{"id":2412,"date":"2021-08-23T00:00:00","date_gmt":"2021-08-23T00:00:00","guid":{"rendered":"https:\/\/xcoins.com\/crypto-market-cap-surges-past-2-trillion-as-bullish-indicators-stack-up\/"},"modified":"2023-07-28T15:22:42","modified_gmt":"2023-07-28T15:22:42","slug":"crypto-market-cap-surges-past-2-trillion-as-bullish-indicators-stack-up","status":"publish","type":"post","link":"https:\/\/xcoins.com\/en\/blog\/crypto-market-cap-surges-past-2-trillion-as-bullish-indicators-stack-up\/","title":{"rendered":"Crypto Market Cap Surges Past 2 Trillion as Bullish Indicators Stack Up"},"content":{"rendered":"\r\n<p>The total cryptocurrency <a href=\"https:\/\/xcoins.com\/en\/blog\/what-is-market-capitalization-in-crypto\/\">market cap<\/a> passed the $2 trillion mark this week as bitcoin blew past the $50K mark. Elsewhere, Dogecoin developers relaunch the Dogecoin Foundation alongside big-name supporters and the second largest mortgage provider in the US will begin accepting crypto repayments.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/p>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li>Bitcoin Stock to Flow indicates 2nd leg higher could be likely\u00a0<\/li>\r\n<li>United Wholesale Mortgages to start accepting bitcoin repayments<\/li>\r\n<li>Lloyds Bank and Walmart search for cryptocurrency experts<\/li>\r\n<li>Dogecoin Foundation relaunches with key crypto players<\/li>\r\n<li>US FOMC minutes suggest QE tapering before the end of 2021<\/li>\r\n<li>Big-ticket reports to watch out for this week<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\" id=\"h-bitcoin-pushes-towards-50-000-as-stock-to-flow-suggests-new-leg\"><strong>Bitcoin pushes towards $50,000 as stock to flow suggests new leg\u00a0<\/strong><\/h2>\r\n\r\n\r\n\r\n<p>It was another bullish week across the board for cryptocurrencies as Bitcoin, Ethereum, Cardano, and XRP all posted double-digit gains. As a result, the total cryptocurrency market cap reached the pivotal <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-08-15\/crypto-market-retakes-2-trillion-market-cap-amid-bitcoin-gains\">$2 trillion mark<\/a> for the 2nd time. A $2 trillion market cap has not been seen since May after environmental and China concerns crept into the markets.<\/p>\r\n\r\n\r\n\r\n<p>As Bitcoin dropped below $30,000 less than a month ago, many analysts had believed that the bull run of 2021 was over. However, the king of cryptocurrencies has displayed a remarkable turnaround from the lows experienced in July.\u00a0<\/p>\r\n\r\n\r\n\r\n<p>The Stock to Flow (S2F) model has been one of the most accurate Bitcoin price predictors to date. The model currently predicts that Bitcoin has not yet completed a true bull cycle, which could mean there is more upside to come.\u00a0<\/p>\r\n\r\n\r\n\r\n<p>The S2F model works by dividing the current supply (stock) of Bitcoin by the annual production (flow). In April 2021 according to <a href=\"https:\/\/www.forbes.com\/sites\/stevenehrlich\/2021\/04\/29\/demystifying-bitcoins-remarkably-accurate-price-prediction-model-stock-to-flow\/?sh=68658446476a\">Forbes<\/a>, Bitcoin\u2019s current stock was approximately 18.6 million and after the latest halving, the flow has been reduced to 328,500. The model has predicted Bitcoin\u2019s price movements over the last two bullish cycles and many believe the model will do the same for the current one.\u00a0<\/p>\r\n\r\n\r\n\r\n<p>When analyzing the current S2F chart, the on-chain signal (colored dots) has not reached the yellow\/green peak as seen in previous bull cycles. In the chart below, the two previous all-time high peaks have usually occurred 1000 &#8211; 800 days before the next halving event. This has not yet happened.\u00a0<\/p>\r\n\r\n\r\n\r\n<figure class=\"wp-block-image\"><img decoding=\"async\" class=\"aligncenter\" title=\"When compared with previous cycles, Bitcoin\u2019s stock to flow (S2F) model suggests the latest bull cycle is not yet complete.\" src=\"https:\/\/lh5.googleusercontent.com\/FVYary17Cu8ASfZS34LBsb-wfGRFwXnVKzrMASks0b9YmpuxWhvGSS-nPfC50COFgxjeb0UXkw1xXt4Hu5v-yAwIqGSFozOe6TWifYx3B1AEndy_cHzX8Qxyin2hvrCoKDV7Zp5f\" alt=\"Stock to Flow chart for Bitcoin\" \/>\r\n<figcaption><em>When compared with previous cycles, Bitcoin\u2019s stock to flow (S2F) model suggests the latest bull cycle is not yet complete.