Bitcoin is currently trading at $64.3k, just $200 before the previous all-time high level of the cryptocurrency. At the time of publication of this article, it may have gone well above it. The cryptocurrency recorded another meaningful price gain earlier today and is seeing unprecedented HODLing stats at this stage. Altcoins on the other hand remained stuck yet again at crucial levels. More on that later on.

In other news, Bitcoin has risen more than 55% since China enacted its draconian ban in the country. The sweeping move forced out many crypto miners, exchanges and innovators out of the country and reinforced the bullish bias. Now, the crypto sector has had the last laugh as it has increased its valuation by more than half. More on that later on.

A new Bitcoin technical indicator has turned green for the first time in more than 6 months. Called the Long-Term & Short-Term Holder Realized Price Ratio (LTHSTH-RPR), the indicator simply shows the tendency of the market to become a long-term HODLer or short-term HODLer. If the market is leaning to long-term HODL positions, it means that the market has some way to cover and if the market is moving to a more short-term HODL maneuver, a more bullish move is imminent. After more than 6 months, this indicator is finally flashing green and bulls have another cause of rejuvenation.

The government of Russia is looking to shift to holding digital currencies in the near future as opposed to holding the US Dollar. The country is constantly under tussle with the US on one issue and another and is one of the leading advocates for something called de-Dollarization. However, the move is not going as seamlessly right now as a move to digital currencies means further pressure on the local Ruble currency as well which Russia doesn’t want. 

Cosmos (ATOM) cryptocurrency project has announced the testing of a new blockchain network which will help solve many of the issues around the previous iterations. The blockchain named after Carl Sagan is currently under development and the company teased it by a video showing the influencer astronaut’s famous quote and a picture of a canary among the stars.

Bitcoin Poised to have New All-time High as Alts Remain Lifeless

Bitcoin is currently trading around $64.3k at press time which is just a tiny amount less than the highest valuation it has ever achieved. 

The last 24 hours started with the index at around $64.5k. For much of the day, the cryptocurrency went on a slight bullish pattern that culminated with the index reaching the coveted all-time high just before press time. However, the crypto has stalled around that level for an hour or so but hasn’t been able to make a breakthrough. 

Altcoins on the other hand remained stagnant throughout the day, resulting in further gains for the Bitcoin domination index. The only slight price increase was witnessed by Wrapped Bitcoin (WBTC, 4.5%). 

The total market capitalization of Bitcoin was around $1.21 trillion at press time and its share of the proceedings was 47.5%.

Bitcoin price chart 

In Other News…..

China’s Blanket Bitcoin Ban becomes their Loss

China’s currency crypto ban, one of the most extensive government crackdowns in the history of the digital currency world, is starting to seem like a bad decision. The government back in May decided out of nowhere that it had had enough of the crypto scene and the best solution was to ban it outright. 

Previously, while the usage of crypto was still banned in the country, huge mining firms and their transactions were allowed, fueling a hundred billion dollar industry in the deeply statist setup. However, soon, the government got fed up with the sector because of its regulatory issues and decided to ban it outright. Hundreds of mining facilities were forcibly shut down and their operators were deported along with their equipment. Back then, Bitcoin was trading around $42k and it immediately dropped hard. It was back around $30k in no time at all and remained there for around 2 months with little recoveries. Some Bitcoin critics even declared that the crypto was dead because a major power had abandoned it. 

However, now as the miners have relocated elsewhere and the bullish sentiments are now reaching peak levels, the price index is now at record highs, going above $64k right around press time. So, the Bitcoin move has essentially backfired for the Chinese government and despite all of those massive crackdowns, it couldn’t subdue the spirit of the crypto sector. It did take a few hits but got back up and is now about to set a new all-time high. This also means that no amount of government force has so far been successful against the might of the crypto transparency and decentralization and it is likely here to stay. 

 

Experienced blockchain investors are well aware of the fact that Bitcoin is the undisputed trend-setter of the crypto ecosystem. This week has proven it yet again: the bullish action of the BTC price has caused the prices of many alternative cryptocurrencies to rally. Let’s take a look at some of the most interesting altcoin developments from the past week.

Polkadot Price Surges Following the Announcement of Parachain Functionality

Polkadot (DOT) has been the best performing of the top 10 largest crypto assets over the past 7 days. While other major cryptocurrencies have appreciated in price by 5% on average, the Polkadot price has increased by an impressive 16.6%.

The main reason for the bullish DOT rally is the recent announcement that the Polkadot network is now technologically ready to support parachain functionality. Parachains will be able to massively increase the cross-chain interoperability of the Polkadot ecosystem, and they will immensely expand the DOT network, turning it from a single blockchain into a vast network of mutually interconnected but independent chains.

