point, cryptocurrency was able to propel the bullish wave to new all-time highs.
According to historical data, Bitcoin’s January performance triggered an event that preceded the start of every macro bull market. Bitcoin’s 40% gain in January and continued hold of higher levels has resulted in breakout signals across various on-chain indicators. This is a good sign for crypto investors and traders, especially miners who saw the bear market as an opportunity to buy more miners at a lower price. For the time being, investors see the price movement of Bitcoin as a positive sign of an impending rally.
