ETHEREUM PRICE HITS NEW ALLTIME HIGH APPROACHING 2500 USD

Although Bitcoin (BTC) and most other altcoins have taken a step back today after Wednesday’s rally, Ethereum (ETH) price marches forward with full strength. The world’s second-largest cryptocurrency has hit a new all-time high of $2480 as it approaches its new milestone of $2500.

At this price point, Ethereum (ETH) is already trading at 230% returns year to date again beating Bitcoin (BTC) by double the margin. At press time, ETH is trading at a price of $2477 with a market cap of $286 billion. It has also overtaken some of the biggest tech companies like Intel, by market value.

While Ethereum (ETH) enters a new price discovery zone with ATH, the investor optimism is still higher. Some of the on-chain data for Ethereum shows that there’s still some scope for a further price rally.

As the ETH price trades around $2475, its realized price is somewhere around $800. The realized price of a digital asset is the average price of all investors holding it. It means that ETH is currently trading 3x than its realized price as investors are sitting on 200% profit. While this might sound high, Ethereum’s realized price multiple topped 6x during the last bull run.

This multiple arrive by dividing the market value of ETH by its realized value called the MVRV ratio. The MVRV Ratio is a good indicator to determine the mania around the crypto asset. Typically, the mania is blown out of proportion when MVRV tops the value of 4, while MVRV value below 1 suggests a strong buying opportunity.

ETH Price and Ethereum MVRV Ratio

Since December 2019, the MVRV ratio has an upward trend channel. If the trend continues further, we expect the ETH MVRV value to shoot up to 5 by the end of May. Based on its realized value of $800, this could mean that Ether’s market value will climb to $4000. This is an additional 70% surge from its current all-time high.

However, the game doesn’t stop here. As more buyers enter the market at the current price point, the realized value of Ether will also surge. Just for e.g., the realized value of Ethereum has jumped 15% over the last month. With these projections, by the end of May, the realized value of ETH will surge another 25% climbing past $1000.

Thus, with an MVRV ratio of 5, the market value can surge to $5000. Meaning we could potentially witness another 100% price rally just within two months....

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2016 BITFINEX HACKERS MOVE BTC WORTH OVER 623M TO UNKNOWN WALLET

While the 14th of April was a big day for the crypto-community thanks to Coinbase’s listing developments, the day also saw news of an old hack rear its head again. The incident in question, the 2016 Bitfinex hack, made headlined today after it was reported that hackers have started moving the stolen cryptos for the first time since 30 November 2020.

Through a series of tweets, Whale Alert, a popular blockchain tracker, revealed how 2016’s stolen Bitcoins were transferred to an unknown wallet. The coins were moved in batches, in a series of 63 transactions, within the span of an hour. In fact, a total of 10,057 Bitcoins, roughly worth around $623 million, were transferred in a series of transactions.

Before Wednesday’s movement, over 5,000 Bitcoins had been moved in November last year. At the time, the world’s largest cryptocurrency was attempting to finally breach the $20,000-mark. The timing of the latest movement of coins is interesting too, however, with the same coinciding with the shares of crypto-exchange, Coinbase, trading on Nasdaq.

 The hackers stole a total of 119,756 Bitcoins from Bitfinex in August 2016. 

The latest development was commented on by many in the community with Ryan Gorman, Co-founder of Trade the Chain, a real-time data service, affirming that the number of Bitcoins moved amounted to 10 percent of the total coins stolen from the 2016 hack. 

What’s more, some experts have asserted the fact that no near-term risk would be created with respect to Bitcoin’s price because of the movement. 

Adam Cochran, a partner at Cinneamhain Ventures, also tweeted on similar lines. He said,

“The 2016 Bitfinex hack BTC are some of the most tracked & blacklisted funds in the world. No exchange will process them. They can basically never be cashed out.”
He added, 

“This isn’t the first time that the whale has moved them during a market rally to cause panic and likely cash in a short.”

