While some market participants are panicking amid the recent crash, the most fervent HODLers are buying the dip. El Salvador’s president Nayib Bukele just announced a purchase of another 410 Bitcoin for $15 million. A Nation-State Buys The Dip Bukele announced his recent purchase in a tweet moments ago, faking out some of his followers. The president – known for trading the nation’s Bitcoin from his phone – last purchased Bitcoin in December. After bagging 21 Bitcoin for $1 million,…
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This Week’s Summary
- The Crypto Market ends the week at a total market capitalization of $2,792 trillion.
- Bitcoin is up by nearly 2% after a productive week.
- Ethereum is down by 2% after a tumultuous week.
- XRP dropped by almost 5% over the past seven days.
- Almost all altcoins are trading in the red at the end of the week.
- The DeFi sector lost nearly $14 billion from the Total Value Locked in protocols, now standing at $91.21 billion.
Crypto Trends 08th – 14th of November 2021: Market Analysis and Performance
The crypto market is showing signs of slowing down after a spectacular surge that lasted for over a month. As the weekend lives out its last hours, most of the crypto assets are bleeding heavily. Even in terms of market capitalization, the value boost did not surpass $20 billion. That’s a significant difference compared to last week’s $200 billion.
Bitcoin had one of its best and worst weeks in history simultaneously. Firstly, it surged all the way to $68,789.63 on Wednesday, setting a new ATH. However, just a few hours later, it started trading in the red. Instead of going for the $70,000 target, the king coin lost over $6,000 as several short positions were liquidated.
While some feared the worse, BTC’s price stabilized at around $63,000 for most of the week. Then, on November 14th, the Taproot upgrade has finally and successfully went live. This much-expected, historical step should make Bitcoin safer, more private, and help increase scalability. Above all, it opens the door for smart contract capabilities. At the time of writing, Bitcoin was trading a little above $64,000.
Ethereum is taking a step back after setting yet one ATH at $4,859.50 four days ago. The second crypto in command has to settle for a nearly 2% drop in value this time around. At the time of writing, ETH was trading at $4,535.
Altcoins & DeFi
Ripple’s XRP cannot seem to enjoy two consecutive weekly runs. After last week’s 12% increase, XRP lost almost 5% of its value this time. Therefore, it continues to trade just a little above $1.18.
Cardano calls it even after a disappointing week, and as the weekend draws to an end, it continues to bleed. In the same situation are Polkadot (down by 13%), Shiba Inu (down by 8%), and Solana, which dropped by 7%.
Very few altcoins in the market can celebrate trading in the green. For example, Litecoin is up by 34%, and Chainlink is up by nearly 3%.
Crypto Market Analysis – What’s in the News?
- Kevin O’Leary says he has allocated 10% of his portfolio to cryptocurrency.
- Miami’s Mayor will start giving free Bitcoin to residents.
- Canada gets Bitcoin and Ethereum carbon-neutral ETFs.
Next Week’s Market Forecast
As we reach the second half of this year’s Q4, we cannot be anything but optimistic for the crypto market. This week indeed concludes with heavy bleeding across the board. However, November is one of the best months historically for Bitcoin and the altcoins. Therefore, we could expect good news between now and the year’s end.