The price of bitcoin and several cryptocurrencies has plunged by over 7 per cent in the last few hours amid fears of the new coronavirus variant shaking traditional markets.
BTC is down by about 7 per cent in just the last four to five hours and continues to nosedive, while Ethereum (ETH), Solana (SOL), Dogecoin (doge), and Cardano (ada) are all down by more than 10 per cent in the last day.
The overall crypto market is almost down by 9 per cent in the last 24 hours, though several cryptocurrencies showed signs of recovering in the last week.
The mixed performances leave the crypto market in a kind of limbo, with analysts divided over whether it has lost its momentum after hitting an all-time high earlier in November. Some believe it is entering a bearish phase, while others claim the latest dip will precede new record highs before the end of 2021.
You can follow all the latest news, analysis and expert crypto price predictions right here.
Crypto market crash amid fears of new covid variant affecting traditional markets
The prices of several cryptocurrencies, including bitcoin and ethereum have plunged by more than 7 per cent in the last few hours amid fears over the new coronavirus variant shaking traditional markets.
Bitcoin is down by about 7.5 per cent in the last 24 hours, and is currently valued at about $53,700, just hours after it was trading close to about $58,000.
Within a span of four to five hours, ethereum, solana, cardano, and dogecoin have all nosedived rapidly, plunging in value by about 10 per cent compared to their prices a day earlier.
The overall crypto market has plunged by over 8 per cent in the last 24 hours and is currently valued at about $2.41 trillion.
The chart is all red with no signs of recovery yet.
You can read more about the price crash here:
Bitcoin and other cryptocurrencies have fallen sharply, as fears over the new coronavirus outbreak also shook traditional financial markets.
Bitcoin and ethereum rise, while solana and cardano dip
Bitcoin has grown by about a per cent in the last 24 hours and is currently valued at about $58,000 – up by about 3.5 per cent in the last week.
Ethereum has also surged during this period, growing by over 10 per cent in the last 7 days, and is currently valued at around $4,500.
Solana and cardano, however, have dropped in value by about 1.5 per cent in the last day, with the latter slipping by nearly 7 per cent in the last week.
Meme coins dogecoin and its spinoff shiba inu have also dropped in value between 1 to 5 per cent in the last 24 hours.
The overall crypto market is valued at about $2.64 trillion and has grown by nearly 1.5 per cent in the last day.
The chart mostly looks green with some signs of recovery.
Bitcoin network processes more volume than PayPal
The bitcoin network has overtaken PayPal’s quarterly volume.
An estimated average of $489 billion per quarter in 2021 were processed through the bitcoin network, according to figures from blockchain data firm Blockdata, compared to PayPal’s average of $302 billion per quarter.
By comparison, Mastercard processes $1.8 trillion per quarter and Visa processes $3.2 trillion per quarter, though bitcoin’s market cap totals more than Mastercard’s, PayPal’s and Visa’s combined.
Blockdata analyst Sam Wouters says: “A conservative estimate of 2026 for bitcoin to grow to the scale of a network like Mastercard or Visa may not be so overoptimistic.”
You can read the full story here:
‘A conservative estimate of 2026 for bitcoin to grow to the scale of a network like Mastercard or Visa, may not be so overoptimistic,’ says analyst
Bitcoin price breaks above $59,000
The price of bitcoin has returned above $59,000, closing to within $10,000 of its all-time high.
The rebound comes amid a buoyant crypto market, which has risen over 4 per per cent over the last 24 hours. Ethereum (ether) and Binance Coin have seen the biggest gains out of the top 10 leading cryptocurrencies, rising nearly 10 per cent since this time yesterday.
The meme coin has seen an even bigger price increase, shooting up by more than 20 per cent to take its overall market cap back above $20 billion.
Bitcoin price prediction model of $100k ‘still on track'
A closely followed bitcoin price prediction model that puts the cryptocurrency on a course to reach $100,000 and beyond this market cycle is “still on track” despite the latest dip, according to its creator.
Pseudonymous Dutch analyst PlanB noted that the floor model he predicted back in June will likely miss the $98,000 target set for the end of November, however his stock-to-flow (S2F) model remains intact.
“S2F model not affected and indeed on track towards $100k,” he wrote on Twitter, where he has amassed more than 1.5 million followers over the last year.
(You can read all about the PlanB’s S2F model right here.)
Bitcoin whales accumulating crypto
Large bitcoin holders are stocking up on cryptocurrency following the latest price dip, new data shows.
Figures from on-chain and social metrics platform Santiment show that over the last seven days, while BTC was floundering below the $60,000 level, bitcoin addresses holding between 100 to 10,000 bitcoins have added roughly 59,000 bitcoins ($3.4 billion) to their holdings – representing 0.29 per cent of the total circulating supply.
Bitcoin whales accumulating crypto is typically a sign that they are bullish about the price trajectory of the cryptocurrency.
After sliding down closer to the $56,000 mark on Wednesday, bitcoin’s value is inching closer to $58,000 and has grown by over 2.5 per cent in the last day.
Ethereum has also grown by about 2 per cent in the last 24 hours and is currently valued at about $4,300.
However, other leading cryptocurrencies, including solana and cardano have dropped in value by 1 to 3 per cent while polkadot and dogecoin remeain nearly unchanged in the last day.
The overall crypto market shows signs of growth, increasing in value by about 1.5 per cent in the last 24 hours, and is currently valued at about $2.6 trillion.
Bitcoin 'looking seriously cheap’ at $56k
Bitcoin’s network activity is currently looking bullish, according to one analyst, who claims the cryptocurrency is “looking seriously cheap” at $56,000.
Philip Swift, a crypto market analyst and creator of lookintobitcoin.com, notes that bitcoin’s Advanced NVT Signal is “deep into oversold territory”, signalling an imminent price hike.
The Advanced NVT Signal is aimed at monitoring investor habits by dividing bitcoin’s market cap by the 90-day moving average of network transaction volume. The last time it was this low it preceded a record-breaking price rally.
“Expecting a strong reaction in the not too distant future,” Swift tweeted.
Ethereum better than bitcoin for investors?
This is the claim of a recently uncovered research note from the US banking giant JPMorgan Chase.
With Ethereum (ether) once again on the rise today, its market cap has re-overtaken that of JPMorgan’s and is now north of half a trillion dollars. The gains can be attributed to its underlying technology, according to the report, “with Ethereum deriving its value from its applications, ranging from DeFi to gaming to NFTs and stablecoins”.
Ethereum has already massively outperformed bitcoin in 2021, with a price increase of more than 500 per cent compared to bitcoin’s more modest 96 per cent rise.
You can read the full story here:
Lord of the Rings-themed cryptocurrency shut down
A cryptocurrency that called itself “The One Token That Rules Them All” has been put to an end after the estate of J.R.R. Tolkien lodged a complaint with the World Intellectual Property Organisation (WIPO).
Tolkien’s estate claimed the JRR Token cryptocurrency, which launched in August, infringed on its Lord of the Rings trademarks.
The creator of the Florida-based altcoin claimed any similarities to the fantasy book series are purely coincidental – as you can see from this screenshot from the now-defunct jrrtoken.com (captured by Arstechnica before it was taken down).
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