<\/em><\/figcaption>\r\n<\/figure>\r\n\r\n\r\n\r\n<p>While the S2F method has been around for decades and has primarily been applied to commodities it was applied to Bitcoin by the pseudonymous Twitter user \u2018Plan B\u2019. The infamous bitcoin S2F promoter shared his views on the resurgence of Bitcoin last week. \u201cBoth #bitcoin S2F (white line) and on-chain signal (color, not red yet) still indicating a 2nd leg of this bull market.\u201d The influencer later added, \u201cIMO [in my opinion] we are going up, first to $100k, then $288k\u201d.\u00a0<\/p>\r\n\r\n\r\n\r\n<p>Likewise, Mike McGlone, Bloomberg\u2019s senior commodity strategist, and Tom Lee, Head of Research at Fundstrat Global Advisors both believe Bitcoin is <a href=\"https:\/\/www.forbes.com\/sites\/billybambrough\/2021\/08\/19\/crypto-price-prediction-bitcoin-could-be-about-to-soar-to-100000-and-ethereum-5000-as-cardano-and-solana-suddenly-surge\/?sh=53c43a4556b7\">due to surge higher<\/a> &#8211; with a strong rally expected by them during the remainder of 2021.\u00a0<\/p>\r\n\r\n\r\n\r\n<p>Of the $2.1 trillion market cap recorded during the week, Bitcoin accounted for $883 billion, which represented 42% of the total value. Ethereum commanded a further 17.9%.<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\" id=\"h-us-mortgage-provider-to-start-accepting-bitcoin\"><strong>US mortgage-provider to start accepting bitcoin<\/strong><\/h2>\r\n\r\n\r\n\r\n<figure class=\"wp-block-image\"><img decoding=\"async\" class=\"aligncenter\" title=\"United Whole Mortgages to start accepting bitcoin repayments in Q3 2021\" src=\"https:\/\/lh3.googleusercontent.com\/kTD5z85aIekcnR_9YfZdt1DLQUyC1d9hXjlw47f2gZ0fUZtNX3Ai6hjJIonpXoikT3f6woJrVX6awS-TamPQA2OBziMkHpvshGGlHWEdZR5cAwnW0xtokKxyirHgKWzHFgQ0gjjS\" alt=\"Golden bitcoin coin propped up next to small toy model house\" \/>\r\n<figcaption><em>United Whole Mortgages to start accepting bitcoin repayments in Q3 2021<\/em><\/figcaption>\r\n<\/figure>\r\n\r\n\r\n\r\n<p>United Wholesale Mortgage (UWM), the second-largest mortgage provider within the US, announced last week plans to begin <a href=\"https:\/\/www.cnbc.com\/2021\/08\/19\/united-wholesale-mortgage-will-accept-bitcoin-other-cryptocurrency.html\">accepting bitcoin for repayments<\/a>. UWM holds one of the largest networks of real estate brokers in the US and is now leading the race for cryptocurrency adoption within the real estate sector.\u00a0<\/p>\r\n\r\n\r\n\r\n<p>The CEO of the company, Mat Ishbia, commented on the news during the company\u2019s second-quarter earnings call last Monday. \u201cWe\u2019ve evaluated the feasibility, and we\u2019re looking forward to being the first mortgage company in America to accept cryptocurrency to satisfy mortgage payments. That\u2019s something that we\u2019ve been working on, and we\u2019re excited that hopefully, in Q3, we can actually execute on that before anyone in the country because we are a leader in technology and innovation.\u201d<\/p>\r\n\r\n\r\n\r\n<p>Alongside confirmation of bitcoin, the company also revealed that it is currently evaluating the feasibility of Ether and a few other cryptocurrencies. The company has not yet confirmed whether all cryptocurrency payments will be kept on the balance sheet or instantly converted into fiat. The company is expecting to have the correct systems in place by Q3 2021.\u00a0<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\" id=\"h-lloyds-bank-and-walmart-search-for-cryptocurrency-experts\"><strong>Lloyds Bank and Walmart search for cryptocurrency experts<\/strong><\/h2>\r\n\r\n\r\n\r\n<p>One of the largest financial institutions in the world, Lloyds Banking Group, the owner of Lloyds Bank, is <a href=\"https:\/\/www.ledgerinsights.com\/uks-largest-retail-bank-lloyds-hiring-digital-currency-exec\/\">set to hire<\/a> a digital currency and innovation senior manager. The group is one of the largest in the world, holding $500 billion in assets under management (AUM). Analysts have speculated that the latest job posting highlights the group\u2019s ongoing preparation for cryptocurrency adoption.