Category: cryptocurrency exchange

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Market cap of Bitcoin and Altcoins will reach $1.85 trillion and $2.2 trillion

Amid the current financial scenario, analysts have focused their attention on the cryptocurrency market, which is showing signs of recovery. Michaël van de Poppe, a respected figure in the trading community, recently predicted that the total cryptocurrency market capitalization could rise to a staggering $2.2 trillion. This projection comes at a time when the market is going through a consolidation phase, falling below the crucial mark of 1.6 billion dollars.

The role of Bitcoin in market dynamics

Bitcoin, the leading cryptocurrency, plays a key role in this projected growth. It recently surpassed major resistance at $38,000, prompting optimistic predictions about its future trajectory. Van de Poppe correlates the advance of Bitcoin with the potential increase in the market capitalization of cryptocurrencies. He suggests that breaking through the $1.6 trillion resistance could push the market to pre-Earth collapse levels, targeting the first $1.85 trillion and eventually reaching $2.2 trillion.

Altcoins Preparing for a Milestone

At the same time, altcoins are not far behind in this potential financial revolution. EGRAG, another market analyst, predicts that the market capitalization of altcoins will reach the trillion-dollar mark. This level of growth has not been seen since the collapse of the Terra ecosystem in May.

EGRAG recalls the dramatic decline that followed, falling from $1.268 billion in April 2022 to a low of $485 billion two months later. Currently at a 19-month high of $735.5 billion, the altcoin market is recovering steadily, indicating a possible uptrend similar to the post-May 2022 scenario.

Implications for Bitcoin and Altcoin Valuations

If these predictions come true, the impact on individual cryptocurrencies could be substantial. For Bitcoin, a total market capitalization of $1.2 trillion would mean a price increase to around $61,301 per token. Meanwhile, altcoins could see a 2.3x increase in valuation, reaching as much as $1.7 trillion. This outlook has led analysts to advise investors to watch out for a recovery around March 2024.
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Dogecoin competitor BONK continues its precipitous rise

Dogecoin (DOGE) competitor Bonk (BONK) continues its strong rise, almost doubling its price in the last 24 hours.

The meme asset, which was built on the Solana (SOL) smart contract platform, recently surpassed rival Shiba Inu (SHIB) in daily trading volume en route to its price of $0.000028 at the time of writing, a gain of 89.3% during the last day.

The price increase comes after two major crypto exchange platforms, Binance, the world’s largest digital asset exchange by volume, and Crypto.com, announced that they would be adding support for memecoin.

On December 14, Binance said it would list BONK with a “seed” label, meaning it could exhibit more volatility compared to other digital assets, while Crypto.com said it would add BONK to its app.

Coinciding with the meme asset’s price surge, Solana Mobile announced that its Saga smartphone is out of stock in the US. According to initial coin offering (ICO) tracking platform ICO Drops, in June, Solana promised an airdrop 30 million BONK to anyone who bought the phone.

“BONK, a meme coin on Solana, announced in June the airdrop of 30 million tokens for anyone who downloads the Bonk app through the Saga DApp (decentralized application) store. The drop value at the beginning of December was about $110, but in a month the token grew by 650% and now the drop is about $650. The Solana Saga phone costs $599. Because of this arbitrage opportunity, the Saga sales increased 10 times in the last 48 hours.”

The price of BONK has seen an increase of 866% since November 17, when it was trading at $0.00003.
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Bitcoin cryptocurrency exchange Cryptocurrency news

Dogecoin Founder Says Bitcoin Needs Room to Recover Again

Dogecoin founder Bill Markus expressed a somber sentiment about the recent Bitcoin price drop after the cryptocurrency hit highs of $44,000 in early December.

Doge Founder’s Grim Stance on Bitcoin Price Swings

Around the first week of December, Bitcoin saw a surprising rise to over $44,000 from $38,000 sometime in late November. The cryptocurrency has been on a steady upward trend driven by several factors, including anticipation surrounding the U.S. Securities and Exchange Commission’s (SEC) final ruling on spot Bitcoin ETF filings in January.

Despite the positive increases experienced by the cryptocurrency, BTC recently saw its price fall from 2023 highs of over $44,000 to $40,000 following Senator Elizabeth Warren’s anti-crypto statements on Monday and a bill that aims to establish the strictest crypto regulations.

