Cryptocurrency Price Check: Bitcoin to $61,000, Dogecoin and NFTs
Bitcoin is rising Saturday morning as it flirts with permanently climbing over $60,000 only to fall back under. Bitcoin is up over 22% in the past week and 8% in the past 24 hours. Could Bitcoin continue increasing in value from $60,000 to $100,000 in the future?
JPMorgan (JPM) – Get Report is the latest institutional bank to unveil an investment product with indirect exposures to Bitcoin and other cryptocurrencies.
Grayscale (GBTC) – Get Report halted new subscriptions to its booming crypto investment products this past week after a popular arbitrage trade that hedge funds and other wealth managers engaged in has unraveled.
Another booming cryptocurrency-related market that emerged in popularity this past month was NFTs or non-fungible tokens, which started with the NBA Top Shot NFT. An NFT is a unique digital file stored on a blockchain and some of the examples we’ve seen so far are sporting cards, artwork and photographs.
Popularity is surging while detractors question valuations but Christie’s auctioned off an NFT from crypto-artist “Beeple” for $69.3 million this past week
Here is a list of some of the top cryptocurrencies to watch and their performance from this past week by the percentage change at around 10:30 p.m. Saturday, Mar. 13.
Bitcoin BTC | $61,160.67
Norwegian billionaire Kjell Inge Rokke announced he’s investing $58 million in Bitcoin via his Norwegian industrials holding company.
Ethereum ETH | $1,904.68
The latest development in how Ethereum handles its transaction fees is on the books for July. This would permanently remove Ethereum coins from circulation, potentially increasing the asset’s overall valuation.
Dogecoin | $0.06
Flipside Crypto evaluated Dogecoin and gave their thoughts on Elon Musk’s favorite coin to tweet about. “That whales own over 50% of the total Dogecoin supply is concerning, not only for the security of the chain, which is very susceptible to a 51% attack but also for the volatility of its token price.”
Litecoin LTC | $223.64
Litecoin shot over $200 this past week as the price of Bitcoin continued to rise higher.
Bitcoin Cash BCH | $596.88
It was announced that 21Shares will list Ethereum and Bitcoin Cash ETPs on Deutsche Boerse’s Xetra market, according to CoinDesk.
Binance Coin | $273.40
Binance is under investigation for allowing Americans to make forbidden derivatives trades that will face a CFTC inquiry.
Filecoin | $55.95
Filecoin reached a global capacity of 2.5 billion gigabytes this past month as it continues to grow its storage capacity.
All cryptocurrency price performances are referenced and pulled from Coinbase.