<\/p>\r\n\r\n\r\n\r\n<p>Lloyds serves 30 million customers in the UK, however, according to the role description, the executive position will be focused on wholesale banking in comparison to retail. The job will be based within the \u2018Payments Liquidity &amp; Settlement\u2019 team, a new team that is focused on future development.<\/p>\r\n\r\n\r\n\r\n<figure class=\"wp-block-image\"><img decoding=\"async\" class=\"aligncenter\" title=\"Lloyds Banking Group search for cryptocurrency expert\" src=\"https:\/\/lh4.googleusercontent.com\/V07xUfol6BCGqzZeg_sBjepwuxCpsqqbiS-pYgMyAtrl2J65rLihD8nQ-FijfePKUp39HE3p8HU9f52VN8Plvd-3oLB5jGigpuf6B6I1LoBng0ZhLQ1tQy1Fw9SFVMPkDXG6W_zy\" alt=\"Photo taken outside retail-focused Lloyds Bank\" \/>\r\n<figcaption><em>Lloyds Banking Group search for cryptocurrency expert<\/em><\/figcaption>\r\n<\/figure>\r\n\r\n\r\n\r\n<p>The posting last week follows a surge in crypto-related roles that have been advertised by Fortune 500 companies. During the week, <strong>Walmart<\/strong>, the world\u2019s largest retailer announced that it is looking for a digital currency and cryptocurrency product lead.\u00a0<\/p>\r\n\r\n\r\n\r\n<p>Similar positions have been announced at <a href=\"https:\/\/xcoins.com\/en\/blog\/speculation-abounds-over-amazon-entry-to-crypto-as-bitcoin-reclaims-40000\/\">Amazon<\/a> and <strong>Apple <\/strong>in recent months. Job opportunities such as these are another sign that corporations are continuously searching for ways to benefit from cryptocurrencies and blockchain technology.\u00a0<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\" id=\"h-dogecoin-foundation-relaunched-with-elon-musk-advisor-ethereum-co-founder\"><strong>Dogecoin Foundation relaunched with Elon Musk advisor &amp; Ethereum co-founder<\/strong><\/h2>\r\n\r\n\r\n\r\n<p>There were encouraging remarks for Dogecoin token holders as the Dogecoin Foundation announced a <a href=\"https:\/\/fortune.com\/2021\/08\/18\/dogecoin-board-vitalik-buterin-billy-markus-ethereum-founder-elon-musk-crypto\/\">relaunch<\/a> thanks to support from one of Elon Musk\u2019s closest advisors, Jared Birchall, and Ethereum\u2019s co-founder Vitalik Buterin. Jared manages Elon Musk\u2019s family office, while Vitalik was one of the key developers behind what has now become the second-largest cryptocurrency project, Ethereum.<\/p>\r\n\r\n\r\n\r\n<p>The reestablishment of the foundation was announced during a <a href=\"https:\/\/twitter.com\/DogecoinFdn\/status\/1427671336856522763\">tweet<\/a> from the official Dogecoin account titled \u2018Guess who\u2019s back!\u2019. The accompanying article outlines that the Dogecoin Foundation is \u201chere to accelerate the development effort by supporting current Dogecoin Core and future Dogecoin Developers to work on a full-time basis through sponsorship, as well as providing a welcome landing for new contributors hoping to help with the project.\u201d\u00a0<\/p>\r\n\r\n\r\n\r\n<p>The Foundation was initially created in 2014 but now has renewed enthusiasm after the latest announcements. It is a nonprofit organization and is responsible for protecting Dogecoin from abuse or fraudulent behavior, and producing a roadmap for future development.\u00a0<\/p>\r\n\r\n\r\n\r\n<p>Earlier in the year, Buterin speculated about a future collaboration between Dogecoin and Ethereum and commented specifically on the potential for a Doge-to-Ethereum bridge.\u00a0<\/p>\r\n\r\n\r\n\r\n<figure class=\"wp-block-image\"><img decoding=\"async\" class=\"aligncenter\" title=\"Dogecoin Foundation is relaunched with support from Elon Musk\u2019s close advisor and Ethereum co-founder Vitalik Buterin.\" src=\"https:\/\/lh3.googleusercontent.com\/Ua9hwIrLYWes17jZc0R7TpP9_hsG9GwK7jjEUEEFFXiP3RxzmR9S2rakpGPbbiD9Lg313GR9-rlcMvEhOIyYp-CpmnVdyrxPkw3XFOk-blBcdX2yyZMERmTBAUNUwhcfaAbWyvAI\" alt=\"3D rendered Dogecoin symbol\" \/>\r\n<figcaption><em>Dogecoin Foundation is relaunched with support from Elon Musk\u2019s close advisor and Ethereum co-founder Vitalik Buterin.