Market Analysis Report (09 Nov 2021)

The price of Bitcoin hit a new all-time high of $68,514.26 during Asian trading hours as the bull trend that seemingly started at the beginning of October continues. In total, the market has added over $1 trillion in value in just a month.

The total market capitalization of all cryptocurrencies is approaching the $3 trillion mark thanks to gains made by both BTC and several altcoins. Bitcoin is widely perceived as a store of value asset like gold by investors, making it a haven as worries about inflation keep increasing.

The number of unique wallets with a balance of more than zero bitcoin has almost returned to 39 million,  nearing the record high of 38.7 million which was reached in May. At the same time, crypto exchanges’ bitcoin balances have been dropping, leading to a supply drop.

While BTC surged above $68,000, Ethereum’s ether, the second-largest cryptocurrency by market cap, hit a new all-time high of $4,827.89. ETH’s surge came as data shows the Ethereum network burned more ether than it issued for a week, thanks to Ethereum’s London hard fork, which introduced a mechanism to burn a large chunk of transaction fees.

Concerns surrounding Ethereum’s scalability moved some investors away from ETH and into alternative networks like Solana (SOL), Polkadot (DOT), Terra (LUNA) and Avalanche (AVAX).

Source: https://www.cryptocompare.com/email-updates/daily/2021/nov/09/