Unfortunately, the exact date of the launch of the first DOT parachain is still unknown. Some investors have even voiced concern that the parachain announcement might be used to pump the DOT price, and expected a steep decline when the initial euphoria fades away. However, these fears seem unsubstantiated for now, as the market has reacted very well to the news about upcoming Polkadot parachain functionality.

DOT price chart 

Solana Gets Listed on eToro, but It Still Doesn’t Help the SOL Price

This week, Solana (SOL) has been listed on eToro - one of the largest and most popular social trading apps in the world, which allows millions of people to invest not only in cryptocurrencies, but also in stocks, commodities, currencies and ETFs. In theory, this should introduce Solana to a wide audience of investors. In practice however, listing Solana on eToro wasn’t enough to give a boost to the bearish SOL price action.

Out of the top 10 largest coins by market capitalization, only three decreased in price over the past week, and Solana has been one of them, together with Cardano (ADA) and Dogecoin (DOGE). The price of SOL has decreased by 1.92%, which caused Solana to be surpassed by Ripple (XRP), and to fall down to the 7th place on the list.

The current situation with the SOL price doesn’t look optimistic, however many Solana enthusiasts are convinced that it’s just a temporary setback, and that the Solana price is looking for a major breakout.

Solana price chart 

Dogecoin Versus Shiba Inu: Who Will Win the Battle of Meme Coins?

Dogecoin (DOGE) and Shiba Inu (SHIB) are obviously very similar to each other. Both of them are meme cryptocurrencies with no use cases and no intrinsic value, and they are backed by nothing more than memes posted on Twitter and celebrity endorsements. It’s becoming clear that these two coins are in direct competition to each other, as the focus of the fans of meme currencies can be used to pump only one coin at a time.

Currently, it looks like SHIB is growing in power while DOGE is rapidly losing popularity. A quick look at the price performance of both these assets over the past week greatly favors Shiba Inu over Dogecoin: while the DOGE price has decreased by 2.92%, the SHIB price has increased by over 25%, which makes it one of the best performing cryptocurrencies of the past 7 days out of all major coins and tokens,

However, Dogecoin is still the 10th largest cryptocurrency on the market, and Shiba Inu has just become the 20th. The market cap of DOGE is over three times as big as the market cap of SHIB, so if Shiba Inu will really replace Dogecoin, it’s unlikely that it will happen in the near future.

STX Becomes the Best Performing Crypto of the Week

Stacks (STX) is a relatively unknown altcoin, but it gained the attention of crypto investors by becoming the best performing major asset of the past week. The price of the STX token has increased by an astonishing 55.06%, which allowed Stacks to become 54th largest coin by market capitalization.

Stacks is a layer-1 blockchain protocol intended to bring smart contracts and DeFi functionality to the Bitcoin network. This value proposition is very ambitious and might be revolutionary if it ever actually gets implemented in practice. But can Stacks really become one of the most important projects in the ecosystem? At this point, it’s still too soon to tell.

 

Reese Witherspoon, a renowned actress, has joined other celebrities crossing over to the Ethereum non-fungible token (NFT) ecosystem. The actress recently bought her first Ethereum (ETH) coins.

Witherspoon announced the news on Monday. In a tweet, she also said that she’s interested in knowing “about amazing women creating NFTs.”

However, her joining the NFT space attracted advice from a fellow celebrity, Snoop Dogg. In the NFT world, Dogg uses the name “Cozomo de’ Medici,” and his NFT collection is estimated to be worth over 17 million US dollars.

In response to Witherspoon’s request to get views from Crypto Twitter, the rapper recommended that the actress link up with OpenLaw’s operations chief, Priyanka Desai. Desai is also a member of the Flamingo decentralized anonymous organization (DAO).

In a tweet, Cozomo de’ Medici suggested “a conversation with @pridesai, one of the most influential women in NFT, who can then connect [the actress] with the most incredible female artists, collectors, and innovators in our world.”

I’ll Have a “Reese” Tattoo If the Actress Purchase Deadfellaz

Although Witherspoon is yet to respond, she has been seen interacting with replies from other NFT projects such as World of Women and Stoner Cats. Notably, The Stoner Cats project is linked to Mila Kunis, an actress.

However, Witherspoon’s tweet announcing the purchase of an NFT attracted other types of comments. For instance, an individual replied that they would honor her with a “Reese” tattoo if she bought a Deadfellaz NFT. “If @ReeseW collects a @Deadfellaznft, then I will get a ‘Reese’ tattoo,” the Twitter user commented.

Others like @DCLBlogger noted that most celebrities entering the NFT space are interested in dropping their “own set of NFTs” “five days” after announcing their entrance into the ecosystem.

Notably, the NFT mania has spread from celebrities to exchanges. For example, Coinbase recently announced that it would start supporting Ethereum-based NFTs. The marketplace, called “Coinbase NFT,” will allow trading of NFTs.

