Altcoins Surge as Bitcoin Reclaims its $33,000 Support

The prices of altcoins climbed after Bitcoin re-established its earlier $33K support 24 hours before the expiry of a record $4 billion BTC futures. Bitcoin has now returned to its $32K zone as it climbs 10% to its support, indicating another bullish outlook for the cryptocurrencies on January 28. Market data reveal that Bitcoin rose to $33K from $31k, a 9% jump in the digital currency price.

Dogecoin (DOGE), which rose by 200%, emerged as the highest gainer for the January 28 trading day. Interestingly, meme coin, a well-known cryptocurrency, recently benefitted from the over 3 million Reddit community following GameStop, BlackBerry, and AMC Theatres became beneficiaries a few days ago. On January 28, WSB Chairman posted on his Twitter account that: Some of you are discussing Dogecoin. What exactly is it? Is it meme crypto or what?

Wall Street Members Discussing Altcoins

After that, some Wall Street Bets members started talking about how to push DOGE to $1. A TheTIE report suggests that the number of times Dogecoin was discussed on Twitter was more than Bitcoin’s volume in the last 24 hours. This would be the first time an altcoin would gain more tweets than Bitcoin in one day.

In an interview with one of the crypto magazines, TheTIE founder said he was stunned by the number of times Dogecoin was discussed in the past 24 hours. He said the Tweet volume was 1,660%, while the trading volume rose by 1,545%, and the price jumped by over 200%. Cryptocurrencies are now gaining a broader acceptance on Wall Street

Recently, Coinbase announced that it would soon go public before the end of 2021. In a blog post, Coinbase revealed that it would list its Class A common stock directly to avail members of the public of the existing shares. Recently, reports that an asset manager from North Carolina, Kingfisher Capital, had been buying about 10660 Grayscale Bitcoin Trust shares for several months.

Investors slam some U.S. brokerage firms for halting the trading of GameStop and others

Many investors have been slamming some U.S. brokerage firms such as mobile-friendly broker Robinhood for preventing traders access to AMC Holdings (AMC) and GameStop (GME). This is the week’s trending news as a short squeeze created by some retail investors of the Reddit community caused the prices of the individual stocks to rise by hundreds of percent.

There was also a reversal in the traditional markets’ direction after a sell-off that took just a while. The NASDAQ, Dow, and S&P 500 were all bullish with a nearly 1% rise in their values. The strong support that Bitcoin reclaimed at the $32k level tallied with a robust rally that most altcoins recorded yesterday. Their gains ranged from 3 to 16%.

Cosmos jumped by 15%, Stellar 13%, Compound 14%, and Ether 5%, presently trading at $1,354.Presently, the crypto market’s overall cap is $984.6 billion, with Bitcoin maintaining the dominance of 63.2%. Since the beginning of 2021, Ether has risen by more than 100 percent, jumping from $750 to $1,400 before retracing to $1297 when writing this report. Meanwhile, Bitcoin has just been 20% higher in the same period.

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