Bitcoin has regained dominance over the market in recent times. The digital asset has seen price recover towards previous highs, with less than 1% left for it to surpass its previous all-time high. This has so far renewed faith in the asset and the market and has seen sentiment move into the positive in the broader crypto market. Bitcoin has not shown any signs of slowing down since then. On the index side, bitcoin has not taken any prisoners in its market domination. The digital asset has crushed every single index in the market and has outperformed indexes from small to mid-size, bar the Large Cap Index. BTC price shows that the asset is back in the lead. Trends show that it has only begun to rally. With October margins showing a 180% turn from September lows. This is quite simply bitcoin’s season. Bitcoin Takes Charge Of The Market Bitcoin’s numbers for the month have been nothing short of exceptional. It has led the charge for the massive recoveries that have been witnessed in the market. The total market rally was sparked by BTC’s upward movement which began at the beginning of the month and since then, the Large Cap Index has recorded an impressive profit margin. Related Reading | Number Of Bitcoin Whales On The Rise As BTC Chases New All-Time High BTC has been at the forefront of the recovery in the market. The digital asset is up 29% in the month of October. While the Large Cap Index is up 32% in the same time frame. The recovery strength demonstrated in the price of top coins like BTC, ETH, BNB, and DOT have been the driving factor behind the Large Cap Index success in the market. BTC outperforms small and mid cap indexes | Source: Arcane Research Both Bitcoin and the Large Cap Indexes have outperformed their counterparts in the market, which have not fared as well in the market. The top coins have recovered close to their previous all-time highs, pushing the total crypto market cap towards new all-time highs. Small And Mid Cap Indexes Not Faring As Well Small and Mid Cap Indexes have also recovered in the month of October but compared to bitcoin and the Large Cap Index, they have not fared as well in the market. Arcane Research reported that the Small and Mid Cap Indexes have recorded growth of 16% and 11% respectively. Related Reading | Wall Street Strategist Puts Bitcoin As High As $168,000 By Year-End Both indexes had seen a favorable summer while bitcoin had suffered bitter crashes and dips. However, this has changed in favor of BTC following its performance in the market after summer ended. Trading volume had returned to the pioneer digital currency and it had surpassed the smaller altcoins in the market. BTC price balances above $64K | Source: BTCUSD on TradingView.com In addition to outperforming the Small and Mid Cap Indexes, Bitcoin has also maintained dominance over the broader crypto market. Right now, the BTC dominance sits at 46.9%, representing a two-month high. Featured image from Bitcompare, chart from TradingView.com
The ProShares bitcoin futures ETF traded $280 million worth of shares in its first 20 minutes.
The fund, which tried listing as BTFD, has backtracked and will list under the ticker symbol BTF.
Bulls are in control as Bitcoin and the crypto market break every all-time high, coming into the top 10 is Terra’s native cryptocurrency LUNA with a 12.9% rally in the daily chart. Trading north of $40, at press time, this cryptocurrency has outperformed BTC and major altcoins in lower timeframes. However, LUNA could be just firing up its engines and getting ready for a fresh leg-up in the short term. The Terra ecosystem has been implementing major improvements to its ecosystem in the past months. Related Reading | Why The Terra Ecosystem Delayed A Major Mainnet Upgrade For Late September Therefore, LUNA could have multiple bullish reasons to continue to outperform the market. As researcher Ryan Watkins recently indicated, Terra is closed to implementing all 3 massive upgrades on its infrastructure. The Colombus-5 and Wormhole V2 upgrades have gone live, and the Inter-Blockchain Communication (IBC) protocol upgrade is set to roll out today, October 20th. As NewsBTC reported in August, Columbus-5 was delayed providing every actor on the Terra ecosystem with more time to prepare for the upgrade. Designed to introduce a deflationary mechanism for LUNA, this upgrade will increase Terra’s interoperable capabilities while creating more demand for its underlying asset. In the meantime, the Wormhole upgrade will operate as the communication component between Terra, Ethereum, Solana, Binance Smart Chain, and potentially more blockchains in the future. Related Reading | Why Terra (LUNA) Will Reward Users With New Community Bounty Program In addition, the upgrade introduced a user interface that will remove friction between the network value transfer capacity. Finally, the IBC protocol will allow Terra to benefit from “permissionless trans of tokens across chains”. The team behind Wormhole celebrated the achievement: Terra is known for its vibrant ecosystem, #LUNAtic community, and its decentralized stablecoin, $UST. Terra has grown at a dramatic rate in recent months, and we’re excited to unleash Terra innovation on the SOL, ETH, and BSC communities! LUNA Ready For Take-Off? Bull Market In Its Early Days Historically, tokens with interoperable capacities have performed well. Binance Smart Chain token BNB, integrated with its own burn mechanism, went from a low below $30 in 2020 to an all-time high above $600 on the back of its CeDeFi utility. Related Reading | Can LUNA Reach $170? This VC Fund Thinks It Has The Fundamentals Terra has another secrete weapon in its stablecoin UST. Talking about recent developments, Watkins claimed that the Terra ecosystem has built the potential for a new cross-chain trade boom. In September, the researcher made the following prediction: With Colombus-5 and Wormhole V2 going live in the coming weeks, UST growth will likely accelerate, setting it up to challenge DAI for the top spot among decentralized stablecoins. As seen in the chart below, Terra’s native UST has taken the decentralized stablecoin market by storm. Since February 2021, its dominance over this sector has skyrocketed and seems poised to continue the trend with an upgraded ecosystem. As Watkins pointed out, there are two main trends that will allow UST and Terra to grow: new capital coming into the ecosystem due to the upgrades, UST moving onto new platforms. In totality these catalysts could all drive a ton of new demand for UST in the coming months, which has already been the fastest growing decentralized stablecoin in 2021. pic.twitter.com/LxcTF6LHKJ — Ryan Watkins (@RyanWatkins_) September 15, 2021
Cboe is acquiring Erisx to enter the crypto spot and derivatives markets. “With Erisx, in a single step, Cboe is able to enter the digital asset spot, data, derivatives, and clearing ecosystem. Now is the right time to fully embrace and help define this emerging asset class,” said Cboe’s chief operating officer. Cboe Entering Crypto […]
Discovering and understanding bitcoin can be a catalyst for people to explore the origins of money and the world of finance.
Bitcoin’s breakout to $67,000 also sent the total crypto market capitalization to a new all-time high and is a signal that altcoins could soon embark on a new uptrend.
The ProShares bitcoin-linked ETF hit $1 billion in assets under management in just two days.
Soldex is thrilled to announce that it has officially partnered with Speqto Technologies to accelerate the development of it’s decentralized exchange (DEX) solution, and to build and program the A.I.-powered bots, that form part of the services offered by Soldex to the public. Speqto Technologies were selected as the vendor due to their extensive expertise […]
Blockchain technology remains the revolutionary aspect of cryptocurrency and the entire digital assets as a whole. It brought more innovations and popularity to the industry, which have attracted more users and developers. The use of blockchain technology is erupting within several mainstreams and sectors of the global economy. Recently, this amazing technology has found a useful application in the medical field. A Mexican medical firm, MDS, has launched a coronavirus testing service that utilizes blockchain technology to confirm its results. A local media report, iProUP news reported that MDS Mexico launched a digital result-profiled platform. This will enable its patients to access their results as updated in real-time. Furthermore, the physical delivery of the results comes with a QR code. Related Reading | Bitcoin ETF Check, What’s Next For BTC This enables scanning for the verification of the results. Also, from MDS Mexico’s blockchain, it’s very easy to access the vaccination history of a patient. Purpose For Blockchain Adoption According to its report, MDS mentioned that adopting blockchain technology is a means of safeguarding all the results of its clinical tests. Also, it will protect the personal data of patients as well prevent COVID test result falsification. The company explained that it commenced the certification of the SAR-CoV-2 detection tests via cryptographic signature and blockchain technology. This move eliminates the possibility of getting falsified negative results. Thus, the QR Code, which remains unalterable, unique, and immutable, protects the information and is verifiable globally. Moreover, the medical firm’s blockchain has uploaded testing results that contain a doctor’s cryptographic signature. This must be the doctor that verified the result of the test. Before now, there have been other companies in Mexico using digitized covid test results. One of such moves is the April announcement from Mexico’s National Chamber of Commerce (CANACO) of a state-sponsored initiation. According to CANACO, the initiative is a collaboration with Xertify, a private technology company, for the digitalization of vaccination passports. For this initiative, there are some requirements from the beneficiary. These include their official means of identification and proof of the vaccination from the Ministry of Health. Crypto market is at its all-time highs | Source: Crypto Total Market Cap on TradingView.com Also, a representative from the Xertify firm disclosed that his company is in charge of the vaccination receipt digitalization. He mentioned that this would help in its authentication in another language without falsification. Related Reading | Grayscale Investments Set to File for Bitcoin Spot ETF as Competition Heats Up Similarly, an Australian firm in August facilitated the use of a vaccine registry based on blockchain technology. The company opted for such an introduction to cut down the proliferation of counterfeit coronavirus vaccination certificates floating online. Through the blockchain-based registry, there will be a stop to the involvement of fraudsters selling fake COVID-19 certificates. Featured Image From Pexels and Chart From TradingView.com