<\/em><\/figcaption>\r\n<\/figure>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\" id=\"h-us-fed-to-potentially-taper-qe-2021\"><strong>US Fed to potentially taper QE 2021<\/strong><\/h2>\r\n\r\n\r\n\r\n<p>US Federal Reserve July minutes have shown that the FOMC is now considering <a href=\"https:\/\/www.cnbc.com\/2021\/08\/18\/fed-minutes-july.html\">tapering quantitative easing<\/a> (QE) policies during the second half of 2021, instead of 2022.\u00a0<\/p>\r\n\r\n\r\n\r\n<p>Quantitative easing policies were ramped up due to the ensuing COVID-19 pandemic that swept across the world from March 2020. Since then, the US Fed increased bond purchases to $120 million per month.<\/p>\r\n\r\n\r\n\r\n<p>A quote taken from the minutes stressed the potential for earlier easing. \u201cLooking ahead, most participants noted that, provided that the economy were to evolve broadly as they anticipated, they judged that it could be appropriate to start reducing the pace of asset purchases this year.\u201d<\/p>\r\n\r\n\r\n\r\n<p>The report goes on to state that the committee will continue to evaluate the economic outlook and adjust monetary policy appropriately. Many analysts anticipate that the tapering of QE will occur before the raising of interest rates.<\/p>\r\n\r\n\r\n\r\n<p>The announcement of reductions in quantitative easing sent major indexes, such as the S&amp;P 500 and Dow Jones, spiraling downwards as investors pulled money from the equity markets. However, most price reductions were eaten up during the trading that ensued throughout the remainder of the week.\u00a0<\/p>\r\n\r\n\r\n\r\n<figure class=\"wp-block-image size-full\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1000\" height=\"667\" class=\"wp-image-3950 aligncenter\" src=\"https:\/\/xcoins.com\/wp-content\/uploads\/2021\/08\/USD-bills.jpg\" alt=\"USD bills\" srcset=\"https:\/\/xcoins.com\/wp-content\/uploads\/2021\/08\/USD-bills.jpg 1000w, https:\/\/xcoins.com\/wp-content\/uploads\/2021\/08\/USD-bills-300x200.jpg 300w, https:\/\/xcoins.com\/wp-content\/uploads\/2021\/08\/USD-bills-768x512.jpg 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/>\r\n<figcaption><em>US Fed minutes outline the potential for tapering of QE during 2021<\/em><\/figcaption>\r\n<\/figure>\r\n\r\n\r\n\r\n<p>&nbsp;<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\" id=\"h-big-ticket-reports-to-watch-out-for-this-week\"><strong>Big-ticket reports to watch out for this week:<\/strong><\/h2>\r\n\r\n\r\n\r\n<p>Monday &#8211; Australia Retail Sales (MoM), Euro Markit PMI Composite, UK Markit Services PMI, US Existing Home Sales, New Zealand Retail Sales (QoQ)<\/p>\r\n\r\n\r\n\r\n<p>Tuesday &#8211; US New Home Sales (MoM)<\/p>\r\n\r\n\r\n\r\n<p>Wednesday \u2013 US Durable Goods Orders<\/p>\r\n\r\n\r\n\r\n<p>Thursday &#8211;\u00a0 US Jackson Hole Symposium, US Initial Jobless Claims, US GDP Annualized<\/p>\r\n\r\n\r\n\r\n<p>Friday \u2013 Australia Retail Sales (MoM), US Goods Trade Balance, US Michigan Consumer Price Index, US Fed\u2019s Chair Powell Speech<\/p>\r\n\r\n\r\n\r\n<p><br \/><em>To stay up to date on all things crypto, like Xcoins on <\/em><a href=\"https:\/\/www.facebook.com\/xcoinsofficial\"><em>Facebook<\/em><\/a><em>, follow us on <\/em><a href=\"https:\/\/www.facebook.com\/xcoinsofficial\"><em>Twitter<\/em><\/a><em> and <\/em><a href=\"https:\/\/www.linkedin.com\/company\/54161996\/\"><em>LinkedIn<\/em><\/a><em> and sign up at the bottom of the page to subscribe.<\/em><\/p>\r\n","protected":false},"excerpt":{"rendered":"<p>Wide-ranging indicators suggest this bull cycle is not yet over, the second-largest mortgage provider plans to accept bitcoin repayments and the global companies hiring crypto pros.<\/p>\n","protected":false},"author":17,"featured_media":849,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[739],"tags":[],"class_list":["post-2412","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news-2"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.9 (Yoast SEO v27.9) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Crypto Market Cap Surges Past 2 Trillion I Xcoins<\/title>\n<meta name=\"description\" content=\"The total cryptocurrency market cap passed the $2 trillion mark this week as bitcoin blew past the $50K mark.\" 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