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Ranking of domestic and overseas exchanges chosen by me

is here↓↓

http://bitcoin-newstart.com/exchange-japan-bitcoin

I will be publishing a cryptocurrency series in FX攻略, an FX magazine.

When you stop by a bookstore, I would be glad if you read it.

https://bitcoin-newstart.com/fxkoryaku

【Cryptocurrency Market Analysis】

The price movements of cryptocurrencies since last week

over the past week are summarized as follows

Summary: Current price (change from one week ago)

Bitcoin

3,500,000 yen (5%)

Ethereum

139,000 yen (-3%)

Ripple 50 yen (60%)

Polkadot 1,650 yen (-10%)

Binance Coin 5,000 yen (+17%)

Cardano 36 yen (-%)

NEM 25 yen (15%)

Bitcoin had converged to around 3.4 million yen last week

price-wise, but globally

entrepreneur Elon Musk made his Twitter profile text

"#Bitcoin"

and the price surged, rising briefly to 4 million yen

before settling again.

Bitcoin daily chart

The surge caused by Elon Musk led Bitcoin to

break above the trend line.

Currently it is above the breakout trend line,

and it is notable whether it will rise further from this line.

Among individual investors, even with this rally there are

moments when it suddenly drops (long upper wick on candlesticks)

and some believe it may gradually fall further in the future.

There are also those who think so.

Even if it were to fall,

I suppose institutions are watching where to buy.

（Reference article）Bitcoin surges: The influence of Elon Musk

https://bitcoin-newstart.com/210129

【Dogecoin surges】

Last week, one of the cryptocurrencies, Dogecoin,

surged more than tenfold.

Dogecoin chart

As of February 1, Dogecoin ranked 14th by market cap,

and it briefly entered the top 10 during the surge.

Factors behind the price surge include

・Elon Musk has tweeted about Dogecoin for a long time, drawing funds after Bitcoin’s surge

・Robinhood, a US investment app

・Reddit’s investment forum "wallstreetbets" among individual investors

and others have been cited as influences.

Dogecoin itself is

entertainment, so

I personally don’t mind if I miss out on Dogecoin rises

and I don’t chase it.

Nor do I own it.

Elon Musk later spoke on Clubhouse,

saying “Dogecoin is a joke.”

Still, there is also entertainment-like currency in Japan,

MonaCoin, but

when looking at this recent Dogecoin surge, it feels

that Japanese tokens have far less liquidity than overseas ones.

This left the impression that Japanese coins have much lower trading volume compared with overseas ones.

Even in the realm of Japanese entertainment coins,

the price of MonaCoin is unlikely to rise like Dogecoin.

This shows how much attention is drawn to overseas markets and foreign coins.

【Market speculative moves】

Dogecoin’s surge and

Ripple’s surge

and other such moves

without fundamental (economic information)

caused prices to surge rapidly are becoming noticeable.

Last week DeFi coins also entered the market,

and

DeFi itself has seen increased trading volume,

and is currently a focus, so this is something I can somewhat understand.

In such mysterious market conditions, I think trading should be avoided

as a risk-averse stance.

【Cryptocurrency wallet Safepal】

Safepal, a cryptocurrency wallet partnered with Binance

is recently becoming a topic of discussion.

Globally, Ledger Nano is well known, but

Safepal has partnered with Binance

and offers a card-type wallet with over

10,000 tradable tokens,

and supports Binance Smart Chain assets

as well

and other attractive features.

Its price is around 4,200 yen

making it much cheaper than 8,000 or 17,000 yen

Ledger Nano models.

There is no official distributor in Japan yet,

so you can purchase from overseas official sites.

I also bought Safepal from the overseas official site last week.

It was 4,200 + 600 yen (shipping).

Binance has started funding the Safepal wallet on its exchange

and it seems it may become a topic in Japan in the future as well.

（Reference）Features of the Safepal Wallet

https://bitcoin-newstart.com/safepal

【Improvements to Ethereum mechanism

are attracting attention】

Regarding Ethereum today,

most attention-worthy DeFi tokens

are built on the Ethereum base.

However, when fees surge and transactions increase, processing becomes

difficult, so projects that improve the Ethereum

platform while leveraging it

are drawing attention.

AVAX is also one of these overseas tokens.

Rather than creating a platform that surpasses Ethereum,

is a very important perspective.

（Reference）AVAX, Ethereum relationship

https://bitcoin-newstart.com/atherium

Cryptocurrency Market Analysis [February 1]