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This week, data from CryptoCompare shows that the price of Bitcoin (BTC) has jumped from around $ 16,000 to a new high for the year of $ 18,800. During the week, the price fluctuates close to $ 19,000 and BTC is trading around $ 18,700.
Ether (ETH), the second largest cryptocurrency by market cap, grew steadily throughout the week, starting at around $ 450. ETH’s price jumped after the $ 500 barrier was breached and the cryptocurrency is now trading for $ 590.
This week’s headlines have been dominated by rising bitcoin prices and the growing market capitalization of the cryptocurrency space. The data shows that all cryptocurrencies combined now have a market cap of more than $ 547 billion, with the $ 500 billion mark being breached this week. Bitcoin’s market cap hit a new all-time high of $ 346.8 billion this week, even though its price isn’t at a new all-time high.
While BTC is close to $ 19,000 and its all-time high was close to $ 20,000 in December 2017, there are now more bitcoins in circulation than in December 2017, which makes all the difference. Data from Blockchain.com shows that as of December 2017, there were around 16.7 million BTC in circulation, while it is now 18.546 million BTC.
The rise in Bitcoin’s price in recent weeks is believed to be a result of companies’ increased adoption of the flagship cryptocurrency, along with PayPal’s new service that allows users to buy, sell and hold cryptocurrencies on its own. platform. The service is currently only available to users in the United States and supports BTC, BCH, LTC and ETH.
According to Bitcoin Treasuries, a website that tracks companies’ investments in bitcoin as a reserve asset, at least 15 publicly traded companies have now invested in the cryptocurrency. Some of the investments have already appreciated since they were made.
This is the case with MicroStrategy’s $ 425 million bet on bitcoin. The company bought 38,250 BTC for that sum, but the coins are now worth over $ 715 million. Similarly, Square bought $ 50 million worth of BTC earlier this year, and the coins it now holds are worth over $ 88 million.
Some of the other publicly traded companies with bitcoin exposure include BTC mining companies like Hut 8 Mining, Argo Blockchain, and Riot Blockchain. Outside of these companies, institutional investors are entering the market through Grasycale’s investment funds. Its Bitcoin Trust product, GBTc, now holds over 500,000 BTC, and the total amount of assets under management for Grayscale is now over $ 10 billion.
In its financial report for the third quarter of the year, the grayscale revealed inflows in excess of $ 1 billion and detailed GBTC led the investment demand. He pointed out that institutional investors accounted for 81% of investments in the third quarter.
Bitcoin’s price trend has attracted the attention of various celebrities, including Game of Thrones star Maisie Williams. Maisie, who played the character of Arya Stark in the series, asked her Twitter followers if she should go long on BTC. Soon after, Maisie revealed that she “bought some anyway.”
Growing interest saw a new report reveal that the aggregate trading volume of exchange traded products (ETPs) bitcoin has increased 53% since mid-October, with several products demonstrating above-market returns.
The report, CryptoCompares Digital Asset Management Review, adds that average daily ETP volumes are now $ 173.5 million, up from $ 113 million in October. Grayscale’s Bitcoin Trust (GBTC), which now holds over 500,000 BTC, has seen its volume increase 68% to $ 162 million so far this month and represents the vast majority of Grayscale’s volume. It is followed by the Ethereum Trust (ETHE), which is trading $ 10.9 million a day this month.
Decentralize the finances plagued by exploits
While the cryptocurrency market, in general, is advancing, several smaller decentralized finance (DeFi) projects have been exploited in recent days, with most attacks using so-called flash loans.
These loans are complex, taken and repaid in the same operation so as not to require any collateral. Most attacks use loaned funds to manipulate the price of a specific cryptocurrency on the protocols and make a profit for the hacker.
The major DeFi projects that have been vetted, including Uniswap and Compound, have so far managed to stay on top of these attacks with no exploits recorded against them. DeFi protocols exploited include Pickle Finance, Value DeFi, and Origin Protocol.
This week also saw leading cryptocurrency trading platform OKEx reveal that it will re-enable withdrawals “by” November 27 this year, as the holder of the private key it had lost contact with who was partnering with an investigation has ” assistance to authorities completed “.
Similarly, the hacked cryptocurrency exchange KuCoin has resumed deposits and withdrawals. The exchange was hacked for approximately $ 280 million in various cryptoasets and is said to have recovered over $ 200 million.
Crypto AM: Market View in association with Ziglu
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