Quick analysis of cryptocurrency prices on January 26: The worldwide market capitalization stood at $1.56 trillion.

Bitcoin (BTC), the world’s oldest and most valuable cryptocurrency, surpassed $40,000 early Friday. Other popular coins, such as Ethereum (ETH), Dogecoin (DOGE), Solana (SOL), Ripple (XRP), and Litecoin (LTC), experienced a mix of modest increases and declines. The MANTA token, which was the biggest gainer yesterday, ended up being the biggest loser today, with a 24-hour drop of more than 10%. PYTH, on the other hand, became the greatest gainer, with a 24-hour increase of more than 13%.

At the time of writing, the worldwide cryptocurrency market capitalization was $1.56 trillion, up 0.32 percent in 24 hours.

Bitcoin (BTC) Price Today
According to CoinMarketCap, the bitcoin price was $40,116.38, representing a 0.37 percent increase in the previous 24 hours.

Ethereum (ETH) Price Today
At the time of writing, the price of ETH was $2,223.92, a 0.38 percent increase over the previous 24 hours.

Dogecoin (DOGE) Price Today
According to CoinMarketCap data, DOGE increased by 0.17 percent in the last 24 hours and is now trading at $0.07811.

Litecoin (LTC) Price Today
Litecoin increased by 0.15 percent over the course of 24 hours. At the time of writing, the stock was trading at $65.72.

Ripple (XRP) Price Today
XRP was trading at $0.5135, down 0.27 percent in 24 hours.

Solana (SOL) Price Today
Solana was trading at $88.04, down 0.25 percent in 24 hours.

While Bitcoin’s scarcity and decentralised nature correspond with the story of a store of value, its metaphorical link with gold testifies to its enduring properties.

In recent years, Bitcoin has distinguished itself as the pioneer who introduced the world to decentralised digital currency. Bitcoin’s reputation and utility have substantially changed, sparking arguments regarding its genuine nature. One such debate is whether Bitcoin is primarily a store of value or a digital equivalent of gold.

Bitcoin as a Value Store

Because of its limited supply and deflationary nature, the concept of Bitcoin as a store of value gained traction. The entire quantity of Bitcoin is limited to 21 million, a feature that matches precious commodities such as gold. Because of its scarcity, proponents say that Bitcoin is a reliable store of value, akin to gold’s historical significance.

Furthermore, Bitcoin’s decentralised nature, which operates on a peer-to-peer network with no reliance on a central authority, lends to its appeal as a store of value. Individuals and institutions may turn to Bitcoin as a hedge against traditional financial risks during periods of economic uncertainty, political instability, or hyperinflation.

Bitcoin as a Metaphor for Digital Gold

The analogy of Bitcoin to gold extends beyond scarcity to its perceived intrinsic value. For ages, gold has been used as a store of wealth because of its durability, divisibility, mobility, and fungibility. Bitcoin shares these characteristics, with the added benefit of being freely transferable and divisible into smaller pieces called as Satoshis.

As investors sought alternative assets with a buffer against inflation and a store of value, the idea of Bitcoin as digital gold gained traction. Bitcoin’s fixed quantity and decentralised nature are characteristics that have historically made gold a sought-after asset during times of economic turmoil.

Take Away

When it comes to gold, every ounce ever mined survives in some form or another. While gold is not a traditional portfolio asset, its role as a store of value is indisputable. Over time, gold has demonstrated its potential to outperform inflation, a feat that few other investments have achieved. Furthermore, the scarcity of gold contributes to its intrinsic value; regardless of mining efforts, only a limited amount can be extracted.

Surprisingly, Bitcoin exhibits these qualities. All Bitcoins, created within an unbreakable database, continue to exist, mimicking gold’s unrivalled excellence. The energy-intensive and sophisticated process of creating Bitcoin naturally limits its supply, which is enforced by a strict audit trail. Despite its volatility, Bitcoin has shown positive returns over time, cementing its position as a dependable store of value. Furthermore, Bitcoin’s ease of storage and transmission provides a contemporary advantage over its conventional gold counterpart.

