Cryptocurrency Market Analysis [August 16]
Cryptocurrency Practical Investment Newsletter August 16
Dear subscribers
＊Premium subscribers, please also view the article with the hidden link at the bottom
（記事内の非公開リンクの記事をご覧ください。）
＊If you have topics you’d like covered in the newsletter or
questions, please contact us.
In the Newsletter’sQ&Asection, we will introduce some items.
Here is our selection of domestic and overseas exchanges
rankings
https://bitcoin-newstart.com/bitcoin-account
【Cryptocurrency Market Analysis】
The price movements of cryptocurrencies since last week
are summarized as follows for the week
Display: current price (change from a week ago)
Bitcoin
5,070,000 yen (5％)
Ethereum
350,000 yen(6%）
Ripple136 yen（58％）
Polkadot2600 yen（22%）
Binance Coin46,000 yen(23％）
Cardano230 yen（47%）
Uniswap3200 yen（20%）
ICP 6,800 yen（12％）
Bitcoin rose further from last week's5,? million yen price
and surpassed5,000,000 yen
Bitcoin daily chart
In last week’s analysis,
Bitcoin was in a range between the upper limit
450万 yen and the lower limit320万 yen
and450万を突破（2周前）、一度
fell back, so we were watching whether it could rebound firmly.
Bitcoin then rebounded strongly
5,000万円 last week
Regarding Bitcoin
last week, in Argentina’s
Ferdinand (Ferd) discussed
Bitcoin as legal tender
in recent news.
(Cointelegraph)
Argentina has previously2times defaulted
and faced debt repayment problems
causing its currency value to plunge
significantly.
I have spoken with Argentinians about this,
and they said,
“We cannot trust government finance.”
El Salvador’s case shows that for countries without their own currency or whose currency value has collapsed,
Bitcoin, which is not tied to any country, becomes very interesting.
In the future, if Bitcoin gains against fiat currencies due to its inflation resistance,
the assets of central banks that hold Bitcoin as reserves will increase substantially.
And when that happens,
as a whole country, what direction the wealth will take
(crime rates, social infrastructure, etc.)
is a topic I personally find very intriguing.
Argentina this time is even bigger than El Salvador in South America.
Robert Kiyosaki has long said that “Bitcoin is people’s currency,”
and now that seems to be becoming a reality.
【Rising Altcoins】
Last week the entire crypto market rose in price.
Among the coins that rose last week
with1week gain of 25% or more
within the top 20 by market cap
・CardanoADA46%
・Ripple 56%
・Dogecoin 35%
・Solana 76%
・Chainlink 26%
・Polygon 34%
・VeChain 32%
・Stellar 32%
These are the figures.
There is no clear rule across these coins,
but the funds may have shifted from Bitcoin and Ethereum.
CardanoADAfor
has announced a new upgrade,
but so far it has not been a major factor in the rise, and likewise Ripple
has no notable news.
It is stillSEC(U.S. Securities and Exchange Commission)
is in a dispute with it.
Also CardanoADAwas listed on a domestic exchange
for the first time at BitPoint.
Among this rise, Solana has shown the largest price increase.
【Solana’s Price Increase】
Solana was released to the market last year, showing a surge of 76% over a week.
And over a year, it has risen nearly 19 times.
Last September, I wrote an article about Solana and introduced it here as well.
(Reference) About Solana
https://bitcoin-newstart.com/solana-sol
At the time I wrote the article, Solana was around 400 yen,
so compared to now, it has risen nearly 16-fold.
Solana is a high-speed blockchain capable of processing up to 50,000 transactions per second.
Ethereum processes around 17, making it roughly 3,000 times as fast and Ethereum’s upcoming upgrade
Proof of Stake has already been implemented.
In other words, it is a system superior to Ethereum and is a platform that is following Ethereum.
However, Ethereum already has a large ecosystem in areas such as decentralized finance,
and Solana’s potential to expand its share in other areas is a major point of attention.
It seems unlikely that Solana will exceed Ethereum’s market cap at present,
but what matters is how its future projects unfold.
One of the big news for Solana is
in June, the world’s leading
VCfunded a 38 billion yen raise
(CoinDesk)
https://www.coindeskjapan.com/112335/
Here, Solana’sCEOsaid it is an “Ethereum killer,”
clearly signaling awareness of Ethereum.
And moving forwardNFTbusiness will also be pursued,
Solana’s blockchain being adopted by major players
by large platformsOpenSeaand others is being watched,
as well as whether Solana will develop its ownNFTplatforms
and other expansions.
【Singapore Investors Have the Highest Ethereum Ownership】
A survey of individual investors in Singapore shows Ethereum ownership at 78%
and Bitcoin ownership at 69%, with Ethereum surpassing Bitcoin.
In this survey,
“When asked what they are most interested in among crypto assets,DeFi(Decentralized Finance) was the most, followed by a role as an inflation hedge and non-fungible tokens (NFT).”
This shows that Ethereum smart contracts are drawing attention.
DeFi, risk hedging,NFT all
fit Ethereum,
Bitcoin mainly fits risk hedging.
(Bitcoin can also be used inDeFi, but it is not a platform like Ethereum.)
Also, regarding companies engaged in blockchain business, compared to Japan, Singapore is easier to operate in,
and based on this survey result and the forward-looking climate, Singapore may have a more progressive outlook.
（Reference）CoinDesk
https://www.coindeskjapan.com/119367/?utm_source=twitter&utm_medium=ifttt
