📈 Bitcoin: The Irresistible Rise!
Welcome to the Daily Tribune on Tuesday, February 13, 2024 ☕️
Hello Cointribe! 🚀
Today is Tuesday, February 13, 2024, and like every day from Tuesday to Saturday, we summarize the news from the last 24 hours that you shouldn't miss!
But first…
✍️ Cartoon of the day:
A quick look at the market…
🌡️ Temperature:
Sunny ☀️
24-hour crypto summary ! ⏱️
🚀 Bitcoin breaks into the Top 10 global assets
In 2024, Bitcoin achieved a feat by entering the top 10 largest global assets, with a valuation approaching $1 trillion. This historic breakthrough puts Bitcoin ahead of giants like Tesla and Visa and highlights its growing adoption in traditional finance. With a market capitalization of $947 billion, Bitcoin ranks among the most valuable assets, surpassing iconic companies and reflecting renewed interest in cryptocurrency in a fluctuating economic climate.
This ascent symbolizes not only the democratization of Bitcoin among a wider audience and institutional investors but also its progressive integration into corporate and fund investment strategies. The emergence of cryptocurrency-based ETFs and the possibility of using blockchain to issue financial instruments testify to the recognition of Bitcoin as a viable investment class.
The integration of Bitcoin into the top 10 largest global assets by market capitalization is not only a milestone for Bitcoin itself but also an indicator of the maturation and increasing acceptance of cryptocurrencies in the global economy. This development suggests recognition of Bitcoin as a legitimate and viable asset class that can compete with giants of the traditional industry. This could encourage more institutional investors to consider cryptocurrencies as an essential component of their investment portfolios, increasing demand and potentially stabilizing crypto market volatility.
📈 Bitcoin flirts with $50,000: Profitable addresses on the rise
As Bitcoin approaches $50,000, a remarkable statistic draws attention: over 90% of Bitcoin addresses are now profitable, a record that underlines the current strength of the market. This significant increase in the number of profitable addresses coincides with a period of strong appreciation in the value of Bitcoin. This trend is fueled by a combination of increasing institutional adoption and anticipation of the 2024 halving, events that contribute to an optimistic atmosphere around the first cryptocurrency.
The market also observes a notable increase in Bitcoin addresses reaching the profitability threshold, with 1.35 million addresses (2.60%) now in this category. This enthusiasm is partly due to the launch of Bitcoin spot ETFs, which have captured the interest of institutional investors after SEC approval. MicroStrategy, a major player in institutional Bitcoin investment, has recently increased its holdings to 190,000 BTC, demonstrating continued confidence in Bitcoin's potential to outperform traditional assets.
The surge in profitable Bitcoin addresses, with over 90% of them in the green, illustrates not only the market's recovery but also renewed confidence in Bitcoin as a store of value. This trend, coupled with the approaching 2024 halving, could signal the beginning of a new bull cycle for Bitcoin, driven by increasing scarcity and sustained demand. However, it is crucial to monitor how this dynamic affects the distribution of Bitcoin and whether it leads to increased asset concentration, which could have long-term implications for decentralization and network security.
🌐 Cointribune and Republike: An alliance to reward curiosity related to cryptocurrencies
Cointribune, a few months after the launch of its Read to Earn program, joins forces with Republike, marking a new milestone in its initiative to reward readers for their engagement. This collaboration between the world of cryptocurrencies and social media promises an enriching experience for users, offering them the opportunity to be rewarded for their dedication. Through a system of playful quests, participants can explore the Republike universe while accumulating rewards, with privileged statuses such as "Founding Citizen" or "Founding Father," offering exclusive advantages on the platform.
Republike stands out with its Pay-to-Own economic model, which offers an alternative to traditional social media practices. Users become co-owners of the platform and actively participate in its governance, while benefiting from a share of the generated revenue. This approach aims to promote more conscious and equitable use of digital platforms in response to growing concerns about privacy and the use of personal data.
🌕 Bitcoin Halving 2024: A historic turning point according to Grayscale
The Bitcoin halving in 2024 is being heralded as an unprecedented event by Grayscale, highlighting several fundamental developments that set it apart from previous ones. The Bitcoin ecosystem has evolved with the introduction of ordinals, the launch of Bitcoin spot ETFs, and sustained on-chain activity, paving the way for a unique halving event. The reduction of Bitcoin's issuance from 6.25 to 3.125 BTC per block presents a challenge for miner revenues, but strategic preparations, such as fundraising and reserve sales, have been put in place to mitigate the impact.
