GB Market Commentary 11/11/2021
by Jonas Luethy
Bitcoin made a new all time high yesterday afternoon hitting $69’000 before falling sharply back to the 20-day exponential moving average at $62’800. The price has recovered however, now trading at $65’000. Most altcoins were hit hard by the recent dip, with many coins recording price decreases of over 10%. Some have speculated that the dip has come amid fears of Evergrande defaulting on its debt however, it’s likely that leveraged longs being liquidated also contributed to the sharp dip. The total cryptocurrency market cap is 2.8 trillion and bitcoin dominance in the market sits at 43%.
Meme coin Shiba Inu has wiped out $7 billion in value over the past week amid heightened volatility. The token, which recently gained a lot of attention after reaching the top 10 cryptocurrencies by market cap has seen a turbulent week after one of the biggest SHIB wallets moved their coins.
Finally, twitter has announced that it will be forming a dedicated crypto team that will explore twitters future within crypto and web3. This comes after Facebook recently renamed itself Meta, as more and more social media firms are trying to get in early on the metaverse.