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Bitcoin has maintained a higher market capitalization than electric vehicle powerhouse Tesla, despite about 50% below its all-time high. Bitcoin is currently valued at $669.75 billion, significantly higher when compared to Tesla’s market cap of $630.83 billion. This is noteworthy given that Bitcoin is trading around $34,500, far from its historic peak of nearly $67,000 in November 2021. For more context, Bitcoin is also worth more than the valuations of biotechnology giant Eli Lilly at $525.84 billion and payments behemoth Visa at $496.38. Even world’s leading microchip manufacturer Taiwan Semiconductor Manufacturing Company (TSMC) has a lower valuation at $447.63 billion. You might also like: Analyst says Bitcoin ETF approval may be coming within days Since hitting the aforementioned all-time high, Bitcoin has been in an extended bear market. It started the year at under $17,000 before rebounding. However, many investors remain cautious, fearing the recent ...

Solana has been struggling to reach below the $30 mark since the collapse of the FTX crypto exchange, which brought a bloodbath to the industry.  With the recent market-wide bullish sentiment, however, SOL is getting closer to its one -year high while the asset’s open interest (OI) registered consecutive declines over the past week. SOL price, social volume, Binance funding rate, and open interest – Oct. 31 | Source: Santiment According to data from Santiment, Solana’s total OI rose to a whopping $1.252 billion on Oct. 20 as the broader crypto market gained traction. However, as the asset’s price hiked, Solana’s total OI declined.  You might also like: Solana Labs unveils incubator for web3 startups eyeing its network This simply suggests that the amount of open derivatives contracts has come lower while it’s still hard to tell which positions, long or short, were dominant over the past ten weeks. According to the market intelligence platform, Solana’s OI regi...

The price of Loom Network’s native LOOM token has seen significant gains over the past week, surging over 55% to $0.2667. This marks the highest price LOOM has reached since its all-time high of $0.6834 in early 2018. Loom Network is a layer-2 scaling solution originally built for Ethereum (ETH) that has since pivoted to focus on enterprise blockchain solutions. The network uses a delegated proof-of-stake (DPoS) consensus model and aims to improve blockchain scalability and usability through Features like Plasma sidechains. While LOOM is still down nearly 61% from its record high in 2018, the recent price run has sparked renewed interest in the previously overlooked project. No apparent announcements would explain the recent price rise, suggesting that the movement is completely attributable to market forces. You might also like: Binance and BNB top social trends amid manipulation allegations According to an Oct. 13 Analysis by YouTube crypto analyst Cilinix, the ...

If BTC price consolidates in the $25,000 range, ETH, XRP, LDO and RNDR could be the first altcoins to break out with recovery rallies. Altcoin price s crumbled after the United States Securities and Exchange Commission (SEC) announced lawsuits against Binance and Coinbase at the start of the week. Apart from the action against the two biggest crypto exchanges, investors seem to be nervous because the SEC labeled 23 cryptocurrencies as securities in the two lawsuits. That brings the total number of cryptocurrencies termed as securities by the SEC to 67. Among the mayhem, a minor positive is that Bitcoin (BTC) and Ether (ETH) have held out relatively well. This suggests that institutional investors are not panicking and dumping their positions. Due to their outperformance, Bitcoin’s dominance has risen to a year-to-date high of 47.6% and Ether’s to 20%. Crypto market data daily view. Source: Coin360 The uncertainty in the near term is likely to keep several investors on the sidelines. ...

Bitcoin and select altcoins are showing a continuation pattern, indicating indecision among the bulls and the bears. Investors seem to have priced in a 25 basis points rate hike by the United States Federal Reserve on May 3. Next, they will look for clues on the Fed’s actions for the rest of the year. Will the Fed maintain its hawkish stance as inflation still remains well above its target range or will the bank troubles and the looming recession make the central bank signal a pause in its rate hikes? The World Economic Forum Chief Economists Outlook report released on May 1 shows that 80% of the chief economists believe that central banks have to maintain a delicate balance between “managing inflation and maintaining financial sector stability.” The economists anticipate that the central banks will find it difficult to bring down inflation to their target levels. Daily cryptocurrency market performance. Source: Coin360 Arthur Hayes, the co-founder and former CEO of crypto derivative...