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%.
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.