Altcoins Soaring

GB Market Commentary 05/11/2021

by Will Morris

Bitcoin has not been able to push above the $64k level since the 28th of November, while Altcoins have rallied heavily. Bitcoin dominance is currently sitting at 43%. The S&P 500 is up 8% in less than a month, historically, there has been a slightly delayed positive correlation with traditional markets and the crypto market, helping to build the case for a bullish November.

Amid impressive price performances and increasing demand, Ethereum has posted 7 consecutive days of deflationary issuance. This means more Ethereum has been destroyed than has been created from mining. The London hard fork introduced the burning mechanism on August 5th this year. Since implementation, over $3 billion worth of Ethereum has been burned and data from Ultrasound Money reveals that 15,000 ETH is being burnt daily.

The New York City Mayor-Elect Eric Adams said today, that he plans to take his first three mayoral paychecks in Bitcoin. Tweeting that: “NYC is going to be the center of the cryptocurrency industry and other fast-growing, innovative industries! Just wait!”

Raoul Pal has predicted that the current bull run won’t end in December and that it will instead extend to some time between March and June. According to Pal, Bitcoin, Ethereum and Altcoin markets are likely to “take the path of most pain”, potentially crashing twice over the next six months before reaching ATHs next year.

Revolut is looking to build its own crypto exchange, it currently supports over 50 digital assets. There are reports that it would also be looking to launch its own exchange token equivalent to BNB.

One of ANZ bank’s senior executives has told a blockchain Austrailia forum that the crypto sector has grown too large to be ignored by traditional finance. Likening the technological advancement brought by blockchain to the internet in the early 2000s.