Blockchain
Could Bitcoin’s price increase 10x in the next 6 months?
Bitcoin set a new ATH of more than $35,000 on 6 January shortly after breaching the previous record high of $34,500 mark. This is much more than what Bitcoin cost in March 2020 which was around $3800.
The post Could Bitcoin’s price increase 10x in the next 6 months? appeared first on AMBCrypto.
Bitcoin set a new ATH of more than $35,000 on 6 January shortly after breaching the previous record high of $34,500 mark. This is much more than what Bitcoin cost in March 2020 which was around $3800. Many in the crypto economy believe that this year might see BTC touching a six-digit number.
Moreover, on-chain market intelligence firm Glassnode has put forward a projection that suggests Bitcoin could rally to much bigger figures. The firm based its projections on the BTC MVRV-Z score, which indicates that Bitcoin has climbed to its highest level in about three years. Glassnode found that the last time the MVRV-Z metric suggested a similar trend was in 2017 when the digital asset increased tenfold in the next six months.
According to Glassnode, MVRV Z-Score historically indicated a market top “red zone,” while the opposite has indicated market bottoms “green zone.” However, the image below suggests that the indicator is far from the red zone, which is currently seen between 7 and 9.

Image Source: Twitter
The firm also revealed that Bitcoin MVRV Z-Score has seen a sharp increase to values above 5 – a position last seen during the BTC bull markets of 2017-2018. In the 2017 bull run, Bitcoin grew 10x over the course of 6 months, when MVRV-Z metric was at 5, at the time.
This could probably mean that if the aforementioned trend of 2017 returns, Bitcoin could rise 10x from its current value of $35,000, in six months.
Additionally, Paolo Ardoino, CTO at Bitfinex expects the bull market to continue. In a release shared with AMBCrypto, he noted that Bitcoin’s market capitalization has soared past the $600 billion mark. If the trend continues, the CTO believed that the asset could surpass the market caps of Apple, Google and, Facebook.
Earlier today, Santiment data found that Bitcoin whale addresses and on-chain transactions continue to rise and that unique BTC addresses have reached a new ATH of 2,323:

Image Source: Twitter
Further, even Bitcoin Miners to Exchange Flow (1-day moving average) reached a 17-month low of 1.397 BTC, according to Glassnode. The firm observed that a previous 17-month low of 1.442 BTC happened on 10 November 2020, when Bitcoin had begun its rally.

Image Source: Twitter
Source: https://ambcrypto.com/could-bitcoins-price-increase-10x-in-the-next-6-months
Blockchain
Kraken Daily Market Report for January 26 2021
Overview
- Total spot trading volume at $1.33 billion, near the 30-day average of $1.65 billion.
- Total futures notional at $542.6 million.
- The top 5 traded coins were, respectively, Bitcoin, Ethereum, Tether, Polkadot, and Chainlink.
- Although Chainlink (-1.0%), Litecoin (-1.7%) and others were down; Bitcoin(+1.2%), Ethereum (+3.3%), and Uniswap (+23%) were up.