At the time of writing, however, it was unclear if the unknown wallet at the center of the aforementioned movement will be the final destination of these stolen cryptos. As far as the world’s largest cryptocurrency in concerned, Bitcoin’s 24-hour trading volume was up by over 1.8 percent, at press time. According to Adam Cochran, Bitcoin could be subject to a “wild ride,” after he pointed out emerging trends in the Japanese and Korean markets. ...

BIGGEST BTC MARKET PRICE MOVEMENTS SINCE 2009

According to coinmarketcap, bitcoin is trading at over $53 thousand. The BTC market cap is standing a little over $1 trillion, and it has a share of over 60%. Moreover, just a few weeks ago, Bitcoin was trading at $60k, owning an even larger market share. It is obvious, this currency is the most successful crypto asset and probably the best investment option of this century. 

However, things have not always been easy for this currency. Since its inception in 2009 by Satoshi Nakamoto, Bitcoin faced multiple volatility issues causing its prices to grow and plummet in days. This write-up will discuss the highest BTC price jumps over the years and their causes.

3000% Growth and Later 1500% Drop in 2011

At the beginning of 2011, bitcoin’s price was $1. Around May, BTC was trading at $32, a 3100% increase. But what triggered this surge? 

The first competition for BTC, i.e., Litecoin and Namecoin, were launched this year. The introduction of a competing factor set up the crypto world for the first true competitive market, contributing to the price fluctuations that year. 

Moreover, there was growing interest in crypto, contributing vastly to the price surges of the crypto assets. However, although the price made serious growth, it crashed fast, returning to merely $2, a drop of over 93%. Again, the competition factor could have contributed to the drop in prices. 

Huge Price Surge Between October and November 2013

Another bitcoin price surge appeared between October and November. The timeframe between October and November 2013 became one of the biggest Bitcoin price surges of this decade. Initially, the price was standing at $350 and surged to over $1400 on November 29th. 

This sudden growth was one of the greatest shifts in the coin’s price set the pace for an even better future. According to various experts, this surge was due to the first halving, which occurred sometime in 2012. 

The bitcoin halving is when Bitcoin reduces block rewards by half every four years to increase the long-term sustainability and reliability of the coins. This first halving increased interest in crypto, thus driving the growth in BTC price. 

The 2017 Bitcoin Price Surge 

The 2017 price fluctuation was the biggest price surge in bitcoin, showing great prospects. From starting the year under the $1k mark, the currency hit the $20k mark by the end of the year. There are multiple theories used to explain the price surge. 

One theory is the Bitcoin halving in the previous year, reducing the BTC block rewards by half. It has since been common for BTC demand to increase during the halving period, driving a great surge in prices. This surge started happening at the start of 2017. 

Towards the end of 2017, the prices surged even further, and another theory was used to explain these changes. Market manipulation! According to research done later in 2018, price surges in 2017 resulted from some manipulated trades by BTC market whales. 

According to an expert financial fraud analyst, an independent currency named tether participated highly in manipulating the BTC prices. The fraud analyst John Griffin said that tether was used to purchase large sums of BTC when the currency’s prices were diminishing. 

Purchasing large sums increased the demand for this coin, thus ensuring this currency maintained its value. Large trades create a notion in the market that BTC is in high demand, and the result is fast price gains. Eventually, the following year, 2018, Bitcoin suffered the worst price plummets in its history, crashing to even less than $4 thousand. 

2018, A Devastating Year for Bitcoin

In the entire price history of Bitcoin, 2018 stands out as the most devastating year for bitcoin. Starting the year at super high values, BTC prices began plummeting at the beginning of the year, suffering the most devastating price loss. It dropped from nearly 20k to about 10k, and later 6k in the days to follow.

So what caused this plummet which was preceded by what is considered the second-best year for Bitcoin? Security was one of the contributing factors to the high decline in prices. 

