Market Roundup: Top Coins Fully Recover, BTC Still Above $48k
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Following a dramatic market dump early on Monday, bitcoin (BTC), along with the entire market saw a complete recovery. BTC touched close to $50,000 once again.
Volatility Continues as BTC Holds Tight
Following a market sell-off early on Monday, Bitcoin dropped to $46,000 before recovering by over 7% to hold steady at $49,000. The massive move which saw sell-offs across the market accounted for some of the biggest losses seen.
Cryptocurrency traders lost a combined total of $1.9 billion due to liquidation on Monday, Feb 15. BTC led the recovery to hold well above $45,000. The price continues to hold just under $50,000 as the important level becomes strong resistance.
The massive losses can be credited to an increase in leverage trading. The recent bull market has seen increased interest in trading leverage on altcoins and bitcoin. Binance Futures currently handles over $48 billion in daily futures trading volume. This makes it the largest crypto futures exchange.
DogeCoin Continues to Slump
DogeCoin finally looks like it has lost its spark as the price remains stagnant. The meme token has once again fallen out of the top 10 as the price saw its fifth consecutive red day. It lost a massive 38% before recovering on Monday to trade down only 12%.
However, not even Tesla founder Elon Musk could pump the project. He recently tweeted about the lack of decentralization the project has due to the number of tokens being held by whales.
Binance CEO Changpeng Zhao commented on DogeCoin regarding the pros and cons. He argues that the majority of DogeCoin is held by whales.
Some pros/risks of #Doge.
Pros: Cool, fun, PR manager @elonmusk. Decentralized in the sense there are no "core team". It's abandoned.
Risks:
1 address holds 27% of all #DOGE.
Top 20 addresses holds more than 50%+ of all #DOGE
Kinda "centralized" in that sense.
"abandoned".— CZ
Binance (@cz_binance) February 4, 2021
Binance (@cz_binance) Biggest Gainer in the Top 100
Kusama (KSM) was the biggest gainer in the top 100. KSM flew into the top 50 following an impressive 33.5% gain on Monday. Honorable mentions saw veteran projects Digibyte (DGB) and ICON (ICX) also top the list of biggest gainers on Monday.
The impressive price gains were made even more impressive considering the entire market saw a huge sell-off early on Monday.
Unicorn Projects Continue to Grow
The entire market continues to climb during this bull market. The total market capitalization is hovering around $1.47 trillion, with the all-time high being $1.5 trillion.
The exponential rise in prices on projects across the board now means that the top 67 projects are all unicorns. Or projects that have a market capitalization over $1 billion.
If things continue like this, there is a good chance the entire top 100 could surpass $1 billion in market cap.
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