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Market highlights January 4: Cryptos bearish, Tesla up 13%, leads SPX500 to record high

Crypto market as a whole is bearish, particularly the top 20. The DJ30 (+0.68%) and SPX500 (+0.64%) hit fresh highs yesterday in the first trading session of 2022. The NASDAQ100 (+1.2%) also closed higher. Tesla was the standout performer on the SPX500, advancing 13.5% after smashing analysts’ sales expectations.

Top cryptos

Most of the top 20 by market cap have lost value, with Polkadot and Algorand being exceptions in the top 12. Solana dropped more than 3%, Cardano and BNB were down more than 2.5% and XRP slid more than 2%. Bitcoin was trading above $46,000, down approximately 1.5% at time of writing.

The live NEAR Protocol price today is $17 with a 24-hour trading volume of $1.4 billion. NEAR Protocol, which ranks 15th, is up almost 20% in the last 24 hours.

Fantom, ranking at #19, was trading at $2.89 at the time of writing. It is up 19% in the last 24 hours. It is relentless as it corrects its previous pullback. It has been on a constant bull run since December 13, 2021, and analysts believe it will reclaim its ATH of $3 before the end of January.

Another winner is ATOM, the token of Cosmos. Its price today is just over $39 with a 24-hour trading volume of $2 billion. Its native token, ATOM, is up 10% in the last 24 hours.

Top movers

Hathor is the biggest top 100 winner today with gains of 25%. It arranges its transactions in a DAG – outside the blocks – which are confirmed by the blocks. This design reportedly allows Hathor to be highly scalable and decentralized. Hathor aims to tackle the complexity of creating a new token. Tokens in the network will reportedly operate with the same scalability and security parameters as the native HTR token.

Ravencoin is second with gains of 17%. It is a digital peer-to-peer network that aims to implement a use case specific blockchain, designed to efficiently handle asset transfer between parties.

Velas and Secret both gained 13% today. Velas bills itself as the world’s fastest EVM blockchain, enabling up to 75 000 tx/s, processed instantly, with high security and low cost. Secret is the native token of Secret Network, a blockchain with data privacy for smart contracts by default, allowing you to build and use applications that are both permissionless and privacy-preserving. This functionality protects users, secures applications, and unlocks hundreds of never-before-possible use cases for Web3.

Akash is the world’s first decentralized cloud computing marketplace, and the DeCloud for DeFi. It is also up 13% today. Tezos has gained 12% in the last 24 hours.  

Trending

Saitama, a community-driven token and platform that wants to develop solutions to educate the next generation of investors and make crypto simple and safe for everyone, is up almost 50% today. It started as a meme coin, but eventually expanded beyond that. It’s surging on news of a potential Binance listing.

Shuna Inuverse, a next gen gaming NFT utility initiative, is the biggest trending coin of the day with value growth of 831%.

The post Market highlights January 4: Cryptos bearish, Tesla up 13%, leads SPX500 to record high appeared first on Coin Journal.

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Nexo co-founder believes Bitcoin could reach $100,000 by mid-2022

  • Antoni Trenchev is bullish Bitcoin will trade higher this year, possibly hitting $100k in the summer.

  • He believes institutional adoption and “cheap money” are key to pushing BTC prices higher.

Antoni Trenchev, the co-founder of the crypto lending platform Nexo, argues that the next six months could see Bitcoin price surge to the psychological target of $100,000.

Bitcoin failed to reach the $100k mark in 2021, fading its bull run in November when it hit the all-time high of $69,000. The miss saw bold predictions for the flagship cryptocurrency to reach the milestone before the end of the year rehashed for a fresh bid in 2022.

Trenchev isn’t alone in calling for a BTC price in the six-figure zone. Last week, El Salvador president Nayib Bukele also made this call, noting in via Twitter that the year will also see two other countries adopt the benchmark cryptocurrency as legal tender.  

But while his prediction has Bitcoin at the landmark target by end of the year, Nexo’s Trenchev says it’s possible the threshold could be breached even earlier. He told CNBC’s “Street Signs Asia” that pioneer cryptocurrency could be trending at $100,000 by mid-year.

Inflation hedge and “cheap money” 

Trenchev is looking at two scenarios that could aid Bitcoin’s upward price trajectory. He sees a spike in institutional investment as a boon for the industry, with inflows into Bitcoin aiding the bullish case. On this, he suggests inflation will see a growing number of investors seeking a hedge asset like Bitcoin. 

He also believes there’s a lot of “cheap money” ready to come into crypto, despite this likely to be upended by Fed interest rate hikes.

Noting that he holds a “contrarian” view, the Nexo boss believes the money will flow into Bitcoin as an inflation hedge. He looks at the scenario where equities and bond markets take a hit as soon as the central bank hikes the interest rates.

Yet, according to him, there hasn’t been “much political will” for an extended correction in the legacy markets, which could play out in support for “cheap money” flowing into Bitcoin.

Nexo launched its crypto lending service in 2018 and says on its website that its available in more than 200 jurisdictions, with over 2.5 million customers.

In the market, Bitcoin currently trades around $46,260 after breaking below $50,000 once again.

The post Nexo co-founder believes Bitcoin could reach $100,000 by mid-2022 appeared first on Coin Journal.