Virtual currency market analysis [February 28]
Practical investment article on cryptocurrency, February 28
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Q&AWe will introduce parts of it in this corner.
【Mag Mag magazine awards 5th place】
In 2020, on the major magazine site
Mag Mag announced the magazine awards
and we were able to win a prize.
※Currently Mag Mag distribution has ended
and this article has moved here.
【Cryptocurrency Market Analysis】
The price changes of cryptocurrencies since last week
(one week) are summarized as follows
Summary: current price (increase/decrease from one week ago)
Bitcoin319万円（-4％）
Ethereum220000円(-3%）
Binance Coin41000円(-2％）
Ripple51円（-％）
Solana3000円(-13%)
Cardano49円（-8%）
Polkadot881円（-12%）
Avalanche 2400円(-14%)
Uniswap888円（-10%）
Bitcoin daily chart (USD)
Recently, Bitcoin has fallen from the rise two weeks ago and is undergoing a correction. Stocks have also fallen, and it is moving in tandem with that.
There are expectations of rate hikes, which might be the impact.
Bitcoin remains in a range-bound market.
Current analysis
○Target price is $25,000
○200-day moving average is breaking upward
The high in August last year acts as the upper bound of the range, but it seems hard to break through.
Bitcoin has risen significantly after the halving, and considering that, there may still be about a year of time, and some investors seem to be acting with that in mind.
Therefore, it seems they are aiming for a market that dropped sharply before the halving.
Weekly chart analysis is as follows.
Weekly chart
・At the end of 2017 bubble, the highest price was broken to the downside for the first time this year.
・Below the 200-day moving average (orange line)
remains the situation.
The weekly chart has not yet surpassed the 200-day moving average.
Will this continue as a range-bound market…
Coinbase announces EthereumL2 “base”
CoinbasehasEthereum’s Layernetwork “Base”'s test network was announced.
Official announcementstates that this announced “Base” is a “Ethereum Layer 2（L2) network, providing a safe, low-cost, developer-friendly way for anyone, anywhere to build on-chain decentralized applications ordapps.
https://crypto-times.jp/coinbase-ethereum-layer2-base/
A major U.S. cryptocurrency exchange, Coinbase, has announced EthereumL2.
EthereumL2currentlyoptimism,zksync, arbitrum, etc., are competing projects, but Coinbase will join them.
And choosing EthereumL2is a very big deal, in my view.
2023 may become a major turning point for Ethereum ecosystem expansion.
CryptocurrencySolana's future outlook
U.S. Coinbase released a report on Solana (SOL) on the 22nd. With differentiated technical foundations and healthy network activity metrics, Solana is viewed as having strong potential to regain its position as a competitor to Ethereum
Cryptosolanais a platform cryptocurrency and currently ranks 13th by market cap.
I have held Solana since it was released, so I decided to cover it here.
It was surprising that an investment of around 300,000 yen rose to about 9,000,000 yen (not all sold at peak).
Last year, after the collapse of FTX, it fell sharply, but now it is slowly rebounding.
Solanahas been evaluated by Ethereum developer Vitalik buterin as technically strong.
However, there are still issues such as transaction delays due to technical problems. Up until last year, many users were using it, so such problems were more likely to occur.
I personally hope for further improvements.
What do Americans think about cryptocurrency?
U.S. major cryptocurrency exchange Coinbase released a public opinion poll of Americans on the 27th.27日2023
2105
According to the survey,80%of Americans answered that “the global financial system unfairly benefits powerful interests.”
In the survey, more than20% (about52million)
Among those who own cryptocurrency,60% have a positive outlook on cryptocurrency, and84% expect to buy cryptocurrency in the next12
The ownership rate is highest among younger generations, withGen Z (18–25 years) at36%and millennials at30%. Future purchase plans are39%for Gen Z and45%
As shown here, many Americans feel dissatisfaction with the current financial system, and about 20% hold cryptocurrency.
For reference, in my circle, people who hold cryptocurrency are mostly in their 30s to 50s. In particular, many in their 40s or older have built up a certain amount of wealth.
The fact that more young people hold cryptocurrency may reflect intergenerational inequality and future anxiety.
I personally feel that cryptocurrency will have significant influence when government fiat declines. Many of you may already feel this gradually.
In regions such as South America and Africa, developing countries are starting to hold Bitcoin. This seems to be driven by the current dominance of the dollar and the desire to increase wealth locally.
Bitcoin is borderless because there is no central administrator. That is a major point, isn’t it?
