KEY POINTS
- Bitcoin, Ether gain
- Most top tokens surge
- Meme cryptos plunge
The cryptocurrency market gained once again Thursday after experiencing a slight dip a day before. Bitcoin rebounded as whales started buying the dip.
The global market cap was up 1.27% at $1.80 trillion as of 2.53 a.m. ET, CoinMarketCap data showed.
Bitcoin rose 1.94% to $39,406. Ethereum too rose 0.64% to $2887.
About Bitcoin's movement, WazirX's trade desk said, "Bitcoin recovered back to $39K levels after sliding below $38K recently. BTC whales made the most of this opportunity and bought at the dip. In fact, on-chain data indicated that large whales bought 40,000BTC worth nearly $1.6 billion in under 2 days."
On the other hand, CoinDCX stated that even as BTC dips below the US$40K mark, the continued receptivity from regulators around the world is "evidence of its likely long-term stronghold and the bright outlook for the wider crypto industry."
Most of the top 10 tokens gained. Meme cryptos Dogecoin and Shiba Inu, however, plunged.
The WazirX trade desk also noted that Fantom (FTM), a new DAG based Smart Contract platform, is now the 9th largest DeFi protocol in terms of Market capitalization.
In other news, Fort Worth, Texas, became the first U.S. city to mine Bitcoin. The city will mine Bitcoin through a small mining farm in its City Hall. Fort Worth will use three “Bitmain Antiminer S9” mining rigs that will run 24 hours a day and seven days a week.
The crypto market is extremely volatile and experts recommend investors not make decisions based on the sudden shift in prices.
The underlying message is that self-custody of crypto is far too risky, in contrast to the security of traditional bank or brokerage accounts and crypto institutions. Photo: Pixabay
