CoinLoan Weekly: Calmer Markets, DOGE Surge, 13th Bitcoin Anniversary
In sharp contrast to the previous week, BTC stayed within a relatively tight range, giving market participants some relief. Its price rebounded on Monday from under $41,000 and rose over the $42,900 mark by week’s end. Traders and analysts were still cautious, and substantial selling hampered growth. The highest price for the period was $44,142.96 on January 12.
As of this writing, BTC is trading around $42,860. Over the past 24 hours, the cryptocurrency has remained largely flat, losing just 0.2%. The 7-day change is + 2.4%.
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ETH started the week by dipping to $3,011.09 and rebounding within the same day. Subsequently, it behaved similarly to BTC, with slight fluctuations within a narrow range. The coin peaked at $3,395.75 on January 16, which is still nearly $500 lower than a week prior.
As of now, ETH is trading at around $3,270, with a 24-hour change of -1.4% and a 7-day gain of 3.6%.
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On Monday, XRP rebounded from a low of $0.724493. Since January 11, it has been trading over the $0.76 mark. The dynamics were less volatile than the week before, and the average Fear & Greed index dropped to 22.
XRP has not risen over $0.79 since the 7-day high of $0.804081 on January 13. As of now, the price is $0.765368, with a 24-hour change of -2.2% and a 7-day gain of 1.0%.
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Dogecoin Price Jumps After Elon Musk's Tweet
On Friday, January 14, Dogecoin gained over 10% in the wake of Elon Musk's announcement that it could now be used to pay for Tesla merchandise. The tweet Tesla merch buyable with Dogecoin garnered over 270,000 likes and triggered a rally.
Now, some product descriptions in the company's merchandise and accessories store feature a DOGE checkout button. Musk’s affinity for the coin is well-known — he has even appeared on Saturday Night Live as “Dogefather”. His five words caused a rise from $0.16 to over $0.19.
Yet, the surge was unimpressive compared to the record $0.60 in May 2021. As of now, the coin is trading at just under $0.17.
Musk’s tweets have caused dramatic swings in the crypto market before. Last year, BTC skyrocketed after announcing that Tesla would accept it as a payment method. A few months later, the CEO turned 180 degrees, causing a major crypto collapse. His tweet about abandoning BTC due to environmental concerns dragged multiple coins down.
13th Anniversary of the First Bitcoin Transaction
On January 12, 2009, Satoshi Nakamoto sent 10 BTC to computer scientist Hal Finney. That first transaction 13 years ago was probably a blockchain viability test. Since then, the price of Bitcoin has soared from almost nothing to nearly $44,000. Over 703 million transactions have been executed as of January 16.
When BTC was sent for the first time, it did not even have a cash value. It was a highly experimental, obscure, and unproven asset. Now, financial regulators around the world are discussing ways to integrate crypto into their systems. Even central bank digital currencies are in the works.
In 13 years, in 2035, there will still be a lot of BTC blocks to mine. Some analysts expect the price to hit the $100,000 mark this year and continue growing.