In today’s bitcoin and cryptocurrency, read about how recent price changes in bitcoin and the wider crypto market have been caused by negative macroeconomic headwinds and recent crypto bankruptcy in today’s bitcoin and cryptocurrency news. Even though the value of other cryptocurrencies is going down, the value of Shiba Inu (SHIB) has gone up by 60%. Meanwhile, the value of other alternative cryptocurrencies increased even more dramatically, with metaverse tokens such as Decentraland’s MANA and The Sandbox’s SAND surging 92-150% versus the US dollar. At last, following a record month for bitcoin, large investors are re-entering the crypto market. According to statistics from asset management company CoinShares, digital asset investment vehicles, which are frequently preferred by institutional investors, witnessed inflows of more than $117 million last week, the largest weekly rise since last July.
Shiba Inu (SHIB) Soars 60% as Bitcoin Freezes
Original Source: Bitcoin Freezes, Shiba Inu (SHIB) is Soaring 60%
Bitcoin is plunging again, while Shiba Inu (SHIB) has risen 60%.
Freeze bitcoin: Due to macroeconomic headwinds and crypto industry bankruptcy, Bitcoin and the crypto market have fluctuated recently. Even when other cryptocurrencies are declining, Shiba Inu (SHIB) has risen 60%.
Shiba Inu, an ERC-20 cryptocurrency, launched in August 2020. Shiba Inu, which was developed to capitalize on Dogecoin’s popularity, rose by almost 48,000,000% by 2021. Investor positioning may be indicated by trading volume, which is the total amount exchanged between buyers and sellers. CoinMarketCap data shows that 27,747,491,040,661 SHIB, or 27 trillion tokens worth $332,414,104, were traded in the previous 24 hours. At $0.000012, SHIB was up 0.53% from the day before.
Is Bitcoin worth your money?
Bitcoin’s 2022 was turbulent (BTC). Bitcoin, which peaked at over $69,000 in November 2021, is now battling to stay above $18,000. Bitcoin can’t handle market pressure following FTX’s collapse, thus it’s not recovering.
But the fact that it is already regaining market dominance shows rising investor interest in the most precious crypto. As crypto and traditional markets fell, most investors switched their crypto assets to Bitcoin due to its stability and safe-haven reputation.
Bitcoin’s growing use cases also make it the best crypto investment. It’s now legal tender in El Salvador and the Central African Republic. This adoption is likely to rise, increasing demand for BTC coins versus its fixed supply, causing a price boom.
Is Shiba Inu worth it?
“Is Shiba Inu a sensible investment?” is difficult to answer due to the cryptocurrency market’s tremendous volatility. The history of the price provides enough data to help you determine if SHIB is a good cryptocurrency to purchase now.
In 2020, Shiba Inu was designed to capitalize on Dogecoin’s popularity. However, Shiba Inu’s usage value has increased with time. For example, the Shiba Inu team just released a layer-2 solution to assist scale, making it better for everyday payments. Shiba Inu’s Metaverse helped it enter a fast-growing market.
Before investing in cryptocurrency in 2023:
Cryptocurrency is unregulated and decentralized.
Unregulated and decentralized, cryptocurrencies The crypto market’s most appealing and hazardous traits are these. Scams and fraud proliferate because centralized authorities don’t regulate cryptocurrency. However, analysts expect new crypto market restrictions in 2023.
Unpredictable
Due to their tremendous volatility, Bitcoin and Ethereum have lost a lot of value. However, investors don’t know how to limit volatility to meet their demands without losing a lot of money.
Analyzing Market Sentiment
Customers’ feelings about a cryptocurrency are shown through their purchases and sales. Understanding the basic behavior of purchasing and selling, the expanding mainstream use of specific crypto, and how external users are adopting it reflect market views about the digital asset. Beginners should notice such investments since they show which cryptocurrency has the most profit potential.
Decentraland’s MANA Leads Metaverse Tokens in 2023
Original Source: Metaverse Tokens Outperform Top Crypto Assets in 2023 With Decentraland’s MANA Leading the Pack
Bitcoin and ethereum had double-digit gains versus the U.S. dollar in January 2023. Metaverse coins like Decentraland’s MANA and The Sandbox’s SAND rose 92-150% versus the dollar, while other cryptocurrencies witnessed even bigger gains.
Metaverse Crypto Assets Outshine Bitcoin and Ethereum
Metaverse crypto assets have outperformed bitcoin (BTC) and ethereum (ETH), the leading crypto asset and top smart contract token, respectively. Decentraland’s MANA cryptocurrency has outperformed the U.S. dollar by 150% in the previous month. MANA gained 7.3% and 2.9% in the preceding two weeks and seven days, respectively. On January 31, 2023, MANA sold for $0.716 to $0.755.
