Cryptocurrency Market Analysis [November 14]

Practical Cryptocurrency Investment Article November 14

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【Cryptocurrency Market Analysis】

The price movements of cryptocurrencies since last week

(for one week) are summarized as follows

Display: current price (change from one week ago)

※From this time, prices are displayed in dollars.

（Cryptocurrencies often rely on information from overseas, so dollar notation is easier to express）

※1Dollar =149 Yen

Bitcoin36600 dollars（5％）

Ethereum2050 dollars(9%）

Binance Coin245 dollars(-％）

Ripple0.66 dollars（-4％）

Solana54 dollars(30%)

Cardano0.36 dollars（5%）

MATIC　0.7 dollars(32%)

Avalanche 17 dollars(17%)

Uniswap5.2 dollars（6%）

Bitcoin remains at the same price level as last week.

Bitcoin Daily Chart

Considering the current Bitcoin price,

○Target price is 40,000 dollars (6,000,000 yen)

○Break above the 200-day moving average

Bitcoin continues with small movements, rising once and then declining to the current price range.

Perhaps the rise has paused a bit.

The weekly chart analysis is as follows.

Weekly chart

・Break above the 200-day moving average (orange line)

Same conclusion as last week, but when viewed on a weekly basis, the current price range is in a line where the price has repeatedly collided since 2021. (circled in red)

Even in this red-framed zone, the price band remains in an upper position.

We are almost at the bubble-level price range.

Last week Bitcoin also rose, but Ethereum showed even higher performance.

BlackRock's EthereumETFapplication appears to be a major factor, and from Ethereum's rise,SOLandAVAXなどL1coins also attracted funds and performed strongly.

In particularSOLhas risen nearly fivefold since the start of this year, showing significant presence.

VISA, a credit card company,VISAand its partnership with a payment system has also had a big impact.

BlackRock Applies for EthereumETF

U.S. asset management giant BlackRock filed the registration for an “iShares Ethereum Trust” in Delaware, aiming at a listing of a physical EthereumETF. This is interpreted as preparation for listing.

ETHprice rose on this development and returned to the 2,000-dollar level since July,7month,2,000dollars had recovered. Also,LidoandRocketPooland otherETHrelated liquid staking assets rose sharply together.

https://coinpost.jp/?p=491033#038;from=in_article00

Ethereum briefly reached 300,000 yen due to this news, a record not seen in a year and a half.

In addition to Bitcoin, Ethereum is also said not to be a security by the U.S. SEC, and since it is second in market capitalization next to Bitcoin, this is why the ETF applications were made.

If Bitcoin were to be approved, I feel Ethereum’s ETF approval may not be far behind.

Bitcoin Now

Cryptocurrencies currently appear somewhat detached from the broad economy. Bitcoin reached an all-time high when the benchmark stock index, the S&P 500, had been on a bullish run for 10 years, during a period when the IT industry was said to be in a recession and yet began to rise.

Now, Bitcoin is up more than 100% year-to-date, and altcoins have risen similarly.

Much of the excitement around Bitcoin is driven by the “stories” of rising institutional interest. This isn’t entirely false. Major Wall Street firms like BlackRock, VanEck, Fidelity are preparing to launch cryptocurrency-based ETFs. Banks are developing on the blockchain, and the tokenization of real assets (RWA) has become a catchphrase in the financial industry.

https://www.coindeskjapan.com/208032/?utm_source=twitter&utm_medium=ifttt

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The performance of cryptocurrency is truly astonishing. However, the drawdown rate is equally high in contrast.

Few currencies are back to their 2021 peak price; many have fallen 80% to 90% from their highs.

Even in a bear market, those who stay attentive to the crypto market, invest in dollar-cost averaging, or buy on dips can still make profits.

To put it simply, it’s not that easy psychologically; it’s easier to invest in stable names like Bitcoin and Ethereum.

MicroStrategy Bitcoin Holdings Surpass 16 Billion Yen in Profit

Bitcoin (BTC) price surge made MicroStrategy, the largest publicly known holder, exceed its cumulative investment by25%,11billion dollars (about1650billion yen,1dollar =150yen) in unrealized gains.

The founder and Chairman Michael SaylorMichael Sayloroften posts his strong support for cryptocurrency onSNS. The company’s Bitcoin holdings reached2022May price,surpassed 37,000, and on11 November day57 billion dollars (about8550 billion yen) reached,

https://www.coindeskjapan.com/208113/?utm_source=twitter&utm_medium=ifttt

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MicroStrategy, a Nasdaq-listed company that bought Bitcoin without fear even in the crypto winter, is now at a 25% gain and 1,600 billion yen.

However, by January 2023, it had suffered a loss of about 50%, which is astonishing. It turned into a 25% gain in a little over six months.

It’s truly a dramatic development. Yet the CEO of MicroStrategy seems not to be satisfied with this much.

※The paid subscription section provides deeper stock analysis. I would like to explore investments beyond Bitcoin and Ethereum as well. If you want to understand the future trend of the cryptocurrency market and catch that wave, please consider subscribing. Continuous research is very important.

(This article has been distributed since 2016)