Bitcoin, Ethereum, Dogecoin Surge, Crypto Market Cap Hits $2.5T While MicroStrategy Loads Up On BTC: Analyst Predicts A ‘Full-Blown Parabolic’ Movement Could Send King Crypto Towards $170K

Major cryptocurrencies rallied on Monday evening propelled by Bitcoin’s continued ascent in the ranks of top assets by market cap. Bitcoin surpassed silver to claim the title of the world’s eighth most valuable property.

What Happened: Bitcoin surged to an all-time high, soaring past $72,000 on Monday. As a result, Bitcoin’s valuation skyrocketed to $1.42 trillion, surpassing that of silver, which stands at $1.387 trillion, as reported by CompaniesMarketCap.

Last week saw substantial growth in digital asset investment funds, with a remarkable $2.7 billion in inflows, propelling the year-to-date total to $10.3 billion, as reported by CoinShares.

The record annual inflow of $10.3 billion in 2021 appears poised to be surpassed next week, marking this achievement less than three months into 2024.

MicroStrategy on Monday increased its BTC holdings by 12,000, with the majority of the purchase being supported by the $782 million obtained from its most recent convertible debt offering. The software company, led by Bitcoin advocate Michael Saylor, now possesses a total of 205,000 BTC, valued at approximately $14.7 billion. The newest bitcoin acquisition, at an average price of approximately $68,477 per coin, amounted to a total of $821.7 million, utilizing the proceeds from the debt raise along with surplus cash.

MicroStrategy, last week, announced that it was looking to raise $600 million for the purchase of more bitcoin through the sale of convertible senior notes at an interest rate of 0.625% per annum. The company subsequently increased the target to $700 million.

Top Gainer (24 Hour)

The global cryptocurrency market cap now stands at $2.5 trillion, showing a 2.10% increase in the past 24 hours.

On Monday, the S&P 500 experienced a retreat as the recent rally that propelled the major averages to all-time highs eased off. The broad S&P 500 edged down by 0.11% to 5,117.94, while the Nasdaq Composite declined by 0.41% to 16,019.27, primarily impacted by the struggles of technology stocks. Both indices recorded their second consecutive negative sessions. In contrast, the Dow Jones Industrial Average defied the trend by gaining 46.97 points, or 0.12%, concluding at 38,769.66.

In preparation for Tuesday’s consumer price index release, traders are bracing themselves for anticipated losses. According to economists surveyed by Dow Jones, the CPI is expected to show a 0.4% rise between January and February and a 3.1% increase on an annualized basis. When volatile food and energy prices are excluded, the core basket is projected to experience a 0.3% month-on-month increase and a 3.7% year-on-year rise.

Later in the week, investor focus will shift to the producer-focused index, marking one of the final major economic reports before the upcoming March policy meeting of Federal Reserve leaders.

Stocks linked to the price of Bitcoin surged on Monday. Coinbase (NASDAQ:COIN) crypto exchange surged by 3.5%, while Microstrategy Inc (NASDAQ:MSTR) experienced a 9% spike.

See More: Best Cryptocurrency Scanners

Analyst Notes: Cryptocurrency analyst Michael Van de Poppe said that Bitcoin is continuing to show accelerated growth, surpassing the $71K mark. 

“Ultimately, this is stronger than I anticipated and that’s fine. Tomorrow: CPI data. Let’s see whether this pace can continue to run.”

According to the pseudonymous analyst Loma, Ethereum is expected to sustain its gradual upward movement. The crypto analyst has presented a chart indicating that ETH has the potential to reach its previous all-time high, estimated at approximately $4,871.

“Can steadily just trail stops under that $3,200 area. Price closes below $3,200 on any meaningful timeframe and maybe you can start calling tops. Until then, it’s just a game of patience. Slow is smooth; smooth is fast.” 

Pseudonymous analyst Dave the Wave said that there are three compelling indicators that bolster the case for BTC reaching the $170,000 mark in May.

The trader has shared a weekly chart featuring BTC’s moving average convergence divergence (MACD) indicator. This indicator is utilized to identify reversals and validate trends, providing valuable insights for traders.

Related articles

Doge2014 Celebrates 10 Years of Dogecoin and the Meme Coin Craze – Up to 50% Presale Bonus for Early Birds

30 July 2024

Dogecoin Proponent Elon Musk Reveals Why He Doesn’t Really Like Crypto

30 July 2024

“If the nascent parabola were to continue into a full-blown parabola, an argument for nearly $170,000 in May.

[crypto-donation-box]

– weekly BTC MACD level corresponds to previous highs

– previous 2 highs midway in the LGC channel

– time fib allowing further price increase even as the MACD rolls over.”

ADVERTISEMENT

According to on-chain analyst Ali Martinez, an estimated $30 billion in long positions could face liquidation industry-wide if Bitcoin falls to $50,500.

Photo by CMP_NZ on Shutterstock

Read Next: Jim Cramer Advises Against Using Binance, Provokes Strong Reactions From Twitter Users

---

“Benzinga’s Top Stocks to Buy Today”

There’s only two mistakes you can make when investing. One is not investing at all. The next is buying the wrong stocks. Get an edge on which stocks to buy with the Benzinga Insider Report, our best weekly stock report sent right to your inbox. Act fast and secure our top stock picks at an unbelievable discount! Claim This Limited $0.99 Offer NOW!

---