Bitcoin (BTC) price appears to have turned back from the $ 32,000 level to support as the broader cryptocurrency market was bullish again on Jan. 28.
Data from Cointelegraph Markets and TradingView show that the price of BTC has steadily increased from $ 31,000 to its current value of $ 33,400, an increase of 9.5%.
Daily market performance in cryptocurrencies. Source: Coin360
The most notable winner of the day was Dogecoin (DOGE), which gained more than 200%.
The popular meme coin became the youngest beneficiary of the Reddit community of 3 million members behind the incredible GameStop (GME), BlackBerry (BBY) and AMC Theaters (AMC) pump that has been happening in the past few days. In the early hours of January 28, a Twitter account called WSB Chairman tweeted:
Many of you are talking about Dogecoin. What’s this? A meme crypto?
– WSB Chair (@WSBChairman) January 28, 2021
Shortly thereafter, members of the Wall Street Bets Telegram discussed the possibility of pushing DOGE down to $ 1.
According to data from TheTIE, the tweet volume for Dogecoin has “surpassed bitcoin in the past 24 hours”. This is the first time that “an altcoin has been tweeted about more than bitcoin over a 24-hour period”.
Dogecoin price vs. tweet volume. Source: TheTIE
In a private conversation with Cointelegraph, Joshua Frank, founder of TheTIE, commented on how “wild” the activity regarding Dogecoin has been over the past 24 hours.
“Dogecoin tweet volume is up 1,665% today, trading volume is up 1,546% and price is up 209%.”
Wall Street continues to rely on cryptocurrencies
Coinbase officially unveiled its plan to go public later this year. According to the Coinbase blog, the company will directly list its Class A common shares and make existing shares available to the public.
North Carolina’s wealth manager Kingfisher Capital also made headlines after filings revealed that the company had bought 10,667 shares of Grayscale Bitcoin Trust in the past few months.
Several brokerage firms in the US, including popular mobile company Robinhood, are experiencing a setback for halting trading in stocks like GameStop (GME) and AMC Holdings Inc. (AMC) in what was the main story of the week after retailing The Of Investors inspired short squeeze from members of the Reddit group r / wallstretbets raised the price of each stock by hundreds of percent.
Traditional markets also rallied after a minor sell-off yesterday. The S&P 500, NASDAQ, and Dow all had positive inflows, ending the day up 0.98%, 0.68% and 0.99%, respectively.
BTC / USD daily chart. Source: Coin360
Bitcoins’ strength at $ 32,000 coincided with a strong rally from many altcoins, and currently the majority of the top 100 coins are reflecting gains of 3% to 15%.
Cosmos (ATOM) gained 15.41%, Stellar (XLM) gained 13.91% and Compound (COMP) gained 14.21%. The price of Ether (ETH) also rose 5.96% and is currently trading at $ 1,355.
The cryptocurrency market cap is now at $ 984.6 billion, and the dominance rate of Bitcoin is 63.2%.