Market Activity

Total Market Cap $998.22B (+2.01%)

24 Hour Volume $159.19B (+20.15%)

Notable Movers WallStreetBets (+483.00%) 😂

Bitcoin Dominance 62.70% (+0.35%)

Bitcoin Price $34,052.79 (+3.26%)

Decrypt says several key metrics suggest Ethereum just had its biggest month yet, with Bitcoin hitting a record number of active wallets in January. Bitcoinist says BTC exchange reserves have plummeted to a December 2018 low. Cointelegraph says Bitcoin pulled back 3% after Elon Musk talked about the cryptocurrency on Clubhouse.

The Weekend News 🚨

Learn all about crypto at Alexandria, your new online crypto source!

XRP Pump Ends in Tears 😭

XRP fell by 45% in a matter of hours after an ill-fated pumping scheme burned new investors. Tweets, Telegram messages, Reddit groups and Discord chats had been encouraging people to buy the embattled altcoin at 8.30am ET. But in the minutes that followed, it plummeted from $0.62 to $0.40. It had earlier been trading at $0.74. Follow the fallout here.

Elon Musk Speaks Out 🥳

Tesla CEO Elon Musk has said that he supports Bitcoin , and believes it can achieve "broad acceptance" in conventional finance circles. He also revealed that he regrets not buying BTC when his friends were encouraging him eight years ago. On his Twitter habits, he stressed that his posts about Dogecoin are meant to be jokes. How did the markets react to his remarks?

100,000% Profit in Three Days 🤩

Ethereum user bought the digital art collectible on Hashmasks for $130 on Thursday — and flogged it for $130,000. "Westcoastbill," the investor who made the tidy sum, recently bought a provocative piece called "The Day The Internet F***** Wall Street." Read more.

Kiss Frontman Owns Crypto 💋

Gene Simmons has quite a diversified crypto portfolio. On Twitter, the legendary bassist revealed that he owns Bitcoin, Ether, Litecoin, Dogecoin and XRP. He went on to stress that he wasn't recommending others follow suit. What remains to be seen is whether he managed to sell his assets at an opportune moment. Find out which other A-listers own crypto.

Poll of the Day 📣

Following on from the ill-fated XRP action today, our question is this...

On a scale of 1-5 (5 being definitely,) do you think crypto pump and dump schemes should be illegal — like they are in the stock market?

What You Said 🔊

Previously on the CoinMarketCap newsletter, we asked you this… On a scale of 1-5 (5 being definitely,) do you think Bitcoin will see a long-term benefit from the face-off between Reddit retail investors and short sellers?

Thanks for all your responses — 51.6% of you said that the current turmoil will be good news for BTC, while 7.5% of you think the opposite. Here's what you had to say…

This reader writes: "GameStop traders will embrace decentralized crypto trading if centralized stockbrokers keep limiting their trading, or if new regulation results from GME." 💰

An enthusiast adds: "More awareness in the general public on how Wall Street is bending the rules that are supposed to protect retail investors will benefit DeFi." 📈

While another warns: "Unless the Reddit investors get out and take their profits, they are going to be left holding the bag on much lover valued pieces of stock paper, insiders are selling their shares to them at inflated prices as fast as possible." 😖

Here's a prediction: "I see more liquidity flowing into the crypto market in the next few weeks." 😬

And the last word goes to this contributor: "People are going to understand the need of decentralization." 😎

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Crypto Deep Dive 🏊

And last but not least, it's time for a deep dive into one of the projects making waves in CoinMarketCap's rankings.

This week, DOGE is in the spotlight after a dramatic rise of 367% in the past seven days — and at one point, it managed to hit highs of $0.07797. It has a market cap of $5,157,971,936… making it 14th in our rankings.

The gist of it 📖

DOGE initially started as a joke between two engineers
The cryptocurrency is based on a meme featuring a Shiba Inu dog surrounded by comic sans captions such as "wow," "much profit," "many crypto"

Why people love it 😍

The memecoin has won endorsement from the likes of Tesla CEO Elon Musk, and recently broke price records
It has captured the imagination of casual investors and Wall Street Bets

Why people doubt it 🤔

DOGE could come crashing back down to Earth — it's currently trading 900% higher than it was at the start of the year
No major updates have been made to Dogecoin's protocol for six years