ICP Skyrockets 35% Daily, BTC Reclaims $42K and Eyes $43K (Weekend Watch)
ICP has stolen the show over the past 24 hours, followed by INJ, FIL, and STX.
Bitcoin reacted well to yesterday’s price drop to $41,300 and has gained a grand and a half in the following hours.
Most altcoins are also slightly in the green during the last day of 2023, with AVAX tapping $40 and SOL maintaining above $100.
BTC to Challenge $43K?
Bitcoin was trading higher last weekend, and even tried to overcome $44,000 on two occasions but to no avail. The subsequent rejections pushed the cryptocurrency south hard, and the asset fell to $41,600 on Tuesday.
The bulls intercepted the move and pushed BTC north by over two grand to just under $44,000. Another rejection followed by the end of the business week and Saturday that resulted in a price drop to a 12-day low of $41,400 (on Bitstamp).
Bitcoin has managed to defend its position above $41,000. Moreover, the asset has jumped by $1,500 since then and now stands close to $43,000 after a 2.5% daily increase.
Its market capitalization has soared to $836 billion, and its dominance over the alternative coins is back above 50% on CMC after declining by more than 1% in days.
ICP Steals the Show
Most altcoins slipped in value yesterday, but the landscape seems quite different today. Ethereum has increased to just over $2,300 after a minor daily jump. Binance Coin stands above $320 after a 2% pump.
Solana has maintained the $100 level following a 3% increase, while AVAX’s 4% jump has helped it retap $40. Similar gains are evident from XRP, ADA, DOGE, MATIC, TRX, and LINK. Polkadot’s native token has soared by 5% in a day and trades above $5.5.
Nevertheless, the most impressive daily gainer is ICP. The asset has soared by 35% overnight and trades well above $13. Next in line from the top 36 crypto assets are INJ, STX, and FIL.
The total crypto market cap has managed to erase yesterday’s losses and is back to $1.670 trillion on CMC.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Oil tanker freight reaches a sixty-year high: shipping oil from the US to China is more expensive than launching a rocket!
The freight for a single barrel of crude oil has soared to $41, approaching half the oil price, and for a single trip, the freight was once enough to buy an oil tanker. The Middle East crisis has led to a structural shortage of shipping capacity in the Strait of Hormuz, coupled with ship-to-ship transfers extending turnaround times. VLCC freight rates have skyrocketed from an annual average of $9.2 million to $77 million—an increase of more than eight times. Refiners’ profits are being rapidly eroded, the average price of second-hand oil tankers has reached a historic high, and, unusually, surpassed the price of new vessels.
Following the Drop but Not the Rise! Silver Trapped in Difficulties
The logic of AI and solar energy demand continues to play out, yet prices are falling against the trend—macroeconomic forces such as a strengthening US dollar and rising real interest rates have completely suppressed fundamentals. Speculative funds offloaded $1.6 billion in a single week, marking a yearly peak, while CTA net short positions reversed by $2.6 billion to the highest level this year. However, Goldman Sachs analysts believe that the extreme short positioning itself is building reversal momentum, highlighting an asymmetry; once macro headwinds subside, a retaliatory rebound could be easily triggered. After a similar shakeout last time, silver surged 15% in six weeks.
The "Digital Metrics Game" Behind the Trillion-Dollar Valuation: OpenAI and Anthropic's Revenues Are Actually Incomparable
Anthropic counts "total revenue" in its cloud sales, while OpenAI only recognizes the "net revenue" based on profit-sharing. This discrepancy in accounting standards has directly triggered a decline in tech stocks. Even more striking, the highly touted "annualized revenue" is significantly inflated, with OpenAI's actual revenue expected to be only half of this figure. Anthropic's actual revenue also exhibits nearly a 50% gap compared to its reported numbers.
Crypto prices
More
