Total crypto market reaches $1 trillion
Bitcoin could reach $146,000 says JPMorgan, plus other highlights
Crypto Market Exceeds $1T, Grayscale Gains $1.9b in 24hrs, Bitcoin Reaches $38k, PayPal’s BTC Weekly Volume Nearing $500M, Crypto Google Searches Explode: Retail Money Coming?
Total crypto market cap is $1005.5B, up 7.31% over today
Quick Take:
Crypto markets exceeded $1 trillion for the first time in history
Bitcoin reaches $38,000, up over $4,000 in 24 hours
Grayscale gains $1.9b in crypto in 24hrs, AUM now over $26b
Paypal’s weekly Bitcoin volume is close to $500m, up 5x
Ethereum Google searches reach ATH, Bitcoin searches also spike
Total crypto market cap reaches over $1 trillion for the first time in history
The total market capitalization—the combined price of all cryptocurrencies currently in circulation—has exceeded $1 trillion, which equates to around 1% of all the money in the world now held in Bitcoin, Ether, and other various cryptocurrencies. The last time the total market capitalization came close to $1 trillion was in January of 2018 when it reached $760 billion, as can be seen on the chart above.
Considering the total market cap was below $200 billion less than a year ago this is a massive milestone because it signifies cryptocurrency’s shifting perception from shady speculative internet money to its ascent into the category of an institutional asset class.
We can we expect now? A healthy correction is most likely on the horizon but thanks to deep-pocketed institutional investors, the floor has been raised significantly and we can expect future dips to be absorbed more rapidly.
Grayscale gains $1.9 billion crypto assets in just 24 hours, AUM sits at $26 billion
The world's leading cryptocurrency management fund, Grayscale, has increased its crypto holdings by almost $2 billion in one day. The company began January 1st with with $22.2 billion in assets under management. Their total AUM now sits at $26.34 billion, an incredible increase of over $6 billion from just seven days ago when they began the year at $20.4 billion. The firm also noted this week that they would be removing XRP from their large cap fund.
Bitcoin hits $38,000, up $4,000 in 24hrs
Bitcoin has already gained 30% in January, following its more than 300% gain in 2020. Now the benchmark cryptocurrency is gunning for $40,000 as its market cap surges $2.7 billion in the last 24 hours, up 12.03%. As long as we see large players such as Grayscale and other financial institutions continue to create a crisis on the buy side, absorbing sell-side liquidity, and exchange outflows also remain high, this recent surge won’t run out of steam anytime soon.
PayPal’s Bitcoin buying & selling weekly volume is nearing $500M
Revealed by itBit, PayPal’s provider, 24-hour trading volume has gone up 5x since November from about $20 million to $100 million with Bitcoin and then Ether forming the vast majority of volume. With only weeks since its launch, this shows significant demand at the global platform with some 340 million users. Undoubtedly, PayPal has been contributing to this bull run and it is expected to soon begin rolling out Bitcoin payments to its 26 million merchants worldwide some time in early Q1. We’re expecting volumes to reach $1 billion soon as more PayPal customers familiarise themselves with cryptocurrencies.
Searches for ‘Ethereum’ & ‘Bitcoin’ are surging on Google
Worldwide searches for 'Bitcoin' are spiking on Google. Still a while a way from its score during the 2017 bull run, this could be a sign of a local blow off top once ‘Bitcoin’ searches peak, however we could still see Bitcoin at $40,000 before this correction.
Worldwide Google searches for ‘Ethereum’ hit a new all-time-high. Ethereum has soared over the past 12 months, reaching a total gain of roughly 860% Wednesday after trading above $1,200 for the first time since early 2018.
CME Bitcoin open interest hits new all-time-high of $2.11B
With an open interest of $2.17 billion, the CME accounted for 18.26% of the global tally of $11.9 billion over the last day, setting a new all time high. Global open interest was only $3 billion on Jan. 7, 2020, of which, the CME accounted for just 7%. CME is considered synonymous with institutional trading, so these metrics are a bullish sign of strengthening momentum ahead, particularly among institutional entities that rely on regulated exchanges such as the CME to gain exposure to the market.
More highlights:
JPMorgan Says Bitcoin Could Surge to $146,000 in Long Term
Scaramucci’s SkyBridge Capital Invests $310M in Bitcoin
South Korean Gaming Titan to Buy Bithumb for $460M
Bitcoin Hash Rate Surges to New All-Time High of 148 EH/s
Bloqport’s 2021 Crypto Market report is now available
Shapeshift drops KYC, becomes DEX
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