Coincheck, a Japanese exchange, was hacked and lost over $532 million. This hack made bitcoin holders concerned about their wealth’s security, and the demand dropped, causing price plummets. Lacking institutional support also caused further drops. 

For instance, Jamie Dimo and Warren Buffet, famous investors, said some unkind words against bitcoin. Whenever trusted investors say such loathing words, the impact can be devastating to the investment asset, and so it was to bitcoin. 

March 2020, An Astonishing Price Plunge

In March 2020, Bitcoin suffered another big decline when the unit price dropped by 50% in a matter of days. This token price fell to below $3600 from over $11k in the preceding days. What caused this particular plunge?

The main reason for this particular crash was the health crisis owing to covid 19. The corona pandemic did not just affect bitcoin but the whole financial market. 

However, although Covid is the main reason behind the fall, analysts say that a loss of this magnitude was not due to the pandemic. Instead, Some Bitmex Bitcoin-related Future contracts worth $1 billion were liquidated, causing the fall. 

The Recent BTC Bull Run

Of course, the biggest BTC price movement is the most recent price surge from just around 13k in November to an all-time high of $61.5k. This recent surge has led investors to realize supernormal profits in just five months. But what caused this price surge?

One factor is the Covid 19 pandemic. The long-term impact of covid 19 was increased demand of BTC because of its ability to hedge against inflation. BTC has been a haven for investments in the global financial market, thus attracting more and more investors and demand. 

Another factor contributing highly to the recent Bitcoin bull run is last year’s slight drop in Defi. Investors had to migrate from Defi to BTC to protect against losses, and these migrations increased the prices and demand for BTC.

The increasing institutional support also contributes highly to the current BTC surge. For instance, last year, Paypal made it very easy to access BTC by supporting the asset. This institutional support has increased investors’ trust in the asset contributing to the demand and current bull run. 

As it stands today, BTC prices are still ranging between $55k and $60k. According to market experts, this could signify yet another great BTC surge before the end of 2021. As corona continues to ravage businesses globally, BTC will be the best asset to protect wealth for this period and even in the further long term. 

Conclusion

Although Bitcoin has seen some of the most devastating price plummets, the currency in early 2021 showed great prospects. For instance, it could surge in price from around $20k at the start, to past $60k in mid-march in a mere two months. 

The reason behind this latest price boom is the customer demand for a reliable investment asset that hedges against inflation and offers long-term investment security. Looking at bitcoin’s performance, it’s true that although it’s super volatile, bitcoin can increase in value even further in the future. 

It’s, however, important that investors know that even though the future for Bitcoin is great, they will still face lots of volatility issues along the way. ...

HOW BITCOIN INFLUENCES THE ONLINE GAMBLING WORLD

More than 10 years have passed since the first cryptocurrency appeared. During this time, many applications and services have been developed within the Bitcoin network. The unique features of this currency are of interest to banking and trade projects as well as the entertainment industry. BTC casino became the first establishment that was interested in the wide possibilities of virtual currency, especially bitcoin transactions.

In January 2021, Bitcoin has risen in price to $30,000. On February 15, 2021, its value was $50,000, and by the end of February, it reached $58,000. By today, it remains at this level with slight fluctuations. Even exchange rate fluctuations do not interfere with the crypto integration process into the gambling sphere.

There are many positive aspects of using bitcoin. It is anonymous and independent of the inflation process, which makes it ideal for implementation in online entertainment. The most innovative and daring clubs have already converted their online casinos to this virtual currency.

How exactly does Bitcoin affect the gamer? One of the decisive benefits of a bitcoin for the casino member is the ability to skip providing information that the player does not want to share, including name, country of residence, and bank card number.

The game for virtual money is popular due to the peculiarities of blockchain technology, which serves as the basis for cryptocurrencies. Since BTC is not managed by a single central bank, it is impossible to track payment transactions, which is a powerful argument for future players and, therefore, a competitive advantage over other online casinos.

