Bitcoin

Bitcoin dominance threatens ‘likely top’ despite BTC price eyeing $45K

Bitcoin analysis suggests that all may not be well for BTC price strength as altcoins make their move.

Bitcoin (BTC) risks “rolling over” to cancel its latest uptrend, new analysis warns as altcoins surge.

In a post on X (formerly Twitter) on Dec. 9, popular analyst and social media commentator Matthew Hyland flipped cautious on BTC price action.

Bitcoin bulls kept momentum hot into the end of the week’s Wall Street trading as BTC/USD sealed new 19-month highs of $44,729 on Bitstamp on Dec. 8.

Why is the crypto market up today?

The crypto market is up today as U.S. macroeconomic data shows a strong economy and institutional inflows into crypto continue to rise.

The crypto market is up today as Bitcoin (BTC), Solana (SOL), Cardano (ADA), Chainlink (LINK) and numerous altcoins rallied higher. The price breakout resulted in the total market cap reaching a year-to-date high of $1.59 trillion on Dec. 8.

Let’s examine three major factors influencing today’s crypto market rally.

The crypto market’s price gains in the past 24-hours follow the U.S. Bureau of Labor Statistics employment report. The report beat expectations, with the unemployment rate recording lower than the forecast of 3.9% by 0.2%.

Price analysis 12/8: BTC, ETH, BNB, XRP, SOL, ADA, DOGE, AVAX, LINK, MATIC

Bitcoin price staged an intraday rally to the $44,000 level and technical charts show altcoins are keen to follow.

This week Bitcoin (BTC) price saw a shallow pullback, but the intra-day rally to the $44,000 level is an indication that the bulls are not hurrying to close their positions. Data from the popular HODL Waves metric shows that investors who purchased Bitcoin between December 2020 and December 2021 have been sitting on their coins.

Investors have not been selling into strength because they anticipate higher levels in the future. Asset manager VanEck said in its crypto predictions for 2024 that Bitcoin would make a new all-time high, buoyed by the “political events and regulatory shifts following a U.S. presidential election.”

Bitcoin’s rally of the past few days has also attracted investors to select altcoins, such as Ether (ETH), Cardano (ADA) and Solana (SOL). Research firm Santiment remains positive on the prospects of Bitcoin. It said on Dec. 7 that if FUD increases, Bitcoin could surge to $50,000.

Markets rethink Fed rate cuts as Bitcoin circles $44K on US jobs data

Bitcoin traders are increasingly focusing on altcoins as BTC price action cools following the week’s vertical upside.

Bitcoin (BTC) tapped $44,000 after the Dec. 8 Wall Street open as United States employment data shrunk market bets on interest rate cuts.

Data from Cointelegraph Markets Pro and TradingView covered the latest BTC price action as risk assets reacted to the latest U.S. inflation cues.

Nonfarm payrolls came in above expectations at 199,000 versus 190,000, while unemployment was lower than forecast at 3.7% versus 3.9%, per an official release from the U.S. Bureau of Labor Statistics.

BRC-20 tokens are presenting new opportunities for Bitcoin buyers

The possibilities for development on the Bitcoin network are expanding — and the BRC-20 ecosystem’s rapidly growing market cap reflects the new opportunities.

As the first blockchain and cryptocurrency, Bitcoin (BTC) paved the way for everything that’s come since: nonfungible tokens (NFTs), smart contracts, tokenization, layer-2 solutions, and all the rest. Due to Bitcoin’s value to the cryptosphere, forming the bedrock that supports the rest of the market, its protocol is rarely altered. With hundreds of billions of dollars and global trust in the decentralized network at stake, it doesn’t make sense to meddle.f

While the ossification of Bitcoin’s codebase has brought stability and reliability, it’s made Bitcoin a little… well, boring. Where once the Bitcoin ecosystem formed a hub of innovation and a hive of activity, that momentum has shifted to second- and third-generation chains whose architecture is better suited to supporting multiple use cases and applications. At least that was the case until the emergence of Ordinals, a technology that has sparked a new wave of innovation on Bitcoin.