The rise of ordinals and layer 2 solutions opens up new revenue avenues for miners, with over 59 million assets registered and over $200 million generated in transaction fees. Additionally, the increasing interest in Taproot-compatible wallets and layer 2 rollup initiatives indicates a shift towards improved scalability and efficiency. Unlike previous halvings, the 2024 halving takes place in a context where Bitcoin ETFs could absorb some of the selling pressure, fundamentally transforming the market structure and strengthening Bitcoin's position as a deflationary and decentralized digital asset.
The 2024 Bitcoin halving is characterized by several unique factors, including the rise of ordinals and the adoption of Bitcoin spot ETFs, which could mitigate the typically associated selling pressure. This period could mark a turning point for Bitcoin, not only in terms of price but also in terms of functionality and usage.
🌉 ICP approaches Ethereum: A revolution in progress
The Internet Computer Protocol (ICP) takes a giant step towards integration with Ethereum with the introduction of the beta version of the EVM RPC Canister. This technical breakthrough promises to redefine the limits of interoperability and security in the blockchain ecosystem by facilitating integration between ICP smart contracts and Ethereum smart contracts. By removing the barriers that previously hindered developers, the EVM RPC Canister paves the way for more robust and secure decentralized applications (dApps) and marks a crucial step towards merging the capabilities of these two blockchain giants.
The EVM RPC Canister stands out for its ability to provide unprecedented security for dApps, thanks to an automatic consensus inference mechanism that verifies each outgoing request to multiple RPC providers. This innovation also simplifies the management of API keys, a major challenge for developers working with Ethereum's RPC services, and facilitates smooth and secure interoperability between ICP and Ethereum.
The integration of the EVM RPC Canister by ICP represents a significant step towards increased interoperability between blockchains, allowing for improved fluidity and security for developers and end users. This initiative could catalyze the development of multi-chain decentralized applications, leveraging the unique strengths of Ethereum and ICP.
Cryptocurrency of the day: Sei (SEI)
Sei Network stands out in the cryptocurrency world with its innovative approach focused on performance and efficiency. As a layer 1 blockchain, Sei positions itself as the preferred solution for decentralized finance (DeFi) applications thanks to its unique architecture that promotes transaction parallelization and faster execution. This innovation adds significant value by reducing transaction costs and improving the user experience, crucial aspects for the adoption and efficiency of DeFi applications.
The native cryptocurrency of the network, SEI, plays a central role in the Sei ecosystem, facilitating not only transactions and fee payments but also serving as a governance mechanism for token holders. The initial distribution of SEI was designed to encourage active participation within the community, with clear benefits for holders, such as voting rights on network evolution proposals and participation in staking rewards. This approach aims to create a robust decentralized ecosystem where users are incentivized to contribute to the development and security of the network.
Recent performance
Current price: €0.739
Percentage increase/decrease: 9.81% increase in the last 24 hours
Market capitalization: Approximately €1,792,217,285
Rank on CoinMarketCap: 48
Crypto analysis of the day: Bitcoin (BTC)
Bitcoin has just surpassed the psychological threshold of $50,000. This achievement is even more remarkable as it comes amidst a sustained bullish trend, with Bitcoin climbing from a range between $42,000 and $44,000 to reach $48,000 in just four days. This rapid ascent is not a coincidence but the result of positive market dynamics, supported by strong technical indicators and renewed investor confidence.
The significance of the 61.8% Fibonacci retracement level, calculated from Bitcoin's historic peak, should not be underestimated. This recently reached anchor point is not only a technical reference but also a strong signal for investors, indicating that the current momentum could propel Bitcoin to new highs. Bitcoin's position above its 50-day moving average reinforces this outlook, suggesting a sustainable bullish trend. However, like any savvy sailor in the cryptocurrency ocean, it is crucial to remain vigilant and not get carried away by euphoria without considering the risks of a correction.
The current market situation, characterized by an increase in open interest and a positive funding rate, reflects widespread optimism. Nevertheless, this exuberance could also signal excessive optimism, with the risk of short-term overheating. The recent forced liquidations of short positions above $49,000 illustrate the intense bullish pressure but also emphasize the need for a measured approach. The liquidation levels near the current price, particularly around $46,000 and $47,000, represent critical thresholds to monitor in anticipating future market movements.
In conclusion, breaking the $50,000 mark opens the door to new bullish prospects, with short-term resistance expected around $52,000 and potentially $54,000. However, consolidation or a correction should not be ruled out, making the analysis of key levels more important than ever.
