Crypto Insights 12/05/2021

by Harry Smyth

So far this week, Bitcoin left the $59,600 area early Monday morning and made its way to $53,500 by 9pm the same day. Since Monday evening, price is gradually climbing back up and currently just shy of $57,000. On another hand, Ethereum is flying. Having pushed up from $3,900 to $4,200 on Monday, price then retraced back down to $3,650 before a continuing going up with price currently at $4,300 having made a new all time high at 7am this morning at $4,370. This new high made its market cap briefly reach $500 Billion & is also $2 Billion ahead of Visa. Nine rare NFT digital collectables known as “CryptoPunks” have sold for almost $17 Million at physical auction house Christie’s. Needless to remind you that Christie’s sold an NFT created by Beeple for a record of $69 Million back in March. Investing legend Stanley Druckenmiller recons that there is a possibility of a crypto-derived ledger system that will replace the dollar as the World’s reserve currency in the next 15 years. Canine-themed meme tokens such as ELON, SHIB and DOGE have taken control of the market. Demand for Shiba Inu coin known as SHIB has been so intense that buyers overwhelmed the Binance system with deposits causing the top exchange to run out of deposit addresses. Binance smart chain-based Australian Safe Shepard known as ASS token has gained over 400% in 24hrs & Elon Musk inspired coin ELON has rallied 170%. Members of the Texas House of Representatives have passed a bill which aims to recognise cryptocurrencies under commercial law in the state and is seeming to encourage Bitcoin mining firms to set up shop in the state. Data analytics giant Palantir has announced that they now accept Bitcoin payments and are also adding it to their balance sheet, very much like MicroStrategy & Tesla. An Irish senior manager at Goldman Sachs in London has quit the US investment bank after making millions from investing into DogeCoin however he did not respond to requests for comment. Finally, the overall cryptocurrency market cap now stands at $2.449 trillion with Bitcoin’s dominance rate at 42.8%.

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