January 26, 2021 $1326.2M traded across all markets today Crypto, EUR, USD, JPY, CAD, GBP, CHF, AUD |
||||
---|---|---|---|---|
XBT $32529. ↑1.2% $552.5M |
ETH $1358.7 ↑3.3% $442.4M |
USDT $1.0011 ↑0.1% $149.3M |
DOT $17.117 ↓0.4% $40.4M |
LINK $23.059 ↓1.0% $25.0M |
USDC $0.9999 ↑0.0% $20.2M |
BCH $427.28 ↓0.9% $19.6M |
UNI $13.853 ↑23% $18.5M |
ADA $0.3441 ↑0.7% $16.7M |
LTC $134.74 ↓1.7% $14.6M |
XRP $0.2681 ↑0.3% $13.2M |
AAVE $277.08 ↑13% $8.43M |
XLM $0.2614 ↑0.3% $5.41M |
XTZ $2.9084 ↓0.26% $4.2M |
FIL $22.180 ↓1.0% $3.61M |
CRV $2.1399 ↑7.2% $3.43M |
ALGO $0.6021 ↑8.6% $3.36M |
SNX $16.771 ↑8.6% $3.2M |
XMR $137.92 ↑0.6% $2.92M |
DAI $1.0005 ↑0.02% $2.64M |
GRT $0.5361 ↑1.5% $2.22M |
EOS $2.6297 ↓0.6% $2.18M |
ICX $0.8948 ↑11% $2.08M |
COMP $236.97 ↑12% $1.95M |
ATOM $7.7332 ↑0.29% $1.82M |
YFI $30280. ↑3.6% $1.69M |
KEEP $0.3131 ↓4.2% $1.5M |
KSM $102.03 ↑3.4% $1.33M |
BAT $0.2989 ↓3.0% $1.28M |
OMG $3.4422 ↓2.7% $1.19M |
DASH $104.90 ↑0.4% $1.19M |
TRX $0.0295 ↑0.2% $1.11M |
XDG $0.0082 ↓0.7% $1.09M |
QTUM $3.4386 ↑4.6% $1.04M |
MLN $36.117 ↓5.6% $1.01M |
NANO $3.2120 ↑1.2% $1.0M |
MANA $0.1665 ↑1.0% $916K |
ZEC $89.189 ↑1.6% $914K |
WAVES $6.8173 ↑2.5% $905K |
KAVA $2.3313 ↓1.5% $643K |
ETC $7.4335 ↓0.7% $520K |
STORJ $0.4256 ↑9.9% $393K |
KNC $1.3156 ↓0.04% $355K |
OXT $0.2995 ↑1.7% $288K |
ANT $4.0750 ↑5.1% $270K |
SC $0.0044 ↓1.2% $266K |
PAXG $1869.4 ↑0.3% $246K |
REP $21.454 ↑4.4% $221K |
LSK $1.3000 ↓1.6% $187K |
GNO $115.59 ↑0.8% $177K |
BAL $21.730 ↑3.7% $127K |
REPV2 $19.177 ↓0.6% $59.7K |
TBTC $33172. ↓2.6% $56.2K |
#####################. Trading Volume by Asset. ##########################################
Trading Volume by Asset
The figures below break down the trading volume of the largest, mid-size, and smallest assets. Cryptos are in purple, fiats are in blue. For each asset, the chart contains the daily trading volume in USD, and the percentage of the total trading volume. The percentages for fiats and cryptos are treated separately, so that they both add up to 100%.
Figure 1: Largest trading assets: trading volume (measured in USD) and its percentage of the total trading volume (January 26 2021)
Figure 2: Mid-size trading assets: (measured in USD) (January 26 2021)
Figure 3: Smallest trading assets: (measured in USD) (January 26 2021)
#####################. Spread %. ##########################################
Spread %
Spread percentage is the width of the bid/ask spread divided by the bid/ask midpoint. The values are generated by taking the median spread percentage over each minute, then the average of the medians over the day.
Figure 4: Average spread % by pair (January 26 2021)
.
#########. Returns and Volume ############################################
Returns and Volume
Figure 5: Returns of the four highest volume pairs (January 26 2021)
Figure 6: Volume of the major currencies and an average line that fits the data to a sinusoidal curve to show the daily volume highs and lows (January 26 2021)
###########. Daily Returns. #################################################
Daily Returns %
Figure 7: Returns over USD and XBT. Relative volume and return size is indicated by the size of the font. (January 26 2021)
###########. Disclaimer #################################################
The values generated in this report are from public market data distributed from Kraken WebSockets api. The total volumes and returns are calculated over the reporting day using UTC time.
Source: https://blog.kraken.com/post/7623/kraken-daily-market-report-for-january-26-2021/
Blockchain
Solana targets growth in Southeast Asia with a $5M grants scheme

Solana has turned its focus towards decentralized finance in Southeast Asia with a new $5 million development fund.
