Bitcoin rose sharply from last week's price of 1,220,000 yen and

surpassed the target price of 1,300,000 yen,

which was the goal price.

Bitcoin daily chart

Currently recording the year's high around 1,380,000 yen.

The price reached a recent high of around 1,380,000 yen.

It is currently at a year-to-date high of 1,380,000 yen.

In August this year, it temporarily reached 1,300,000 yen

and then declined. However, afterward it

gradually climbed the high and low, breaking through 1,300,000 yen,

and recently around 1,400,000 yen.

And it is heading toward last year's peak price of 1,500,000 yen.

Looking at the difference between this year and last year's prices:

- The coronavirus triggered concerns about future fiat currency inflation, increasing Bitcoin's prominence.

- News of major companies buying Bitcoin stands out.

Bitcoin is being considered as a risk diversification for cash they hold.

- Last year, although it reached 1,500,000 yen, the rise was brief (from April to late June),

creating a large downside risk in a short period.

This time, from March to October, Bitcoin has repeatedly risen and fallen steadily,

so the medium- to long-term trend shows holding Bitcoin more clearly than last year’s brief spike.

There are differences like the above.

In other words, Bitcoin currently has that much strength.

Next, we will look at Bitcoin’s weekly chart.

This weekly chart shows prices from the end of 2017 to the present.

The recent notable rise was to 1,500,000 yen in 2019.

As mentioned earlier, the price that Bitcoin is currently being highly watched at is 1,500,000 yen.

We can say it has already entered the price level of the end of 2017 bubble.

Last year rose to 1,500,000 yen in the short term,

then gradually declined.

Also, during the March mid-year corona shock,

the price reflected strongly from the 200-day moving average (MA) on the chart.

From the weekly chart, the level around 1,800,000 yen can be seen as a key level,

but the 2,000,000 yen milestone remains even more significant.

If Bitcoin reaches 2,000,000 yen, there is a strong sense that it will be widely covered again by the media.

[Impact on the market from Bitcoin's rise]

Even though Bitcoin rose sharply this time, the overall market did not rise dramatically.

While top-cap currencies are expected to be influenced by Bitcoin, other currencies saw declines.

From price analysis, the DeFi bubble from July caused substantial declines for some tokens,

and funds may have moved from those currencies to Bitcoin.

Therefore, the prices of DeFi tokens are relatively high in some cases.

Conversely, the tokens that rose sharply include

- Ethereum

- Polkadot

- Chainlink

- Litecoin

and others.

Looking at past movements, Bitcoin and Ethereum have been very stable and stand apart from other currencies.

In other words, investors are firmly supporting them, so large declines are not seen much.

[The Graph token sale did not go through.]

Previously, the Graph token sale was announced only to paid subscribers.

Graph token sale details

https://bitcoin-newstart.com/thegraph-sale

The sale started at midnight Friday (1 a.m. Saturday),

but large purchases came in recently and it sold out before I could buy.

I was at a dinner meeting for personal reasons,

and although I was waiting in front of the computer before 1 a.m.,

the tiredness from the dinner made me doze off,

and I woke up at 1:10 a.m. to find it already sold out.

In reality, looking at the graph, there was a buy-in just before,

and in Phase 2, when I joined, it was almost all sold out.

https://twitter.com/pannajf/status/1319801916042268673?s=20

In Phase 2, the limit was set at

$1,000 (about 100,000 yen),

but it still sold out in one go.

That said, it was highly anticipated, but

purchasing proved difficult.

By comparison, Phase 1, which was relatively easy to buy,

seemed to select only those who answered questions about the project

thoroughly when applying to participate in the token sale.

If the answers were copied and pasted or were brief, it seemed to move to Phase 2 or 3.

Still, waiting up late at night and not being able to buy leaves a sense of emptiness, haha.

Details of the Graph token sale here

https://bitcoin-newstart.com/thegraph-sale

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Cryptocurrency Market Analysis [October 26 Issue]