(BTC) Bitcoin - "Entertainment For Losers"? Crypto Prices: (BTC/USD) Bitcoin Has Soared And Hit Ca. $41K! Terra (LUNA) Gone Up By 18%, Dogecoin (DOGE) Increased By 3.5%, Ethereum (ETH) Jumped

(BTC) Bitcoin - "Entertainment For Losers"? Crypto Prices: (BTC/USD) Bitcoin Has Soared And Hit Ca. $41K! Terra (LUNA) Gone Up By 18%, Dogecoin (DOGE) Increased By 3.5%, Ethereum (ETH) Jumped

Bitcoin returned to growth territory with a powerful surge at Monday's close, above the all-important $40K key level. A desperate attempt to hold on to the uptrend line from January resulted in a temporary success.

Bitcoin's dominance index added 0.3 p.p. to 41.0%

Over the past 24 hours, we have seen a 5% jump to $40.8K. Ethereum adds 4.5% in 24 hours, trading above $3040. Other leading altcoins from the top ten are adding between 3.5% (Dogecoin) and 18% (Terra). Total crypto market capitalisation, according to CoinMarketCap, rose 4.6% overnight to $1.89 trillion. Bitcoin's dominance index added 0.3 p.p. to 41.0%.

The cryptocurrency Fear and Greed Index declined Tuesday, adding 3 points to 27 and moving into "fear" territory.


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Yesterday, the formal trigger for bitcoin buying was reverting US stock indices in the New York trading session to the upside. However, what is striking is that cryptocurrencies were many times more optimistic about this change in trend, suggesting demand has been waiting to surge into the market.

What Is Bitcoin?

Also noteworthy is the increased amplitude of growth in the hottest cryptocurrencies (Solana, Terra, Avalanche), gaining more than bitcoin. The buying wave has not yet spread to the entire market, evidenced by bitcoin's rising share.


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Cryptocurrencies are a system of communicating vessels on several levels.

Bitcoin fills the demand first, followed by the first round of popular coins, followed by a wave of buying of smaller projects. The further away from the centre, the lower the liquidity, but the higher the sensitivity to sentiment. NTFs in this scheme are illiquid, where demand has not yet reached.

"Entertainment for losers"

The NFT market is about to burst because of rising interest rates, believes Nassim Taleb, American economist and author of Black Swan. Previously, he has been critical of bitcoin, calling it "entertainment for losers".

According to Blockchain.com, fees on the bitcoin network have fallen to their lowest since June 2020. The average transaction processing fee now costs a user just over $1.

The number of Lightning Network users has grown 800 times in a year, to 80 million, Arcane Research estimated. Lightning is designed to solve the problem of reducing high transaction fees. 

Alex Kuptsikevich

Alex Kuptsikevich

Financial market professional with 16-years' experience and Senior financial analyst at FxPro. Author of daily reviews on the impact of economic events with comments regularly featured in top international and Russian media. Covers fundamental analysis, global markets, foreign exchange market, gold, oil, cryptocurrencies.

Alex Kuptsikevich is a regular contributor to both digital and print media including CNBC, Forbes, Reuters, MarketWatch, BBC and Coindesk.