Bitcoin

Bitcoin Price Hits $71,000 as Meme Coins ORDI, DOG, and PUPS Surge

Published

8 months ago

5 June, 2024

Bitcoin Price Hits $71,000 as Meme Coins ORDI, DOG, and PUPS Surge

The leading cryptocurrency is on the rise again, as Bitcoin reached its highest price in two weeks and approaching the highest point seen since Quadrennial April reduction in half event. It turns out that Bitcoin-based fungible tokens like ORDI and DOG are rising in price, reflecting growing interest in BTC meme coins.

Bitcoin rose above the $71,000 mark on Tuesday, according to Coin base, reaching US$71,042. At a current price of $70,885, per CoinGecko, it is up more than 2% on the day, bringing its 30-day increase to 10%.

But some of the biggest fungible tokens minted on the Bitcoin blockchain via the BRC-20 and Runes token standards are seeing much bigger gains lately – including ORDI, a token that has cooled off in recent months.

ORDI, which was the first token minted last year through the BRC-20 Standard in Bitcoin, it is up nearly 16% on the day, to a current price just below $54. This is the highest price recorded since early April, when BRC-20 assets were cooling in anticipation of the new Runas token protocol launch alongside the April 19th halving.

Now, ORDI has seen a 33% jump in the last week alone, reaffirming its status as the largest Bitcoin-based fungible token by market cap, at $1.13 billion. It is the 92nd largest cryptocurrency overall at that mark, according to CoinGecko.

Other BRC-20 tokens also rose much higher this week, including PUPS (up 121%) and Bitcoin Wizards (WZRD, up 136%). Meanwhile, flagship token Runas has recorded similar gains – and may be gunning for ORDI’s place as the top Bitcoin meme coin.

This newcomer is DOG•GO•TO•THE•MOON, also known as DOG, which is by far the largest token minted on the Runes protocol to date. It was released free of charge to holders of Runestones—an NFT type Registration of ordinals which itself was released for free to early Ordinals collectors – and has since grown by leaps and bounds as it challenges dog-themed meme coins on other networks.

DOG is up 11% on the day and has more than doubled in price over the past week, rising 120% in seven days. At a current price above $0.0095, DOG has a market cap of $960 million. It is down around 2% from the high price set on Tuesday, but does not appear to have lost momentum as the price is rising once again.

The token accounts for a sizable portion of the Runes protocol’s broader market cap, which stands at just over $2.4 billion per data. GeniiData. Runes had an explosive launch in April, but then cooled off for weeks. However, in just the last two weeks we have seen Rune tokens collectively hit and then surpass a market value of US$1 billion for the first time.

None of the biggest dog-themed meme coins by market cap have performed all that well lately. Dogecoin (DOGE) dropped almost 2% for the week, the Ethereum-based Shiba Inu (SHIB) fell 6% during that period, and Solanain BONADO fell 21% in the last week.

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment or other advice.

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Bitcoin

What to watch for in the markets

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Photo: Andrew Harnik (Getty Images)

After witnessing one of the largest global IT outages on record, affecting the travel, finance and healthcare sectors worldwideThis week is set to see more political drama, events, and earnings reports from tech giants.

Donald Trump’s ‘Lovefest’ Sets Jamie Dimon Up for Consideration for Treasury Secretary Job

Let’s take a look at what awaits us:

Major companies will release their earnings reports

Major tech companies and others will release their earnings reports this week, paving the way for what the second half of 2024 will look like.

Monday

Verizon will report earnings before the start of operations.

Tuesday

Coca-Cola, Comcast and UPS are all set to report earnings before the market opens.
Tesla will report earnings in the morning, while General Motors will report earnings in the evening.
Alphabet and Visa will report results after the market closes.

Wednesday

AT&T will release its report before the market opens.
Ford and Chipotle will report earnings after the market closes.

Thursday

Earnings reports from AstraZeneca, American Airlines and Southwest Airlines will be released before the market opens.

Trump to speak at Bitcoin conference

Presumptive Republican presidential nominee Donald Trump will speak at the next Bitcoin Conference in Nashville, Tennesseewhich is scheduled for July 25-27. While this is the first time a presidential candidate will attend the conference, it has sparked a debate over whether the crypto-friendly Trump will receive support from the crypto community in the upcoming election.