The future of Bitcoin as a store of wealth or digital gold is a fluid debate that reflects the ever-changing nature of the cryptocurrency ecosystem. While Bitcoin’s scarcity and decentralised nature correspond with the story of a store of value, its metaphorical link with gold testifies to its enduring properties.

Bitcoin’s role in the financial landscape is likely to expand as the cryptocurrency ecosystem navigates new obstacles and developments. Ongoing advancements, including as the Lightning Network’s scalability update, growing institutional use, and evolving regulatory developments, indicate a shifting picture. Whether it becomes a mainstream store of value or digital gold, Bitcoin’s path is unquestionably one of finance’s most compelling stories.

In Wednesday’s session, crypto tokens were trading mixed, with a positive bias. Ethereum, XRP, BNB, Cardano, Dogecoin, and Polkadot were trading in the green, while Bitcoin, Solana, Toncoin, and Polygon were trading in the red.

As of 12:05 p.m., Bitcoin was up 1.12% at $35,308, while Ethereum was trading below $1,900.

Other popular altcoins, such as Solana and Toncoin, increased by up to 9%. While BNB dipped 2.4%, Polkadot plunged 8%.

Bitcoin is currently trading about $35,300, while altcoins such as Solana and Toncoin have increased by more than 6% and 11%, respectively. This recent price movement has increased the overall value of the cryptocurrency market to a 16-month high of 1.34 trillion dollars. To maintain its momentum, Bitcoin must break through the $35,700 barrier; else, it may find support near the $34,200 mark.

According to Edul, the present market sentiment is neutral with a positive tilt as a result of altcoin gains.

In the last 24 hours, the global cryptocurrency market cap climbed by 0.18% to roughly $1.33 trillion.

The market capitalization of Bitcoin, the world’s largest cryptocurrency, has risen to $689 billion in the last 24 hours. According to CoinMarketCap, Bitcoin now has a 51.75% market share. BTC volume increased by 43.07% in the last 24 hours to $18.66 billion.

Bitcoin maintained its narrow range, displaying some upside and reaching the $36k barrier before finding support at $35k once more. If Bitcoin reaches $36k, it will set an 18-month high.

Recent Bitcoin market movements imply a period of consolidation, with the $34,990 critical level garnering the attention of day traders. In recent trade, the immediate barrier is around $35,360, which provides a hurdle. If this level is broken, traders should look for resistance at $36,051 and $37,018. On the upside, initial support is located around $34,693, and bearish momentum may lead to additional support levels around $33,281 and $32,481.

With hopes of renewed demand from exchange-traded funds, bitcoin continued its upward trend and hit its highest price since May of last year.

As of 8:11 a.m. (7:31 p.m. IST) on Tuesday in New York, the greatest digital asset had risen as much as 11.5% to above $35,000 before reversing some of the gain and trading at $34,605. This brings its year-to-date recovery from the 2022 digital asset collapse to 108%.

Speculative enthusiasm for the cryptocurrency is being fueled by the potential approval of the first US spot Bitcoin ETFs in the upcoming weeks. BlackRock and Fidelity Investments are two asset managers competing to provide these kinds of products. Bulls in digital assets claim that the ETFs will increase the cryptocurrency’s ubiquity.

Grayscale Investments LLC has won its battle against the US Securities and Exchange Commission to establish a spot Bitcoin exchange-traded fund (ETF) on Monday, according to a US federal appeals court.

Due to concerns about fraud and market manipulation, the SEC has thus far opposed approving exchange-traded funds (ETFs) that make direct investments in Bitcoin. The court decision and a rush of applications from major investors seeking to launch spot funds fueled rumours that the agency might give in.

MicroStrategy, a Bitcoin holder, and trading platform Coinbase Global Inc. see increases of 7.7% and 8.9%, respectively. Riot Platforms and Marathon Digital Holdings, two miners, are each up about 14% so far in the morning session.

According to analyst John Todaro of Needham, “we believe the crypto sector is coming upon an inflection point that will lead, in any of our scenarios, to increasing volatility in crypto-linked stocks,” in a note.