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 $2,765 trillion.
- Bitcoin is up by nearly 3% after a productive week.
- Ethereum is up by roughly 9% and set yet another all-time high record this week.
- XRP is up by almost 12% after a good week.
- Almost all altcoins have registered significant gains this week.
- The DeFi sector added nearly $6 billion to the Total Value Locked in protocols, which now stands at $105.69 billion.
Crypto Trends 01st – 7th of November 2021: Market Analysis and Performance
The crypto market started in November on the right foot. Firstly, it saw many of its assets trade in the green for most of the week. Also, it saw several sectors, such as DeFi and GameFi, explode following Facebook’s rebranding. Lastly, it added more than $200 billion to its market capitalization, which is now nearing $3 trillion.
Bitcoin had a very good week. After months of intense volatility, the king coin finally seems to have found a bit of stability. Following a nearly 3% increase, BTC is now trading at around $62,400. Its rise could have been more significant. However, on Saturday, news of the U.S. Congress passing the Infrastructure Bill prevented Bitcoin from climbing even further.
The new bill will require crypto traders to file 1099 forms with the IRS. Therefore, it could change the way everyday users approach crypto investments in the future. For the moment, the bill needs President Biden’s approval to become effective.
Ethereum is setting one ATH after another. This surge reminds us of ETH’s evolution in May when the second crypto in command surpassed everyone’s expectations. This week, the new all-time high trading price for ETH stopped at $4,664.91. That’s only $200 over the previous ATH. Still, it’s progress worth appreciating for the coin’s recent wobbly trajectory.
Altcoins & DeFi
Ripple’s XRP seems to be back on track after a nearly 12% increase in price this week. The coin continues to trade above $1. However, now it is consolidating a position at around $1.22.
Cardano shows signs of revival after a 3% increase in price. Elsewhere, Polkadot is up by roughly 24%. Meanwhile, Binance Coin gained almost 27%, and Dogecoin is down by approximately 3%.
However, the biggest news of the week was Facebook’s rebranding its company name to Meta. The social media giant’s incursion in virtual reality and play-to-earn applications has rippled through the crypto industry. As a result, both DeFi and GameFi have increased in value and popularity quickly.
One of the best climbers this week was Shiba Inu. The Doge-like coin broke into Top-5 crypto by 24h trading volume. Now, it is recording a 10% value drop, which is most likely a hangover effect following its recently spectacular surge.
Crypto Market Analysis – What’s in the News?
- Joe Rogan said he accepted $100k worth of Bitcoin.
- Senator Toomey criticizes Biden Administration’s stablecoin report
Next Week’s Market Forecast
All in all, it’s been a successful week across the board for cryptocurrencies. For instance, Bitcoin’s stabilization is promising, especially when considering that November is the best month historically for the coin. Therefore, we can look hopefully towards next week and the remaining ones until the end of the year.