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Bitcoin (BTC) Rises While Altcoins Struggle to Follow

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Bitcoin

After months of going down, Bitcoin (BTC) finally seems to be on a steady rise once again, and experts believe that the coin has barely started its return. While altcoins have seen significant increases also, they still cannot hope to match Bitcoin’s new behavior.

Bitcoin (BTC) still on the rise

Ever since early January, cryptocurrencies have had their prices dropping constantly, and it came to a point where many have started to question whether cryptos will really survive the downfall. Now, after more than 6 months, Bitcoin has led another bullish run by spiking up by 19% during last week.

This week has seen another increase, 5.8% on Monday alone, which has put even more distance between the first crypto and its altcoins. Over the years, many cryptos have emerged and claimed to be Bitcoin’s rivals, but now, it would seem that BTC is denying those claims by leaving all other coins in the dust.

This even includes the second and third coin as per CoinMarketCap, Ethereum (ETH) and Ripple (XRP). Since Monday, Bitcoin’s cut a tiny portion of its advance, but even though its rise dropped from yesterday’s 5.8% to today’s 4.7% compared to last week, the coin still has a significant head start.

Currently, Bitcoin’s price is at $7,998.74, which leaves BTC at the highest value in the last two months. Even the broader crypto market has turned out to not be capable to keep up with such an increase, and Bitcoin seems to be flourishing, leaving other coins’ progress barely noticeable.

Is the increase only starting, or is it about to end?

It is no secret that 2018 has been a very tough year for cryptos. A lot has been achieved in the real world, especially regarding their adoption, partnerships, projects, and alike. Within the crypto market, however, the prices continued to go down day after day. A slight increase in mid-May has left everyone hoping, only to re-live another January, when the prices crashed to pretty much the same lows as before.

The two months after that were especially tough, and filled with negative news of lawsuits, hacks, strict regulations, and more. Still, the long-awaited bull market seems to have finally started last week, and cryptos have been on a constant rise ever since.

While there are many skeptics who remain certain that the rally will and every minute now, there are many experts and market technicians who claim that cryptos are just getting started. Not only that, but they have been expecting it and warning about it for months. Now, many are wondering why is BTC doing so much better than the altcoins?

The answer to this might lie in its status as the largest crypto, which Bitcoin can benefit from, while all the other cryptos are only allowed to follow from a distance. The alternative is that the altcoins’ reputation has been damaged after the Group of 20 nations’ decision to classify them as crypto-assets that do not possess the attributes needed to be considered sovereign currencies.

On the occasion, they stated that crypto assets are not a threat to the global financial stability. At least, not at this point. It was decided that October of this year will see the final decision regarding how the standards apply to the case of crypto assets.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Bitcoin

Bitcoin Surges After Tesla Bought $1.5 Billion Worth of BTC

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Cryptocurrency

The sudden rise of Bitcoin has been connected to the decision taken by the Tesla electric car company to buy $1.5 billion worth of Bitcoin.

The company explained in a filing with the Securities and Exchange Commission (SEC) that it bought Bitcoin to diversify its cash returns and more flexibility.

Musk’s Tweets also impacted Dogecoin’s price

Tesla also added that it will start accepting Bitcoin payments for all its products, although this will be based on a limited basis and applicable laws. If the company concludes and starts accepting cryptocurrency, it will make it the first major car manufacturer to accept Bitcoin payments. The company’s founder and Chief Executive Officer Elon Musk has developed an interest in Bitcoin and cryptocurrencies.

He has been tweeting severally about the viability of the Dogecoin (DOGE), which doesn’t have an important market value attached to it.

Few hours after endorsing Dogecoin, the cryptocurrency rose by an impressive 50%. But regulatory authorities are still concerned about the risks in cryptocurrency investments, with several regulatory bodies warning traders and investors they could lose all their money from crypto investments.

But for Tesla, the company decides to diversify its funds and increased its cash returns. However, Tesla also warned investors about the volatility of Bitcoin’s price in its SEC filing. According to the SEC…

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Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

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Bitcoin

Wisebitcoin Launches Professional-Grade Crypto Exchange

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Infrastructure is developing rapidly in the cryptocurrency industry, but the recent launch of the Wisebitcoin cryptocurrency exchange is nonetheless significant in terms of the immediate value it provides to cryptocurrency users. That’s because the exchange has had a beta version available since 2018 while continuing further developments in stealth mode, and already serves over 1.2 million end users with $6+ billion in 24 hour trading volume at the time of its official launch.

In addition to the large user base and deep liquidity, Wisebitcoin also stands out by offering up to 100x leverage to margin traders, with the ability to open a long or short position in their futures market. In the current bullish environment, leverage is a key way that experienced traders increase their exposure and try to profit from volatility.

For example, if a user opened a long position on ETH on January 2nd at a price of $750, they could have greatly multiplied their profits with even a small amount of leverage such as 5x as ETH reached over $1,100 within 48 hours. A simple unleveraged position would have netted $350 in profit, but a 5x position would have netted $1,750 and a 100x leveraged position would have netted an incredible $35,000 in profits from an initial investment of just $750. 

Beyond leverage, Wisebitcoin additionally offers a simple and…

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