It’s bullish time in the cryptocurrency market. This November started with new All-Time Highs (ATH) for at least seven cryptocurrencies. Bitcoin (BTC) is included, aiming to the $68,000 mark per coin -and even more. And it’s not alone. In the first week of November, Ethereum (ETH), Solana (SOL), Avalanche (AVAX), Terra (LUNA), Axie Infinity (AXS), and Polkadot (DOT) also reached new records.
Polkadot was the first one on November 4 th, with $55 per coin [CoinMarketCap]. This was possible after a weekly increase of over 14%. That same day, this platform implemented an update to allow developers to register on its parachains and release new DeFi functions. Thanks to it, some analysts aim to even $100 per DOT soon.
For their part, Solana and Axie hit new ATHs on November 6th. SOL increased by over 20% in the last seven days ($260 per coin); while AXS rose by over 23% in the same period ($165 per coin). SOL also reached fourth place by market capitalization, and several companies are planning projects inside this blockchain. Among them we have OTOY’s, which is planning a metaverse on Solana; and Brave, which privacy-focused browser will integrate this platform.
Play-to-earn games, NFTs, and DeFi platforms are more trending than ever. So, the new records on Axie Infinity, Ethereum, Avalanche, and Terra aren’t exactly a surprise. Ethereum is aiming to the $5,000 mark per coin, with over $4,800 now (+11% in the last week). AVAX hit $96 per coin (+43%), and LUNA reached $54.7 per coin (+28%). According to the Crypto Fear & Greed Index, the crypto market is currently on Extreme Greed.
Bitcoin in November and beyond
Bitcoin has increased by over 12% in the last week. It’s currently surrounding $67,700 per coin, and going up. Some investors and analysts expect that the coin hits $100,000 (at least) by the end of this year. For example, Anthony Pompliano, co-founder and partner of the crypto-hedge fund Morgan Creek Digital, is affirming this since early 2020.
The investment bank JP Morgan is a bit more conservative. Its more recent prediction aims to barely $73,000 per BTC for early 2022, and $146,000 per BTC in the long term. Other analysts are bolder, aiming from $300,000 to even $1 million per coin in the next years. For now, we can say for sure that a lot of retail investors and companies are putting faith and money in this currency.
According to a new report by CoinShares, Bitcoin hit a record of $6.4 billion in institutional money inflows during the last year. New financial and regulated tools, like the recent American ETFs, are appearing around this currency as well. Therefore, it’s very likely that new records are waiting to be reached soon.
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Originally published at https://blog.alfa.cash on November 8, 2021.