In addition to Trump, independent presidential candidate Robert F. Kennedy Jr. will also discuss crypto during the conference. Crypto advocates such as ARK Investment’s Cathie Wood, MicroStrategy’s Michael Saylor, and whistleblower Edward Snowden are among some prominent names who will be participating in the conference.

Ether ETFs are on the way

New Ether Spot ETFs are set to begin trading on Tuesday, July 23. Much like the spot Bitcoin ETFs, these ETFs will allow investors to buy the second most popular cryptocurrency like stocks. BlackRock, Ark Invest/21Shares, VanEck, Grayscale, Fidelity, Bitwise, Franklin Templeton, and Invesco/Galaxy Digital are all set to offer Ether ETFs. Crypto asset manager Bitwise predict that trading in the Ether ETF will drive the price of Ether higher, potentially surpassing $5,000.

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Bitcoin

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Bitcoin miners and cryptocurrency companies that have been blocked from going public in the U.S. could ultimately be the biggest winners in the digital asset world under a second Donald Trump presidency. Foreign companies at risk of losing market share could end up being the biggest losers.

That’s the view that’s taking hold among market participants and observers in the wake of the former president’s growing embrace of cryptocurrency as his chances of election grow. survey released Thursday by CBS News showed Trump with the majority — 52 percent — of likely voters in his likely November rematch with President Joe Biden.

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Bitcoin

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Cryptocurrency investor Chris Burniske says Bitcoin (BTC), Ethereum (ETH), Solana (SUN) and the cryptocurrency market in general seem poised for a run.

Former Head of Cryptocurrency at ARK Invest account his 292,200 followers on social media platform X that several catalysts are aligning, suggesting that digital asset markets are on the verge of a bull run.

According to Burniske, a partner at venture capital firm Placeholder, the highly anticipated launch of Ethereum-based exchange-traded funds (ETFs), Republican presidential candidate Donald Trump speaking at an upcoming Bitcoin event, and the current state of the BTC, ETH, and SOL charts all suggest significant optimism for the cryptocurrency markets.

“With ETH ETFs set to go live, Trump speaking at The Bitcoin Conference, and BTC, ETH, and SOL charts looking [they do] (while stocks are weak), it’s hard to imagine a world where we don’t ship next week.”

Reuters recently reported that preliminary approval for ETH ETFs has been granted as the Bitcoin Conference is scheduled to take place from July 25-27.

BTC, ETH, and SOL are trading at $67,333, $3,528, and $174 at the time of writing, respectively.

The venture capitalist too provides an update on his prediction that the total crypto market cap will eventually hit $10 trillion. According to his chart, the path to $10 trillion is currently “23%” complete, as it sits around $2.2 trillion.

Source: Chris BurniskeX

Earlier this month, Burniske he said in an interview with Real Vision CEO Raoul Paul that he has his eye on the Move ecosystem, which was originally built by social media giant Meta and then used to develop layer 1 blockchains Sui (IUE) and Apts (APT).

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Bitcoin

Here’s the next target for BTC before bulls can hold out for $70K

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Here’s the next target for BTC before bulls can hold out for $70K

Bitcoin’s recovery is going well, and the market is seemingly poised to create a new all-time high in the near term.

Technical analysis

Per NegotiationRage

The daily chart

As the daily chart shows, the price of Bitcoin has been rising since it broke above the 200-day moving average.

The market has also reclaimed the $60K and $65K levels and is moving towards the $68K resistance zone, which could be the last hurdle before creating a new all-time high. With the RSI also indicating that the price has clear bullish momentum, it could be just a matter of time.

Source: TradingView

The 4-hour chart

Looking at the 4-hour chart, it is evident that the price has been rising rapidly since breaking the downtrend line to the upside. The market also broke the $65K resistance level with momentum, turning it into a support.

While almost everything points to a new record high in the coming weeks, there is one worrying sign. The RSI is showing a clear bearish divergence between recent price highs, which could indicate a correction or even a reversal in the near term.

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Cryptocurrency Charts by TradingView.

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