Cryptocurrency Market Analysis [November 4 Issue]
Bitcoin is currently staying around the early 14,〇〇万円 range
with a firm price movement
and is in this state.
Bitcoin daily chart
Last week it rose close to 1,450,000 yen,
but afterward the price adjusted and declined
and is stopping at around the 1,400,000 yen line.
This is the current状況.
Currently Bitcoin has risen considerably since a couple of weeks ago,
but other cryptocurrencies (altcoins) besides Bitcoin
have fallen.
Mid-cap tokens,DeFi coins,
in particular have fallen a lot, and the market cap high
coins like Ethereum and Litecoin
had price movements close to Bitcoin by the end of last week,
but recently have declined.
Keeping at 1,400,000 yen
For the detailed situation, click here
https://bitcoin-newstart.com/btc1101
【Top cryptocurrencies by market cap all fell at once】
Looking at the 1-week price movements of the top 10 cryptocurrencies by market cap
excluding Bitcoin, the declines range from -3% to -15%.
The largest decline is -15%
for Polkadot
Polkadot is a currency released in the summer of 2020,
and it rose rapidly into the top 10 in market cap,
making it one of the most talked-about currencies.
Regarding Polkadot ,
there is a lock-up release from ICO participants,
and selling pressure is considered one of the factors behind it.
Also,ICO rounds 2 and 3 lock-up releases
are said to be around December,
therefore the selling pressure at that time is also anticipated.
Next, the second largest drop was
for Binance Coin,BNB,
at -14.4%
The factors behind the decline are not particularly known, but
for BNB
,participation in IEOs,
staking, and other substantial beneficial factors exist,
so many investors are watching where to buy the dips in BNB.
Regarding BNB,
if we look at 2020 prices,
the lowest price → 1,000 yen
the highest price → 3,400 yen
the current price → 2,900 yen
and it remains at a relatively high price level.
As for Binance Coin,
the SEC was reported to be investigating in July,
and more recently
,
executives of OKEX and CEO have been arrested,
and there are rumors that the situation may affect Binance in the future.
Therefore, at present, some people who have a certain amount deposited in Binance
are moving to other exchanges or wallets.
It seems so.
However, with regard to Binance,
personally, as a crypto asset
that has driven the entire market, it has substantial influence, and already
Binance Coin has formed its own economic sphere.
It ranks within the top 10 by market cap,
and its stability is quite significant.
(as of now)
【Bitcoin Cash Hard Fork】
November 15
Bitcoin Cash hard fork
will begin.
Some exchanges plan to stop temporary trading of Bitcoin Cash around the 11th or 13th.
In this hard fork,
Bitcoin Cash is said to split into two currencies,
but the original Bitcoin Cash is expected to remain the main one.
In November 2018, Bitcoin Cash underwent a hard fork and split into Bitcoin Cash and
Bitcoin SV, but at that time it was an adversarial hard fork, which caused Bitcoin to drop.
That said, Bitcoin Cash has not been much talked about lately.
There hasn't been notable news recently,
so many investors may not be very interested.
However, with Bitcoin Cash, actual transaction speed is fast,
and when you pay with Bitcoin Cash, it reflects immediately,
and its functionality may surpass Bitcoin in some aspects.
(There are many other such currencies, though...)
Reference site
【JP Morgan's View on Bitcoin】JP Morgan, which previously had a negative view on Bitcoin
has now analyzed that the price could rise in the long term.
In this analysis, Bitcoin could potentially rise by 2 to 3 times,which would be around 4,200,000 yen.
The background for JP Morgan's view includes last month’s
gift by Square of 5.3 billion yen for Bitcoin
and
as major factors.
When major American financial institutions
evaluate Bitcoin to this extent, it gives the impression that
the societal trend is shifting from physical to digital.
（https://fortune.com/2020/10/26/jp-morgan-chase-bitcoin-predictions-analyst-jpm-cryptocurrency/）
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