Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The crypto market ends the week at a total market capitalization of $1,165 trillion. Bitcoin is up by over 2% after a rollercoaster of a week. Ethereum decreased by almost 1% over the past seven days. XRP gained more than 15% in value this week. Almost all altcoins are trading in the green, with very few exceptions. The DeFi sector decreased the total value of protocols…
Bitcoin price hovers around $35k as Grayscale buys $600M worth of BTC
Bitcoin (BTC) price has been fairly stable this week, hovering within the $34k to $38k region. This relative period of stability has resulted in different analysis on the next price levels for the leading coin. Despite this, institutions continue to accumulate BTC, with Grayscale adding $600 million worth of BTC to its portfolio.
Bitcoin market cap down by 5%
Bitcoin has experienced a slight dip in the past 24 hours, losing 5% of its market cap during this period. BTC price has continued to make sideways movement during this period, with the coin moving between $35k and $36k.
Analysts see this relative period of sideways movement as a crucial point for the coin. It should be recalled that Bitcoin has surged to unimaginable heights in the past two months. It is therefore expected that a period of relative stability will occur at some point. Currently, the price of BTC is valued at $34,587 after a drop of about 1.5%.
The next major support level for the coin is $30,000, which would signal the start of the bearish season. A major uptrend in price could result in a renewed attempt by BTC to test the $40k resistance barrier. If this occurs, BTC would ascend and make a new movement towards the $50k mark.
Grayscale accumulates $600 million worth of Bitcoin.
There seems to be no holding back from asset management firm Grayscale’s quest to accumulate Bitcoins. The company revealed that it had purchased an additional 16,244 BTC, equivalent to $600 million.
This latest acquisition from Grayscale means that its total portfolio in Bitcoin has reason to $25 billion. What is remarkable is that the amount (16,244) purchased is more than 18 times the number of BTCs mined daily. Grayscale now controls 632,800 BTC or more than 3% of all Bitcoin in circulation.
Many analysts agree that Grayscale is playing the role of catalyst for the price of Bitcoin. Since the constant influx of funds by Grayscale has helped to keep Bitcoin’s price at its current rates. Institutional investors seem to have confidence that the leading coin could hit unimaginable heights in the future. With more firms purchasing BTC, it will be interesting to see if the cryptocurrency becomes increasingly centralized in the coming years.