Coinbase forecasts that the platform will be operational before the end of 2021. According to Coinbase, the current breed of NFT marketplaces lacks in user experience.

As such, the cryptocurrency exchange noted its market would not only be “more accessible” but also have “intuitive interfaces [to ease] complexity.”

Coinbase Follows the Footsteps of Binance and FTX.US

The introduction of a Coinbase NFT marketplace comes on the heels of FTX.US announcing a similar offering for NFTs based on the Solana blockchain. Binance already has an NFT marketplace that it launched in June. The offering aims at reducing transaction costs.

More than crypto exchanges and celebrities crossing over to the NFT scene, existing NFT creators are looking for more use cases.

For instance, Yuga Labs, the creators of the Bored Ape NFT project, signed with Guy Oseary, a tech investor, to spread wings to other fields such as television, video games, music, and film.

Besides dominating the NFT space, Ethereum is also beating other blockchains on the amount locked on decentralized finance (DeFi) protocols.

The total value locked or TVL in DeFi platforms across different top blockchains has swelled to reach over $200 billion. Notably, in 2021, this value has skyrocketed by more than 800 percent. At the beginning of the year, the amount was slightly above 21 billion USD. Now, it’s at 204 USD billion.

Ethereum Leads with Over $140 Billion, Binance Closely Follows with $20 Billion

According to data from Defillama, Curve, a DeFi protocol, dominates the scene with a TVL of close to 16 billion USD and a dominance rate of 7.75 percent at the time of writing. Note that the protocol is available on other networks such as Polygon and Avalanche.

AAVE (AAVE), MakerDAO (MKR), Instadapp (INST), Wrapped Bitcoin (WBTC), and Compound occupy the second, third, fourth, fifth, and sixth position, respectively. Their TVL currently stands at $14.76 billion, $13.62 billion, 11.95 billion, 11.56 billion, and 10.27 billion, respectively.

Notably, apart from Curve and AAVE, the other top seven DeFi platforms run solely on Ethereum. Also, the three leading DeFi protocols control over 27 percent of the total TVL.

Despite the over $200 billion being shared between Binance, Harmony, Terra, Celo, Ethereum, Fantom, Solana, Arbitrum, Ethereum, and Solana, Ethereum takes the lead with slightly above 69 percent dominance. This represents over $140 billion in total value locked.

Interestingly, its closest competitors, Solana and Binance, command approximately $10 and $20 billion, respectively.

 

Bitcoin recorded a 5 month high of around $63k earlier today before receding slightly to around $61k at press time. THe largest cryptocurrency by market capitalization is apparently consolidating above $60k before making another move above. Altcoins on the other hand recorded small losses again. More on that later on.

In other news, Twitter CEO Jack Dorsey has announced an open-source Bitcoin mining initiative through his company named Square. The move is being initiated in an effort to make the cryptocurrency sector more competitive and decentralized overall. More on that later on.

Salvadoreans are finally warming up to the idea of owning Bitcoin according to a latest update from their president. According to him, the national crypto wallet Chivo is receiving more and more remittance requests in USD for BTC purchase. He also asked independent journalists to confirm this finding so that there is no allegation of misreporting. El Salvador’s recognition of Bitcoin as legal tender hasn’t gone as smoothly as planned but now, with increasingly better services through the Chivo wallet, the country can look to better days ahead. 

A Bitcoin analyst believes that the cryptocurrency is now entering the final stage of the bull run. He believes that the cryptocurrency is ripe for a move to $100k in the near future. He made these arguments using a trading theory called the Elliott Wave theory in which bull runs come in waves. Now, he argues we are entering the final bull wave and it has the potential to propel us to $100k.

Bitcoin Reaches $63k

Bitcoin reached as high as $63k earlier in the day before correcting back to around $61k at press time. The digital currency is near its all-time high figure of around $64k and is looking to shoot past it. Buoyed by news around the ETF approval in the US, the asset has performed extremely well and may look to make a move above the crucial resistance soon enough.

The last 24 hours started with the index at around $62.1k. It immediately rose to its highest valuation of the day at $62.9k and then came down to its $61k support. It largely traded around that valuation for the rest of the day before testing the $60k level later on in the day. However, the bullish sentiment is quite strong and the bears couldn’t make a move below. At press time, the index is at $60.9k.

Going forward, Bitcoin is on a bullish mission and it appears like the all-time high of $64k will be broken soon enough. However, short-term price consolidation right below the $60k resistance can be expected as it is a big ask for the bulls to move above the record high level. So, a test of the $60k resistance-turned support may be plausible again in the coming 48 hours. Conversely, if the bulls continue like this, they can disregard the $64.5k resistance’s psychological effect and just breeze past it.

The total market capitalization of Bitcoin was around $1.146 trillion and its share of the proceedings was 46.3%.

Bitcoin price chart 

Altcoins Post Slight Losses

Other cryptocurrencies aka altcoins posted slight losses and continued their stagnant performance of the last month or so. Many altcoin traders are waiting for a big price breakout but that hasn’t happened, yet. Polkadot (DOT, -3.5%), Cardano (ADA, -2%) and Binance Coin (BNB, -2%) posted the biggest losses among the top cryptos. 

BNB price chart 

In Other News….

Twitter CEO Working on Open-Source Bitcoin Mining

Twitter CEO Jack Dorsey has announced a new initiative of open-source BTC mining through Square, his official financial services provider. Dorsey also holds hundreds of millions of dollars worth of crypto through Square and now aims to make the Bitcoin network a much more decentralized network through this initiative.

Dorsey tweeted:

“Square is considering building a Bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide. The more decentralized this is, the more resilient the Bitcoin network becomes.”

It is no secret that while the Bitcoin network is an incredibly well-designed decentralized network, it's increasingly concentrated mining industry is problematic to some extent. Big mining companies are increasingly becoming influential and they can hold up key updates needed if it doesn’t serve their needs. The mining companies also hold the key to making the process profitable as increasing difficulty has made it very difficult for normal users. With Dorsey’s open-source initiative, Bitcoin mining can potentially become accessible for everyone thus improving competition and allowing more and more users to become part of it rather than just a few big mining companies.

 

Bitcoin is currently trading at around $58k near press time. The largest cryptocurrency by market capitalization is currently on a steady surge above $55k but the price increase is slowing down as it approaches the major $60k resistance ahead. Altcoins on the other hand posted some mixed gains during the course of the day. More on that later on.

In other news, Elon Musk’s Bitcoin investment has soared in valuation once again. The biggest electric car manufacturer invested around $1.5 billion into the crypto sector when it was worth $38k. More on that later on.

The Russian government is considering new electricity tariffs for crypto miners flocking to the country from China. The Communist government in the Asian country has banned the crypto sector completely within its borders and cracked down hard. Miners fleeing the country are now headed towards other cheap electricity destinations like Russia and even the USA itself. With increased power burden, the Russian government is expected to revise rates for the crypto sector. Putin, however, is not that pro-Bitcoin and has stated that the country won’t accept Bitcoin for oil payments for now. 

The Mexican government has said that it has no plans for declaring Bitcoin as a legal tender. Instead, it has cracked down against the digital currency sector further. Some analysts believe that the Central Asian country would be next in line after El Salvador to accept crypto but that didn’t happen. 

Crypto analytics website TradingView is in for a new funding round. It is currently valued at around $3 billion and has secured $238 million in new funding. It is one of the top such websites in the crypto world.

Bitcoin Rises Slightly to $58k

Bitcoin is currently trading just below $58k at press time as the index rose again earlier today, even if not by much. The digital currency is looking onwards to tackle major resistances like $60k and then $64k that lie just ahead. However, the Bitcoin price seems to get a little jittery when it tries to surge strongly above $57k.

The last 24 hours started with the index at around $57.1k. It rose strongly immediately and went above $58k in the process. At first, it went above $58k and got as high as $58.4k. But further movement above proved to be difficult and the desperate bears made some effort to bring it back to $57k where it has largely alternated for most of the time. Around press time, the index began to rise yet again and is now knocking at the $58k resistance yet again. 

Going forward, Bitcoin is currently on a major price push and is increasing its upper ceiling ever so slightly each time. The bulls are confident but they might consolidate below $60k before making another move. So, a price pullback, even if short-term and small cannot be ruled out. However, the momentum is with the bulls and they can slowly, yet steadily make further inroads. 

Overall, the total market capitalization of Bitcoin was around $1.085 billion at press time and its share of the proceedings was 45%.

Bitcoin price chart 

Altcoins Post Mixed Gains

Other cryptocurrencies aka altcoins posted some gains overall but they were mixed in nature with most of the coins showing very little intent to move decisively ahead. The biggest gainers included Ethereum (ETH, 6%) that had a big day initially but the index couldn’t sustain its gains. Uniswap (UNI, 7%) and Chainlink (LINK, 7%) were other big gainers. Most of the rest of the market was largely stagnant. 

Ethereum price chart 

In Other News…..

Tesla’s Profit on Bitcoin Close to $1 Billion

Tesla purchased Bitcoin back when it was worth around $38k. Now the index is gaining above $58k. This has resulted in a massive $1 billion increase in wealth over this time period. 

So, the company has improved its fortunes yet again. Previously, Bitcoin’s price tanked when Musk revealed that he had sold around $150 million of crypto. Some believed that he had sold all of it and the market panicked big time. Now, it seems like Musk’s antics aren’t affecting things a lot.