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Altcoins soar after 10% Bitcoin price breakout flips $33K back to support

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Bitcoin (BTC) price appears to have flipped the $32,000 level back to support as the wider cryptocurrency market saw renewed optimism on Jan. 28.

Data from Cointelegraph Markets and TradingView shows that BTC has steadily climbed higher in price from $31,000 to its current value of $33,400, an increase of 9.5%.

Daily cryptocurrency market performance. Source: Coin360

The most notable gainer of the day was Dogecoin (DOGE) which surged more than 200%.

The popular meme coin became the latest beneficiary of the 3 million member Reddit community behind the incredible GameStop (GME), BlackBerry (BBY) and AMC Theatres (AMC) pump that happened over the last few days. In the early morning hours of Jan. 28, a Twitter account named WSB Chairman tweeted

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Shortly afterwards, members in the Wall Street Bets telegram began discussing the possibility of pushing DOGE to $1.

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According to data from TheTIE, the tweet volume for Dogecoin “surpassed Bitcoin over the last 24 hours,” making this the first time on record that “an altcoin has been tweeted about more than Bitcoin over a 24 hour period.”

Dogecoin price vs. tweet volume. Source: TheTIE

In a private conversation with Cointelegraph, Joshua Frank, founder of TheTIE, commented on just how “wild” the activity related to Dogecoin has been over the past 24-hours.

Frank said:

“Dogecoin tweet volume is up 1,665% today, its trading volume is up 1,546%, and its price is up 209%”

Wall Street continues to embrace cryptocurrencies

Coinbase officially unveiled its plan to go public later this year. According to Coinbase Blog, the company will do a direct listing of its Class A common stock, making existing shares available to the public.

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North Carolina wealth manager Kingfisher Capital also made headlines after filing documents revealed that the firm had purchased 10,667 shares of the Grayscale Bitcoin Trust over the past few months.

Several brokerage firms in the United States, including the popular mobile-based Robinhood, are receiving blowback for halting trading on stocks like GameStop (GME) and AMC Holdings Inc. (AMC), which has been the primary story of the week after a retail investor-inspired short squeeze by members of the Reddit group r/wallstretbets pushed the prices of each stock up by hundreds of percent.

The traditional markets also saw a bounce following a minor sell-off yesterday. The S&P 500, NASDAQ and Dow all saw positive inflows and finished the day up 0.98%, 0.68% and 0.99% respectively.

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BTC/USD daily chart. Source: Coin360

Bitcoins show of strength at the $32,000 coincided with a strong rally from many altcoins and currently the majority of the top 100 coins are reflecting 3% to 15% gains.

Cosmos (ATOM) rallied by 15.41%, Stellar (XLM) gained 13.91% and Compound (COMP) added 14.21%. Ether (ETH) price also increased by 5.96% and currently trades at $1,355.

The overall cryptocurrency market cap now stands at $984.6 billion and Bitcoin’s dominance rate is 63.2%.

 

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Billionaire Mark Cuban Identifies Altcoin With ‘Most Upside’ As Bitcoin Blasts Above $60,000

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As Bitcoin shoots above $60,000, business magnate Mark Cuban says one altcoin stands above the rest in terms of investment potential.

In a new interview with CNBC Make It, the billionaire says that Ethereum (ETH) is the best crypto prospect on the market.

“As an investment, I think Ethereum has the most upside.”

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Cuban, who previously stated that smart contracts on Ethereum’s blockchain have revolutionized the cryptocurrency market, believes that the second-largest crypto by market cap is the digital asset which most resembles legal tender.

“I wish I had bought [Ethereum] sooner. I think it’s the closest thing we have to a true currency.”

Cuban went on to reiterate his position that Bitcoin (BTC) is superior to gold because not only is its supply scarce, but it’s easier to transfer, store, trade, and fractionalize. That sentiment is shared by fellow billionaire CEO Chamath Palihapitiya of Social Capital and Virgin Galactic.

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Cuban’s comments come on the heels of him saying that customers prefer making payments in Dogecoin (DOGE) rather than BTC at his venues because Bitcoin tends to be a highly appreciable asset.

Ethereum is exchanging hands at $3,839 at time of writing, an 11% increase from its seven-day low of $3,431, according to CoinGecko.

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ProShares Set for Bitcoin Futures ETF Launch on Monday After Apparent SEC Approval

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The US Securities and Exchange Commission has reportedly greenlit the country’s first Bitcoin futures exchange-traded fund (ETF).

ProShares, an ETF provider, filed a post-effective amendment prospectus on Friday that states the company plans to launch the BTC Futures ETF on Monday, a sign that the SEC has approved the product.

The fund doesn’t invest directly in Bitcoin, but it provides price exposure to Bitcoin futures contracts, a first in the US.

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Both Bloomberg and CNBC, citing people “familiar with the matter,” reported earlier in the week that the SEC planned to approve BTC futures ETFs from ProShares and the independent investment firm Invesco Ltd.

Invesco’s ETF is also set to provide exposure to a collection of exchange-traded products (ETPs) and private investment trusts that hold Bitcoin, rather than direct investments in BTC itself.

Last month, SEC Chairman Gary Gensler said he was open to ETFs for Bitcoin futures, noting that they are filed under mutual fund guidelines which provide “significant investor protections.”

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Bitcoin is trading at $61,549.38 at time of writing and is up 6.6% in the past day and more than 40% in the past two weeks, according to CoinGecko.

BTC hit its all-time high of $64,804.72 in mid-April.

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Bitcoin May See Real Peak If ETF Is Approved and I May Cash Out Half My ETH: CNBC’s Jim Cramer

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Jim Cramer shares a common view that Bitcoin has the opportunity to reach a short-term peak or even a real peak if Bitcoin ETFs are approved next week.

Host of CNBC’s Mad Money, Jim Cramer, has talked to Andrew Sorkin from CNBC’s Squawk Box show about the prospects of the Bitcoin price if or when four Bitcoin futures ETFs get the SEC’s approval next week.

Cramer also stated that he may cash out half of his Ethereum stash.

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SEC approval for ETF may push Bitcoin up, Cramer says

Answering Sorkin’s question, Cramer stated that a lot of people believe there is a high chance that the senior cryptocurrency, Bitcoin, may hit a short-term or even a real price peak if four BTC-based ETFs are approved by the SEC next week.

He corrected the host and said that the regulatory agency may approve not just one but four Bitcoin futures ETFs next week.

However, he stated that people are running ahead of a possible ETF approval.

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Bitcoin spikes to $59,500 as chance for ETF approval emerges

Earlier today, the flagship digital currency, Bitcoin, soared to a multi-month high of $59,500 on the Bitstamp exchange. It happened after Bloomberg released a report, saying that so far the Securities and Exchange Commission has not objected to approving multiple Bitcoin futures ETFs that were submitted to it earlier this year.

The Bloomberg article stated that the information had been confirmed by multiple sources close to the SEC and to the matter in question.

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The media giant’s ETF analyst, Eric Balchunas, believes that the likelihood of Bitcoin ETFs getting the green light has now risen to more than 90%. Still, he is not ready to “close the case” yet.

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