The Weekly Crypto Update (09/02/2024)

Welcome to our newest edition of The Weekly Crypto Update — your source for the most recent shifts in the crypto market, the latest news, and upcoming market movements.

Weekly Crypto Performance

The bulls are dominating the crypto market this week. Bitcoin (BTC) and Ethereum (ETH) saw increases of +8.28% and +6.91%, respectively, over the past seven days.

Most of the top 10 altcoins by market cap have also shown an uptrend in their value over the last week.


Top-10 Crypto Coins by Market Cap 7-Day Performance

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Top Crypto Market News

Bitcoin Breaks Through $47,000 Barrier

In a stunning rally on February 9th, Bitcoin shattered expectations by consolidating its value above the $47,000 mark. This 4% increase over the last 24 hours has not only excited investors but has also pushed Bitcoin’s market capitalization to an impressive $913 billion, with a trading volume that soared to $29 billion according to CoinGecko’s latest data.


1-Day BTC Price Chart

Market analysts at LMAX Group have highlighted this breakthrough as a significant departure from recent short-term consolidation trends, setting the stage for a potential surge towards the $50,000 milestone. They’ve also identified a robust support level at $41,800, indicating a strong market sentiment favoring Bitcoin’s growth trajectory.

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MicroStrategy’s Strategic Bitcoin Accumulation

MicroStrategy has once again made headlines with its aggressive Bitcoin acquisition strategy, adding 850 BTC to its reserves in January alone, for a total investment of $37.2 million. This latest purchase brings the company’s total Bitcoin holdings to an eye-watering 190,000 BTC, valued at approximately $8.17 billion at current prices.

This strategic accumulation is part of MicroStrategy’s broader investment thesis on Bitcoin, with the company having spent $5.93 billion at an average purchase price of $31,224 per BTC. The firm’s unwavering commitment to Bitcoin underscores a long-term confidence in the digital asset, reinforcing its position as a leading corporate investor in the cryptocurrency space.

SpaceX’s Dogecoin-Fueled Lunar Mission

In an exciting development for both space exploration and cryptocurrency enthusiasts, Geometric Energy Corporation has confirmed the launch of the DOGE-1 satellite mission to the Moon with SpaceX, paying entirely in Dogecoin. This groundbreaking initiative, initially set for early 2022, aims to conduct spatial reconnaissance of the lunar surface using a 40-kilogram cubesat satellite.

Scheduled to launch from the Kennedy Space Center in Florida, the mission’s multi-day launch window is set to open on February 14th, potentially marking a historic moment where cryptocurrency and space exploration intersect in a meaningful way. This mission not only highlights the growing acceptance of cryptocurrencies like Dogecoin in unconventional sectors but also showcases the innovative spirit driving the current crypto market trends.

Stay tuned for more updates and insights into the world of cryptocurrency!

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