The unique properties of bitcoin guarantee safety for players. Casinos working with this currency are protected from fraudsters. Accordingly, the situation when a user’s account is blocked due to dishonest visitors playing nearby is excluded, which guarantees that the player can withdraw money at any time.

When playing in a crypto casino, the player is endowed with super protection since the IP is not determined. This factor makes it possible to play in any country and withdraw money from your account, even where gambling is prohibited by law.

The technical features of transaction processing in the BTC network make money transfers very fast. The transfer of player funds from one account to another occurs instantly. Except for high network congestion, this process will take only 5-10 minutes.

Transferring funds using cryptocurrencies is much cheaper. The user indicates the size of the miner commission for each transfer. The costs of commissions of banks and payment systems when transferring traditional fiat money are much higher, which makes cryptocurrency an especially profitable solution for both the casino and the player.

Due to the easy division of bitcoin into small parts (up to a million Satoshi, where 1 Satoshi is equal to 0.000001 BTC), the gambler can play with micro stakes. This aspect makes it possible to win money and also learn how to gamble or just relax, without the risk of losing large sums.

Casinos that work with bitcoin provide their members with all kinds of bonus options: free spins, cashback, percentage bonus on the first deposit, weekend reload bonuses, tournaments, and even VIP programs. For every real bet, your wallet is filled up with comp points.

The popularity of such casinos lies in the provision of a full range of gambling entertainment with elaborated details for the specifics of playing with bitcoin.

Bitcoin technologies are confidently conquering new markets — from traditional finance to the entertainment industry. This cutting-edge technology not only comes into the business, becoming an integral part of it but also provides participants with new opportunities, often changing the very essence of traditional online casinos....

BITCOIN SURGES AGAIN ABOVE 60K AMID REDUCED SUPPLY

Bitcoin (BTC) has surged again above $60,000 levels as miners are holding newly minted coins. The world’s biggest and best-known cryptocurrency hit $61,235 on Saturday, April 10, its highest in nearly a month.

 It slipped below $60K on Sunday, April 11, but again surged above $60K on Monday, April 12. According to CoinMarketCap, Bitcoin is now steady above $60k levels at $60,344 at the time of writing.

Bitcoin (BTC) is up 116% from the year’s low of $27,734 on January 4. It blew past the $60,000 mark for the first time on March 13, hitting a record $61,243, just after U.S. President Joe Biden signed his $1.9 trillion fiscal stimulus package into law. Then, for nearly a month, it remained locked in the upper $50K range as, according to an expert, investor turned their attention to stock markets and other cryptocurrencies in the past couple of weeks, leaving Bitcoin idling in the upper 50-thousand dollar levels.

This second surge can be attributed to the reduced supply in the market as Bitcoin miners and Hodlers are not selling newly minted coins. Due to this, according to the compiled by CryptoQuant, on-exchange Bitcoin reserves are hitting multi-year lows.

Bitcoin (BTC) enthusiasts expect that this not the end of this 2021 Bitcoin bull run. As early reported, Ecoinmetrics, a Hong Kong-based platform providing data and insights on Bitcoin, had predicted that Bitcoin would soon replace tech-giant Apple the second-largest world asset by market cap sooner than expected, given the price doubling patterns after each reward halving.

As the world’s largest cryptocurrency is achieving new victories, trading activity around Bitcoin is also growing even in economically less-stable regions of the world. According to new data, peer-to-peer bitcoin trade volumes in Kenya and Ghana surged in Q1 of 2021.

The Rich Dad Poor Dad author Robert Kiyosaki, who accurately predicted in December last year that the price of the cryptocurrency would reach $50,000 in 2021, is now predicting again that BTC price will surpass $1 million in the next five years.

With this surge above $60K, Bitcoin is now worth more than the three largest payment services PayPal, Mastercard, and Visa in the United States combined. But the main target for Bitcoin in 2021 is to break the $100K mark and the current industry landscape shows that this is coming....