The Solana Foundation created the fund in partnership with Vietnam-based investment firm Coin98 Ventures, enabling regional startups building on Solana to receive technical, marketing, and community support, as well as up to $100,000 in funding. The fund will run for the next three years with a specific focus on projects within the DeFi and Web3 spaces, including marketplaces, exchanges, and other DApps or tooling.
This is one of the first grants specifying a core region of interest, with a particular focus on Vietnam. Solana Foundation Executive Director Eric Williams:
“Our goal is to create the optimal conditions for developers in Southeast Asia to build amazing things on Solana.”
According to the announcement, “project teams may be distributed, but must have a physical presence in Southeast Asia.” The announcement makes it clear that if they do not have a presence there, they will not qualify for the fund.
Williams explained that the foundation partnered with Coin98 Ventures because of the technical and community support they can provide, adding that the key to this fund being successful is the combination of financial and technical support:
“Sometimes hurdles can be solved with extra money, other times they cannot.”
DeFi is gaining traction within the Solana ecosystem, driving trading volume to all-time highs earlier this month.
Using treasuries and fund campaigns to boost developer ecosystems within blockchains is common with programs already available for a range of blockchain networks including Bitcoin, Ethereum, OkCoin, and Polkadot.
In September last year, Polkadot received one of the largest fund boosts to date with Digital asset development company RockX investing $20 million to support the Polkadot ecosystem over the next five years.
Blockchain
TA: Bitcoin Holds Strong At $31K, Why The Bulls Are Facing Uphill Task
Bitcoin price is stuck in a range below the $33,500 and $33,800 resistance levels against the US Dollar. BTC is likely to continue lower unless it clears the $33,800 resistance.
- Bitcoin retested the $31,000 zone and managed to stay in a range.
- The price is currently facing resistance near $32,800 and the 100 hourly simple moving average.
- There is a short-term ascending channel or a » Read more
” href=”https://www.newsbtc.com/dictionary/bear/” data-wpel-link=”internal”>bear flag forming with support near $31,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).
Bitcoin Price Is Facing Strong Resistance
After a failed attempt to clear the $35,000 resistance, bitcoin price trimmed gains and traded below $33,800. BTC even broke the $32,500 level and settled below the 100 hourly simple moving average.
There was a spike below the $31,000 level, but it remained stable above $30,800. A low is formed near $30,823 and the price is currently recovering higher. It surpassed the 23.6% Fib retracement level of the downward move from the $34,915 high to $30,823 low.
Bitcoin price is currently facing resistance near $32,800 and the 100 hourly simple moving average. The 50% Fib retracement level of the downward move from the $34,915 high to $30,823 low is also near $32,800.
Source: BTCUSD on TradingView.com
At the outset, it seems like there is a short-term ascending channel or a » Read more
” href=”https://www.newsbtc.com/dictionary/bear/” data-wpel-link=”internal”>bear flag forming with support near $31,900 on the hourly chart of the BTC/USD pair. To continue higher, the bulls need to gain strength above $32,500, $32,800 and the 100 hourly SMA.
The next strong resistance is near the $33,500 and $33,800 levels. A close above $33,800 could increase the chances of a steady rise in the coming sessions.
Fresh Dip in BTC?
If bitcoin fails to clear the $32,800 resistance or $33,500, it could start a fresh decline. An initial support is near the channel support at $31,900.
A clear break below the channel support could open the doors for a larger decline towards the $30,800 support. Any more losses may possibly call for a downside break below the $30,000 support zone.
Technical indicators:
Hourly MACD – The MACD is struggling to gain momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now close to the 50 level.
Major Support Levels – $31,800, followed by $30,800.
Major Resistance Levels – $32,800, $33,500 and $33,800.
Source: https://www.newsbtc.com/analysis/btc/bitcoin-holds-strong-at-31k/
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