Due to the unexpected price drop, Markus made gloomy comments about BTC’s recent price swings, stating that the cryptocurrency was “in good spirits again.”

When asked by a member of the crypto community what actions to take amid the falling BTC price, Nakamoto humorously replied: “I guess just give it space. Maybe he will eventually leave the room.

At the time of writing, the price of Bitcoin is trading at $42,968, according to CoinMarketCap. The price correction above $42,000 can be attributed to a recent announcement by the US Federal Reserve to keep interest rates stable. Following the Federal Reserve’s decision, BTC saw a price increase of almost 5% and Ethereum also saw a slight price growth.

Grim Crypto Exchange BTC Price Prediction

Positive sentiment around the BTC price has steadily increased following the recent Fed rate announcement and excitement around the Bitcoin halving event scheduled for April 2025.

However, cryptocurrency exchange Changelly contradicted recent positive price predictions for Bitcoin. According to stock market forecasts, the BTC price is expected to see a slight drop of 0.98% before December 15.

Changelly’s forecast expressed a bullish signal of around 17% for the cryptocurrency. Adding to the uncertainty over BTC’s overall price potential, Bloomberg analyst James Seyffart warned against excessive expectations regarding the proposed massive inflows into BTC following the approval of BTC Spot ETFs.

On the other hand, many cryptocurrency investors have made bullish predictions about the Bitcoin bull run, and a popular member of the crypto community, Crypto Rover, predicted that Bitcoin would reach between $150,000 and $220,000 during the Bitcoin bull run.

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Robinhood Launches Cryptocurrency Trading in EU, Aims for Global Accessibility

Financial services company Robinhood has announced the launch of cryptocurrency trading in the European Union. “Just like we did with the stock market, our goal is to make cryptocurrencies more accessible and affordable for everyone, regardless of where they live,” the company explained.

Robinhood Expands Cryptocurrency Trading Services

Financial services company Robinhood launched its cryptocurrency trading platform in the European Union on Thursday, offering investors the ability to buy and sell more than 25 cryptocurrencies. Ad details:

   Today we launched the Robinhood Crypto app for all eligible customers in the European Union (EU).

EU residents over the age of 18 with compatible iOS and Android devices can now access Robinhood Crypto, the company clarified. The announcement details further: “Support for additional tokens, crypto transfers, crypto staking, crypto learning rewards, and more is expected to launch in 2024.”

Johann Kerbrat, CEO of Robinhood Crypto, commented: “We believe that cryptocurrencies are the financial framework of tomorrow and that they play an important role in our mission to democratize finance for all… The EU has developed one of the most comprehensive policies in the world for cryptocurrencies. asset regulation, which is why we chose the region to anchor Robinhood Crypto’s international expansion plans.”

Robinhood explained that as a publicly traded American company, it is regularly reviewed by third-party auditors and Robinhood Crypto has taken a conservative approach to supporting digital assets.

The platform’s trading volumes in stocks, options and cryptocurrencies increased in October compared to the previous month, according to data published in November. Stock trading volume increased 15% to $50.8 billion, options contracts traded increased 11% to $96.6 million, and cryptocurrency trading volume soared 92% to $2 .3 billion.
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Phoenix closes $380 million deal with WhatsMiner to mine green Bitcoin

Phoenix Group is acquiring hydrocooling mining equipment from WhatsMiner worth more than US$136 million, with an option to purchase an additional US$246 million.

UAE company Phoenix Group has revealed a new purchase of hardware equipment from WhatsMiner, with the aim of expanding its portfolio of hydraulic cooling rigs. According to a Dec. 7 announcement, the $380 million deal represents WhatsMiner’s largest order in two years.

Under the agreement, Phoenix received mining equipment valued at US$136 million, with an additional option available worth US$246 million. WhatsMiner’s line of hydrocooling equipment launched in 2022, with current prices ranging from $1,008 to $2,484, according to the company’s website.

WhatsMiner’s hydrocooling hardware uses a closed-loop water system, preserving the volume and quality of water within the pipes. According to the company, the system offers more efficient heat transfer, as water is a more effective heat conductor than air or oil. The benefits of this system include reduced operating costs and minimized environmental impact, the company claims.
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