Crypto roundup: Bitcoin leaps past $57K; ‘pointless’ Shiba Inu pumps
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The “Uptober” crypto prophecy is continuing to play out for Bitcoin. The number one cryptocurrency by market cap has pushed well past US$57K at the time of writing.
The orange one has been sitting just above US$57,400 for the past three hours and looking in good shape according to several technical analysts. That’s not to say a dip back down to retest some lower support levels is out of the question. That’s always on the cards, in fact.
As reported a bit earlier, Bitcoin is in vampire mode – seemingly sucking energy from many of the altcoins, or at the very least stealing the show. It’s pulled out the double-necked Gibson and plans to solo on until the janitor turns off the lights.
Okay, slight exaggeration perhaps. BTC is actually only up about 4 per cent since this time yesterday and Shiba Inu (SHIB), for instance, is up 18 per cent. But at an individual market cap of more US$1 trillion, a few percentage points to the good is nothing to sneeze at.
On the strength of Bitcoin’s good work, the entire crypto market cap valuation is also in decent shape – in fact, at $US2.45 trillion, it’s not too far off an all-time high.
Gun crypto analyst Michaël van de Poppe is feeling positive about a continuation run for the OG, market-moving crypto. However, a retest scenario would be fine, as long as the “range low” level of US$50.5K to $52.5K holds.
If his chart pattern plays out, Van de Poppe doesn’t see the altcoins truly having their moment until Bitcoin hits its all-time-high (US$64,800) and cools off for a while around there.
$100k before the year ends? https://t.co/Ms4NRI1vww
— Ezy Bitcoin (@EzyBitcoin) October 11, 2021
MicroStrategy CEO Michael Saylor, meanwhile, is sticking to the basics on Twitter today, as others delve deeper.
21 million #bitcoin, each one valued at 56.5 thousand dollars. Who would have thought…
Some KPIs that stand out this Monday am:
– 180 days since ATH
– Way above all three major moving averages
– 77% increase needed until 100k
The journey is just beginning! Onwards 👀🚀 pic.twitter.com/Xz47sgMric
— Analytics4Bitcoin (@BTCAnalytics) October 11, 2021
Other than Shiba Inu, which has been panned by Michael “Big Short” Burry for being “pointless”, we’re not seeing any other standout, double-digit percentage action in the top 100.
But when one dog meme goes on a run, a pack can tend to form. One of the day’s best performers, for instance, is Kuma Inu (KUMA), up 101.7 per cent in the past 24 hours, and a face-melting… 3,058 per cent across the past seven days. Seriously… W. T. F?
In no way are we suggesting how to play this one if you’re a KUMA bag holder… but… if it were us… we might be looking at booking some profits soon before Burry talks more dog-token smack, it dumps hard, and all we’re left with is enough for a Kuma Inu T-shirt…
— Alexander Bartsch (@Alexand46159805) October 8, 2021
There are a few other other dog tokens humping the CoinGecko chart’s leg at press time, too. But enough of them for now.
Some non-canine-based projects catching our attention include Aussie crypto-lending platform Maple (MPL) +15.6%; DeFi DAO token Olympus Finance (OHM) +14.4%; esports and video entertainment protocol Verasity (VRA) +13.8%; and another promising DeFi play, Rari Governance Token (RGT) +11%.