MANA/USD
In the previous 30 days, the Sandbox’s SAND metaverse token has climbed 92% and 5%. Despite the 30-day rise, SAND dropped 7.5% in seven days. Tuesday’s 24-hour spot price for SAND was $0.710 to $0.741. Axie Infinity’s AXS, which rose 80% this month, was another top metaverse token. AXS had gained 21.5% in the past two weeks but down 11.4% in the last week. AXS traded from $10.55 to $11.23 per coin on Tuesday.
SAND/USD
Over the past month, Apecoin’s APE token has climbed 63.3%, following Axie Infinity’s AXS growth. APE has climbed 19.4% in the last two weeks, with 5.5% of that growth in the past week. APE is trading between $5.71 and $5.96 per coin as of writing. ICP’s token has likewise surged 48.9% in 30 days. ICP has gained 16.5% in two weeks. ICP traded between $5.65 and $5.88 over the past 24 hours on January 31, 2023.
Similar to AI-related cryptocurrencies, several additional metaverse tokens have increased in value this month. Compared to metaverse-related coins, AI-based cryptocurrencies have gained more. Metaverse-focused crypto assets outperformed bitcoin (BTC) and ethereum (ETH) last month, rising 40% and 33.5%, respectively.
Bitcoin Attracts Big Investment Again
Original Source: Cryptoverse: Big investors edge back to bitcoin
Following bitcoin’s strong month, big investors are returning to crypto.
According to asset management company CoinShares, institutional investors poured over $117 million into digital asset investment products last week, the largest weekly gain since July.
Funds following bitcoin brought in $116 million. Crypto funds now handle $28 billion, up 43% from November’s lows after the FTX exchange collapsed.
Enigma Securities financial advisor Joseph Edwards stated, “People are generally more confident than a month ago.”
Bitcoin, the first cryptocurrency, rose about 40% in January, approaching its greatest monthly performance since October 2021 and its second-highest January in 10 years.
Some investors hope the protracted crypto winter may be over due to the rebound and a potentially improving macro picture. The U.S. Federal Reserve is expected to raise its benchmark rates by 0.25% this week, the lowest increase since last year.
Fidelity Digital Assets analysts noted, “If peak inflation is actually behind us for now, then long-term interest rates may go lower as we reach the conclusion of the inflation-focused rate-hiking cycle.”
“This might suggest macro momentum for assets like bitcoin.”
B2C2, a crypto liquidity provider, claimed traders were racing to put wagers following the Fed meet, indicating the market’s prominence.
CoinShares also reports increased crypto trading volumes, with average weekly volumes up 11%.
Still, crypto isn’t out of the woods, and the Fed might ruin the celebration if they become more hawkish this week.
Crypto analytics portal Coinglass’s bitcoin Fear & Greed index, where 0 signals severe fear and 100 extreme greed, is at 61, the highest level since mid-November 2021, when bitcoin began falling from its peak.
“We could see a decrease off next week or two,” Edwards added.
“DOMINANCE” Bitcoin
According to Bitfinex analysts, there are further signals that the bear market may be ending. Short-term investors were selling their bitcoin at a profit, while longer-term “HODlers” were still holding their coin and not contributing to selling pressure.
“For the first time since April 2022, the realised profit and loss for the whole market has been reported as positive in January 2023,” they stated.
Bitcoin’s “dominance” or proportion of the crypto market has lingered around 41% this month, levels not seen since July. Citi analysts said this resembled a previous rise in bitcoin dominance in April 2019, when a bitcoin surge indicated a crypto market bottom.
Other market experts predicted that equities, another hazardous asset type, will boost bitcoin prices in the next week, particularly interest rate-sensitive tech companies.
Bitcoin’s correlation with the Nasdaq (.IXIC) is 0.94, the highest since May 2022. A correlation of 1 suggests that the two are moving in sync.
Bitcoin’s correlation with markets dropped to 0.7 in late November.
Rachel Lin, CEO of exchange Synfutures, claimed bitcoin may hit $25,200 in the coming weeks. “Even if bitcoin falls again, there is a fair probability it will hit a greater bottom on the wider timescale.”
Summary of today’s bitcoin and cryptocurrency news
After all, Shiba Inu went on to become one of the best-performing cryptocurrencies of all time, increasing by more than 48,000,000% by the end of 2021. Trading volume, which is the total amount of money that goes back and forth between buyers and sellers, may or may not show how investors feel.
Also, the value of a lot of other metaverse tokens has gone up this month, following a pattern similar to that of AI-related cryptocurrencies. AI-based cryptocurrencies have outperformed metaverse-related coins in terms of growth. But crypto assets that focus on the metaverse have done better than the top two cryptocurrencies this month, with bitcoin (BTC) up 40% and ethereum (ETH) up 33.5%.
Lastly, according to researchers at the exchange Bitfinex, there are further signals that the bear market’s end is near. They said that short-term investors were profitably selling bitcoin, while long-term “HOLDERS” were sticking with their coin and not adding to the selling pressure.