Throughout 2023, Bitcoin’s ecosystem developed rapidly. Emerging asset types, exemplified by Ordinals NFTs and BRC-20 tokens, have sparked widespread community enthusiasm, leading to a substantial increase in BTC miners’ earnings.

Bitcoin may hit $50K on altcoin ‘FUD’ as Ethereum, Solana beat gains

Bitcoin takes a back seat on low timeframes as ETH and SOL claw back crypto market cap share from BTC.

Bitcoin (BTC) struggled to hold above $43,000 into Dec. 8 as an altcoin surge put Ether (ETH) in the spotlight.

Data from Cointelegraph Markets Pro and TradingView showed ongoing BTC price consolidation as ETH/USD added up to 7.6% in around 24 hours.

Bitcoin, having tapped new 19-month highs of $44,490 earlier in the week, now troubled market participants as both ETH and Solana (SOL) stole attention.

Jack Dorsey's Block Inc. launches self-custody Bitcoin wallet

Users who lose their Bitkey wallet don’t need to input a seed phrase to recover funds, the company said.

Financial payment processor Block, co-founded by Jack Dorsey, has launched its self-custody Bitcoin (BTC) wallet.

Dubbed “Bitkey,” developers said during the Dec. 7 announcement that the wallet, available as a mobile app or hardware storage, will be accessible in over 95 countries. Bitkey will feature a two-of-three multi-signature wallet consisting of a mobile key, a hardware key, and a server key, with a secure hardware device alongside recovery tools in the event of loss. It will require both the user’s fingerprint and phone to approve transactions. The first global partners for Bitkey include Coinbase and Cash App.

“Bitkey uses three keys to secure Bitcoin, and any two keys working together are needed to move Bitcoin or approve other security-related actions like initiating recovery or modifying security settings,” Block stated. “Because Bitkey only has access to one, not two or three keys in this 2-of-3 multi-signature wallet, Bitkey cannot access or move a customer’s bitcoin without them.”

Jack Dorsey’s Block Inc. launches self-custody Bitcoin wallet

Users who lose their Bitkey wallet don’t need to input a seed phrase to recover funds, the company said.

Financial payment processor Block, co-founded by Jack Dorsey, has launched its self-custody Bitcoin (BTC) wallet.

Dubbed “Bitkey,” developers said during the Dec. 7 announcement that the wallet, available as a mobile app or hardware storage, will be accessible in over 95 countries. Bitkey will feature a two-of-three multi-signature wallet consisting of a mobile key, a hardware key and a server key, with a secure hardware device alongside recovery tools in the event of loss. It will require both the user’s fingerprint and phone to approve transactions. The first global partners for Bitkey include Coinbase and Cash App.

'Early bull market' — Bitcoin price preps 1st ever weekly golden cross

Bitcoin is lining up a never-before-seen bull signal which could print on the Bitcoin chart by the start of 2024.

Bitcoin (BTC) is lining up an “early bull market” as a unique chart feature plays out for the first time in history.

In a post on X (formerly Twitter) on Dec. 7, entrepreneur Alistair Milne drew attention to Bitcoin’s first ever weekly “golden cross.”

Recent BTC price upside has delivered considerable profits to various Bitcoin investor cohorts, but 165% year-to-date gains are now significant for another reason.

‘Early bull market’ — Bitcoin price preps 1st ever weekly golden cross

Bitcoin is lining up a never-before-seen bull signal that could print on the Bitcoin chart by the start of 2024.

Bitcoin (BTC) is lining up an “early bull market” as a unique chart feature plays out for the first time in history.

In a post on X (formerly Twitter) on Dec. 7, entrepreneur Alistair Milne drew attention to Bitcoin’s first ever weekly golden cross.

Recent BTC price upside has delivered considerable profits to various Bitcoin investor cohorts, but 165% year-to-date gains are now significant for another reason.