Cryptocurrency market analysis [November 27]

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（This article has been distributed since 2016）

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Bitcoin rose from around $93,000 last week to a high of $99,000, and then dropped back to the same level.

Bitcoin was said to reach $100,000 (15.6 million yen) within ten years, and last week it quickly rose to the same level.

Last week, under the Trump administration

· CurrentSEC chair resigning

· With new personnel, many bitcoin proponents were elected

It was announced, and BitcoinETF inflows reached a record high.

There is about a month left until year-end, and it is a point of attention whether the trend will test $100,000 again.

Generally, when a bubble starts, Bitcoin tends to rise first and then flows into other currencies. This time, Bitcoin led the surge. Ethereum has been slower to list and is lagging somewhat.

Nevertheless, even amid this, Solana, a rival to Ethereum, has shown a sharp rise that surpasses its 2021 peak of $240 at the current stage.

In fact, data shows that transactions using Solana are increasing significantly. On some days, transactions exceed those of Ethereum.

From such observations, domestic exchange BitBank has started trading Solana (SOL).

Also, on domestic cryptocurrency exchanges, buying and selling currencies in the trading desk incurs high fees, so caution is needed. Recently, on BitFryer’sXRP (Ripple) trading desk, the one-way fee is as high as 5%, and this means that for selling 10 million yen worth ofXRP you would be charged about 500,000 yen in fees.

The larger the amount, the larger the fees. Therefore, for those trading on a trading desk, it is necessary to carefully monitor the buy and sell prices to know how large the fees will be.