Bitcoin near $68K
What's being bought and sold*
TOP TRENDING ASSETS
*Trading activity in the past 24 hours on the Uphold platform, as of 8 a.m. 25th October 2024.
The combined total of buy and sell percentages can exceed 100% due to customers who engage in both buying and selling the same asset within the 24-hour time frame.
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What’s up
Choppy Market Shades Semi-Green
After a few days of bored, uninspired behavior, the crypto market took some positive steps, trying to become a slightly better version of itself.
For starters, Bitcoin at least momentarily crossed back above a crucial level. As of Friday morning, at 8:30 a.m. (EST), the largest coin was roughly $68,100, according to CoinGecko. BTC rose 1% in 24 hours. It did slip below $68K earlier this morning but soon found its way back.
Okay, we checked the charts again at 9:30 a.m. (EST); BTC had lost the key handle.
Nevertheless, a few large-cap coins are shading green. Bitcoin Cash (BCH) is up 4%. Litecoin (LTC) gained 3%.
Crypto-related stocks fared well yesterday. MicroStrategy, its balance sheet stuffed with satoshis, surged 10% to its highest price in decades.
Meanwhile, in the rear echelon of the Top 100 digital assets, Safe (SAFE), a crypto storage and management platform, shot up 22%. SAFE's market capitalization is now in excess of $800 million, putting it No. 98 on CoinGecko's list of heavyweights based on market capitalization.
And there is a DeFi darling, Raydium (RAY), which has notched a 40% return over the past week. The Solana-run DEX's native RAY is the 99th-largest token. Raydium's total value locked (TVL) is approaching $2 billion on the back of action tied to a slew of Solana-run memecoins, including Cat in a dogs world (MEW), Popcat (POPCAT), Bonk (BONK) and Dogwifhat (WIF).
Speaking of Solana's cast of meme characters, Moo Deng (MOODENG) in mere minutes more than doubled to 15 cents after Binance announced a new futures contract tied to this asset which has a market cap of $150M and is based on a two-month-old pygmy hippo warming the hearts of zoo-goers in Thailand.
What's down
Sui Still Sliding
Several coins are flat or slightly red today but green on the week. And for whatever reason, a few coins are up a little today but stuck in the red versus this time last week. Ethereum fits this latter description. Down on the day and on the week. Put Sui (SUI) in that camp. The layer-1 chain's native asset reached an all-time high of $2.35 on Oct. 13. SUI has since shed 18%. It's the 26th-largest digital asset, per CoinGecko.
What's next
MSTR's Big Idea Pays Off, Broadens Out
Gold bug/BTC basher Peter Schiff on Tuesday declared MicroStrategy was cruising for a bruising. "It's the most overvalued stock in the MSCI World Index," Schiff chirped on social media.
Yesterday, MSTR surged to above $230, a 25-year high, hardly the "bloodbath" Schiff predicted.
The world’s largest corporate holder of BTC has been rallying for six weeks. The stock has nearly doubled. BTC in that same span rose 20%.
It was back in 2020 when the enterprise software company started to on-board copious amounts of coinage. MicroStrategy’s balance sheet now contains 252,220 BTC valued at $17 billion. Owning more than 1% of all the BTCs that will ever be mined is a decisive, deliberate macro strategy done by leveraging equity and debt to maximize purchase power.
"MicroStrategy has positioned itself as a Bitcoin development company," Decrypt pointed out.
Michael Saylor, MicroStrategy's co-founder and executive chairman, has said the company is transforming into a “Bitcoin bank,” creating “Bitcoin capital market instruments across equity, convertibles, fixed income and preferred shares.”
Saylor, per Decrypt, also has previously stated plans to create a decentralized identity protocol on the Bitcoin network.
