BTC and DOGE Surge Following Tweets from Elon Musk; ETH Partnership with Reddit Boost’s Price: The Living Market

BTC and DOGE surge following tweets from Elon Musk and ETH announce a collaboration with Reddit. The hilarity of Friday’s bullish market momentum is that on Monday, despite the mining company Marathon buying $150 mill worth of bitcoin, prices dropped. However, a few tweets from Musk have helped the Total Crypto Market Cap retake $1trillion.

  • Bitcoin ($36,344.24,+12.52%) breaks its 2-week downtrend, hitting a daily high of $38,505.49 at ~15:30 CET. The change in short-term trend comes after tech-entrepreneur, Elon Musk, added “#bitcoin” to his Twitter bio early on Friday morning. Following Musk’s tweet, BTC traded volume surged from $74,320,413,564 to $96,996, 922,758 between 9:30 and 10:30 CET. Two hours after the bitcoin market frenzy, Musk tweetedIn retrospect, it was inevitable.”
  • Dogecoin (DOGE) surges over 600% in the early hours of Friday to hit a daily high of $0.0860. The epic price surge can trace its roots back to another Reddit-led buying frenzy and has caused demand-issues on key exchanges. Even the world’s largest cryptocurrency exchange, Binance, was not spared from the demand pressure. According to Binance CEO, Changpeng Zhao, “We almost ran out of DOGE coin addresses…[Binance] couldn’t generate new addresses fast enough to match new users coming in.” Funnily, just 24 hours prior to DOGE’s meteoric rise, Elon Musk tweeted an image of a “Dogue” magazine cover…At the time of writing, DOGE is trading at $0.0467 (+144.90%).
  • Ethereum (ETH) sees its price rise to a lofty daily high of $1,444.42. This price surge comes as the Ethereum Foundation agrees on a partnership with Reddit. According to Reddit admin  u/jarins, the partnership will further “our commitment to blockchain, accelerating scaling and resources for the Ethereum ecosystem.” This partnership follows two previous initiatives between companies in 2020, the Community Points project, and The Great Reddit Scaling Bake-Off competition. Currently, ETH is trading at $1,387.55 (+3.83%), dipping slightly towards the end of the day.

Market Structure

Kicking off with great volatility, a stablecoin infused market (202,764,872.94 Net Transfer Volume to Exchanges as of 26.01.2021) cemented the base for a shopping spree seen yesterday and today. Accordingly, the Total Crypto 24-hour Volume spiked to $237,157,394,384 and the Total Market Cap retook the $1trillion mark. The move began with Marathon adding BTC to their balance sheet, but the tide shifted to retail, as interest grew following Elon Musk’s Twitter activity and Reddit’s fierce army.

Currently, liquidity supports the market; however, a dent in U.S. consumer sentiment and an uproar in Covid-19 cases signal that trouble remains. With more stimulus on its way, or expected, volatility remains in play in the crypto market. 

BTC and DOGE Surge Following Tweets from Elon Musk; ETH Partnership with Reddit Boost’s Price

News and follow-ups from around the industry

  • Bitcoin-skeptic, Ray Dalio, has now called bitcoin “one hell of an invention.” The founder of Bridgewater Associates disclosed that he is considering including cryptocurrency offerings for his clients — as a hedge against the deprivation of fiat money.
  • Popular trading platform Robinhood announced that they too have struggled with demand for Bitcoin and DOGE, stating that they have “temporarily turned off instant buying power for crypto.” This comes after the recent restrictions placed on buying GameStop shares.
  • Recent data from Messari indicates that many of the “old-time” cryptos are trading far below their all-time highs. In their place, new and predominantly DeFi projects have captivated the market’s interest.

Top 3 Cryptos by Sector

Market Cap-Large (24/h Δ in price)

  • BTC: $36,344.24 (+12.52%)
  • ETH: $1,387.55 (+3.83%)
  • XRP: $0.286 (+10.20%)

Smart Contracts (24/h Δ in price)

Market: (+3.71%)

  • DOT: $17.07 (+0.97%)
  • ADA: $0.355 (+3.44%)
  • EOS: $2.78 (+3.40%)

DeFi (24/h Δ in price)  

Market: (-1.08%)

  • UNI: $15.11 (+3.44%)
  • AAVE: $285.12 (-0.66%)
  • SNX: $16.37 (-4.20%)

Stable Coins (24/h Δ in volume traded)  

Market: (+0.18%)

  • USDT: $176,146,058,313.78 (+75.33%)
  • USDC: $2,360,004,866.03 (+48.90%)
  • DAI: $368,967,021.61 (+24.20%)

NFT’s (7day volume traded)  

Market: $6,063,998.20

  • CryptoPunks: $2,864,949.03
  • Sorare: $946,529.89
  • Superrare: $593,993.85

Friday January 29, 2021 18:15 CET

*Market Data from Messari. Crypto Total Market Cap Data from TradingView.

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