Cryptocurrency Market Analysis [November 9]
Virtual Currency Practical Investment Newsletter November 9
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Here is the ranking of domestic and international exchanges I choose
↓↓
https://bitcoin-newstart.com/bitcoin-account
【Cryptocurrency Market Analysis】
The price fluctuations of cryptocurrencies over the last week
are summarized as follows
for display: current price (change over one week)
Bitcoin768yen (10％）
Ethereum
545000 yen(10%）
Ripple142 yen（13％）
Polkadot5900 yen（3%）
Binance Coin73000 yen(16％）
Cardano260 yen（16%）
Uniswap3000 yen（2%）
ICP 6100 yen（15％）
Solana27000 yen(19%)
Avalanche 1000 yen(35%)
Bitcoin has recently surged significantly
in price,2 weeks ago surpassed the previous high
760 million yen
Bitcoin daily chart
While it hasn’t completely broken above, it shows a very strong
upward movement.
The starting point of Bitcoin’s recent price rise began with
BitcoinETF (futures) approval
and has been climbing ever since.
There is also anticipation forBitcoin ETF
SEC (Securities and Exchange Commission) has not made positive remarks, so my personal impression is that
the outlook for this year may be difficult.
【Bitcoin Update】
Actually,11 mid-month, a major Bitcoin update called Taproot
will be implemented.
Its major components are
・Improved privacy features
・Smart contract enhancements
・Improved scalability
This means making Bitcoin more usable, similar to Ethereum, including DeFi (decentralized finance) applications.
Bitcoin itself has a capped issuance, making it highly resistant to inflation, and its scarcity draws significant attention, but the aim of this update is also to improve its use cases.
Using Bitcoin to trade directly with other currencies through exchanges like Bitflyer, or depositing Bitcoin to earn interest, are potential future use cases that may grow.
Reference article (DMMbitcoin)
https://bitcoin.dmm.com/column/0209
Whether the current rise is due to expectations from the update is not entirely clear, but
there are also aspects of Bitcoin being bought as a safe-haven asset amid concerns about inflation of fiat currencies (dollar and yen),
so this is something I am considering.
In addition to Bitcoin, other cryptocurrencies are also rising, such as
• Ethereum
• Solana
• Polkadot
• Avalanche
and other platform-related cryptocurrencies are also reaching new highs.
The cryptocurrency market is very lively.
This year, how many times have I wondered, “Is this a bubble?”
I primarily look at mid-to-long term prospects,
and even if a coin drops significantly temporarily, I believe it’s necessary to have the stamina (capital) to hold it.
【Cryptocurrency Market Cap】
The total market capitalization of cryptocurrencies has reached
3 trillion dollars (340 trillion yen)
This is the all-time high.
By the way, the Tokyo Stock Exchange’s market cap is750 trillion yen
and the cryptocurrency market cap
is astonishingly approaching about half of the Tokyo Stock Exchange’s market cap.
Even Bitcoin alone would place among the top ten in the world stock market capitalization rankings.
【Surprising Airdrop】
The service that lets you choose your Ethereum address is
ENS
(Ethereum Naming Service), which conducted airdrops (free distributions) targeting past users.
Using ENS, you can have easily recognizable addresses like.ETH
and so on.
Some people received more than1,000 million yen.
Pretty amazing, isn’t itw
In this article, I also mentionENS,
since I had introduced it earlier, some subscribers may have received airdropped currencies.
ENS currently aims to simplify long addresses for ease of use
and to make them more convenient; it’s not merely about the possibility of futureairdrops, but about actually using it to see how convenient it is.
【Standout in Game-Related Coins】
On the overseas major token sale site
, Guild of Guardians, a blockchain game, will begin a token sale on CoinList.
In-game items and characters can be bought or sold asNFTs.
So, you play the game, and the players themselves earn revenue.
Games like Axie and God Uncharted that held sales previously use a similar mechanism, and I think more such related games will be released in the future.
Cryptocurrencies used in games, and those used as platforms for games, should be understood systematically to assess whether they’re worth investing in.
Reference article?
https://bitcoin-newstart.com/guildofguardians-coinlist
