Celsius’ CEO thinks Ethereum could lose its market dominance if this doesn’t happen

Ethereum 2.0 recently fired up its Beacon Chain, concluding Phase 0 of a scaling effort years in the making. Although he expressed faith in Eth2, Celsius CEO and founder Alex Mashinsky believes that the network could lose its spotlight if it doesn’t scale quickly and significantly. “Ethereum needs to prove it can scale its transactions 100x without compromising on security or decentralization,” Mashinsky told Cointelegraph when asked about Eth2’s next hurdle after its Beacon Chain launch. “If it fails to scale, Cardano and Polkadot will take over.” As of Thursday,…

Bitcoin Market Cap Headed to $1 Trillion in 2021, Says Bloomberg

Key Takeaways Bloomberg analysts have forecast Bitcoin’s price reaching as high as $50,000 in 2021. The summary argues that Bitcoin has cemented a support level at $10,000. Supply crunch will also ensure keep prices high, according to the report. Share this article Bloomberg analysts think that 2021 will be another big year for Bitcoin. The publication’s crypto arm has published its December 2020 report, in which analysts called for the number one digital currency to reach as high as $50,000 next year. Bitcoin’s Bullish Year Ahead The leading cryptocurrency is…

This bull market is different because people already know about crypto, Celsius CEO says

Google searches for Bitcoin (BTC) appear to be far less popular today than they were when the asset achieved its previous all-time high in December 2017. “2017 was all about hype and first-time users jumping in to try to catch BTC because of FOMO (Fear Of Missing Out),” Celsius CEO Alex Mashinsky told Cointelegraph. “This time, it is different,” he noted. “The fact almost no one is searching for BTC,” said Mashinsky, referencing data from Google Trends, “tells you everyone already knows what it is and where to buy it (cash app or…

Ethereum’s market cap surpasses GM, CME, and tech stocks — What’s next?

2020 has been an impressive year for the Ethereum network and Ether (ETH) price. In November the Eth2 deposit contract quietly launched and before the end of the month the contract had reached capacity with 524,288 Ether locked.  When Black Thursday occured on March 12, nearly every cryptocurrency had its price crushed and Ether was not spared from the carnage. After trading for as little as $86 on March 12, Ether price recovered to post a year-to-date gain of 322% and the altcoin set a 2020 high at $635.70 on…

TradingView general manager explains how the current crypto bull market is unlike 2017

The cryptocurrency space has undergone a number of bull and bear markets since its inception in 2009. The crypto bull run in 2017 was one of the biggest years for the industry, hosting soaring digital asset prices and growth. Blockchain markets look much different today than they did three years ago, however, based on regulation, adoption, and other factors. How will crypto’s current macro uptrend differ from 2017? Asset dispersion is a key differentiator, according to Pierce Crosby, general manager of asset charting platform TradingView.  “The key here is to be looking…

Bitcoin lacks market integrity, says former Trump economic adviser

Gary Cohn, the former president of Goldman Sachs and former chief economic adviser to Donald Trump, believes that Bitcoin may not hold long-term prospects for investors.  In an interview with Bloomberg released today, Cohn said that the crypto asset “lacks some of the basic integrity of a real market” due to its lack of transparency. He said that investors might question a system “that does not have an audit trail.” “For all the reasons it’s a strong developing asset class, it may fail,” said Cohn regarding Bitcoin. “Part of the…

Bitcoin price hits new all-time high as crypto market matures

Bitcoin (BTC) price has officially reached a new all-time high on Dec. 1 above $19,892 after nearly three years, according to data from Coinbase and Tradingview. BTC/USD weekly chart (Coinbase). Source: Tradingview.com Despite the Thanksgiving crash last week, BTC price has managed to rebound throughout the weekend. BTC then easily passed the $19,000 mark on Monday to reach its all-time high, albeit on a couple of exchanges. There are three key trends that fueled BTC’s rise from sub-$3,600 in March to over $19,892. These include the rise in institutional demand, lower selling…

Tether’s market cap is growing at a near-record pace

The market cap of Tether (USDT), a U.S. dollar-pegged stablecoin, has surged in recent weeks, potentially helping to fuel the recent Bitcoin (BTC) rally that drove prices to near all-time highs.  Paolo Ardoino, who serves as dual CTO to Bitfinex and Tether, tweeted Thursday that the supply of USDT increased by 1 billion over nine days, marking the second-fastest expansion in its history. The record was set on Sept. 4, 2020 when, over eight days, USDT’s circulating supply increased by 1 billion. At press time, Tether had a market cap…

CME overtakes OKEx as largest Bitcoin futures market

CME Group has become the world’s largest Bitcoin (BTC) futures market following a surge in open interest over the past month, industry data shows.  In a Friday tweet, Arcane Research announced that CME had overtaken OKEx as the world’s largest Bitcoin futures market. Citing data from Skew, a market intelligence firm, Arcane said open interest in CME’s Bitcoin futures contract has reached $1.16 billion. OKEx, meanwhile, registered $1.07 billion. “Institutional investors are here,” Arcane said. CME’s Bitcoin futures market has more than doubled over the past month, with more traders…