Bitcoin Volatility
After a short rise last week after a big network upgrade, Bitcoin has fallen to around $54,000 since Monday (Nov. 29th, 2021). Bitcoin’s price stabilized at $57,000 on Wednesday after bouncing between $59,000 and $53,000 in recent days, only to fall under $48.000, breaking the 50K resistance.
The cryptocurrency’s following rally offered bulls optimism for fresh all-time highs, but the market has since lost momentum.
BTC is still in limbo after last week’s flash fall, which some experts mistook for the start of a bear market. The floor model he forecasted in June would certainly miss the $98,000 objective set for the end of November, but his stock-to-flow (S2F) model holds up.
The spectacular ascent of Bitcoin has made it difficult for governments and major financial and economic actors to disregard it.
In addition to ether, the value of other popular cryptocurrencies such as Solana (SOL) and Cardano (ADA) has fallen in the recent week.
Smart contracts were expected to skyrocket the price of Cardano, but they failed to do so.
Other cryptocurrencies including Ethereum (ETH), Cardano (ADA), and Solana (SOL) have also risen in the previous 24 hours, with Solana’s market valuation approaching $70 billion.
The global crypto market is up over 3% since the start of the week, led by meme currencies dogecoin and Shiba Inu.
The crypto market has lost over a hundred billion dollars since last week, yet it still exceeds $2.5 trillion. Dan Held, co-founder of cryptocurrency exchange Kraken, believes BTC will break new records before the end of the month.
Despite this instability, billionaires like Jeff Bezos, Elon Musk, and Jack Dorsey have expressed their belief that cryptocurrencies will be the future’s currency and lead the way for financial innovation.
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The Metaverse Soars
Macro Hive divided the cryptocurrency industry into four important themes and generated indexes for each: Bitcoin, smart contracts, metaverse, and decentralized finance.
The meta index includes tokens for Axie Infinity, Decentraland, Sandbox, Enjin Coin, and Gala.
The metaverse is a huge potential for blockchain technology and will lead to broad acceptance of cryptocurrencies for transactions, according to Bank of America’s global director of thematic investment strategy Haim Israel.
According to Macro Hive’s crypto indices, meta-related coins are up 37,000% this year, compared to Bitcoin’s roughly 100% rise.
Following Metaverse Group’s announcement last week that it had purchased $2.4 million worth of land in Decentraland’s virtual world,
According to DappRadar, prominent virtual worlds sold over $100 million in NFT land in the last week.
To participate in the platform’s virtual economy, users must buy cryptocurrencies. Non-fungible tokens may be used to buy and sell goods and even virtual real estate (NFTs).
This month, Morgan Stanley analysts remarked that the metaverse might radically change how consumers socialize, watch performances, interact with marketers and learn about digital assets like NFTs.
The metaverse economy may soon be worth $1T, according to cryptocurrency asset manager Grayscale, whose AUM surpassed $60B in November.
Sources: [1][2][3][4][5][6][7] – Image: Vectorjuice – www.freepik.com
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