February 27, 2024

EXMO company blog | Weekly news: new altcoin price highs

EXMO company blog | Weekly news: new altcoin price highs

Cryptocurrency market capitalization exceeded $ 2.5 trillion on October 28, above which the last 7days, according to CoinMarketCap. On November 2, the figure exceeded the level of $ 2.7 trillion. It grew by 9% over the week.

Trading volumes on the market have increased markedly compared to the previous week. For most of the week, the daily trading volume was above $ 130 billion,according to CoinMarketCap.Trading growth began to be recorded on October 27. At the beginning of November 3, the daily trading volume reached $200 billion (this level has not been observed since September 7), but then sharply dropped to $128 billion.

The cryptocurrency index of fear and greed has been stably in the "Greed" zone for almost a month.As of November 3, its value is 76 points.

Bitcoin dominance decreased by 1.5% to 43.3% in a week, returning to the levels of early October, before the rise in BTC prices. The decline in the position of the first cryptocurrency is associated with more active growth of other assets.

EXMO company blog | Weekly news: new altcoin price highs

TOP factors of market movement

▲ 10/27/2021 - Altair update successfully launched on Ethereum 2.0 network.
▲ 27.10.2021 – On the Ethereum network, the number of coins burned per day again exceeded the number mined, according to The Block. With the exception of October 31, deflation continued until November 2 inclusive.
▲ 10/29/2021 – Ripple reported for the third quarter of 2021. The company recorded a 211% increase in XRP sales compared to the previous quarter thanks to its On-Demand Liquidity (ODL) service.
▲ 11/01/2021 – CoinShares: over the past week, the influx of investments into funds based on litecoin amounted to $1.3 million, for the whole of October – $1.7 million.
▲ 11/01/2021 – Goldman Sachs: ether could rise to $8,000 by the end of the year if historical correlation with inflation expectations continues.
▼ 11/02/2021 – JPMorgan: the fair price of Bitcoin is at $35,000. If volatility is halved, it could cost $73,000.
▲ 11/02/2021 – The Chicago Mercantile Exchange (CME) will launch ether-based microfutures on December 6.
▲ 11/02/2021 – Bloomberg analyst James Seyffarth: The US SEC may approve the launch of an ETF for ether futures in the first quarter of 2022.
▲ 11/03/2021 – Chainalysis: large investors have increased their investments in Bitcoin over the past week. The total balance of wallets containing at least 1,000 BTC increased by 142,000 BTC.
▲ 11/03/2021 – The Australian Commonwealth Bank will provide customers with the opportunity to buy, sell and store cryptocurrencies, including bitcoin, ethereum, bitcoin cash and litecoin.

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This is a brief summary of the main crypto news of the week. Follow the link to read the full version of the weekly crypto market review.