Bitcoin Floats Downward
The Bitcoin price held through Saturday above $58,000 and dropped to just below it on Sunday, as volume sagged. The market has not digested the news from the end of the week yet. First, there’s Anthony Scaramucci’s assertion that Elon Musk has over $5 billion in BTC between his personal holdings and Tesla, which were already known, but also SpaceX, which was a surprise, maybe. Deutsche Bank is calling Bitcoin’s capitalization over $1 trillion as “too important to ignore”.
Ethereum showed a more clearly defined rise and fall this weekend, though it ended, at the time of publishing this piece, at 2.8% down in 24 hours on Sunday, just like Bitcoin. Market volume picked up slightly, though.
Supply Shrink for BTC, ETH, LINK
Analysts noted several measures of how the supply of certain cryptocurrencies is shrinking. BeInCrypto pointed to the unprecedented lack of Bitcoin and Chainlink on exchanges for the point in the cycle at present. Link in particular is at an all time low in terms of availability.
Cryptocurrency analyst Santiment showed how the supply of Ethereum on exchanges is at a 28-month low. The ratio of supply on exchanges to the total is below 20% now.
Ripple in Still Waters
While most of the top coins slowly settled downward slightly over the weekend, XRP bucked the trend most of the time. The lift came mostly from excitement over the results of the court hearing in the SEC versus Ripple, et al, cases. While this was a preliminary round, it went very well for Ripple.
Top 100 Biggest Gainer on the Weekend
The top of the chart at publication time was Harmony (ONE), with a 47.7% rise in 24 hours. The rise comes after Binance US listed the $ONE / $BUSD pair.
Sunday’s top-10 movers from the top-100: