Bitcoin, Ethereum and Dogecoin all post price gains of + 12% at the time of writing [23:53] just over 2 hours before the close of Monday’s daily candle at 2pm.
The Bitcoin bulls are fighting
Bitcoin [$ 53,082.55] led the rally on Sunday night as prices rebounded from a low of $ 47,079.14 and earned more than $ 6,000 to win back the $ 53,000. Currently, Bitcoin’s market cap is just under $ 1 trillion [ $ 998.03 billion] with $ 28.05 billion in volume in the past 24 hours.
Ethereum’s price continues to drive juggernauts
Ethereum continues to climb higher and is still performing better than Bitcoin for the past 12 months. Ethereum [$ 2,490.15] marks + 1.170% in this same time frame. The second largest cryptocurrency in the world by market capitalization with a market cap of $ 287.2 billion has outperformed BTC by 83.08% over the past year.
Dogecoin’s price rebounds with the market
Doge, like it or not, continues to stay in the Top 10 of cryptocurrencies by market cap and also posted gains of 12 +% for much of Monday. Doge [$ .259] has a current market cap of $ 33.729 billion and has recorded a volume of $ 5.06 billion in the past 24 hours.
Aggregate market capitalization
The total cryptocurrency market capitalization [$ 2,040,037,466,313] is back within the rising wedge pattern that has been forming on the charts since the end of February this year. The bulls have certainly won the past 24 hours, but the bears are likely to push harder in the coming days to close this month’s futures and options contracts. The bulls will look to continue the price rally and hope for a continuation of the upward reversal in Monday’s price action.
Did politics and regulations drive some of last week’s sales?
News last week of Joe Biden ‘s plan to raise income taxes and capital gains on all assets, including cryptocurrencies, likely contributed to last week’s big sell off. Ironically, the tax hike could actually accelerate holders’ desire to never sell, with tax rates disparity over the number of years a person holds a particular cryptocurrency.
Chamath Palihapitiya , the multi-billion dollar entrepreneur, owner of the NBA’s Golden State Warriors and angel investor tweeted Monday about Biden’s proposal.
With the game theory aspect of the Bitcoin paradigm, it will be interesting to see if Americans vote with their feet. Now the question is, will crypto investors and startups start migrating out of the US to more crypto-friendly places that are ready to embrace the future of blockchain technology? Leaving Biden’s tax plan behind?