Coinnerd Weekly Crypto Wrap: November 6, 2021
This weekly wrapup for crypto covers noteworthy news between November 6, 2021, to October 12, 2021. Please note that crypto values are volatile and the value presented here may not be accurate by next week or even the next couple of days.
Bitcoin Reaches a New All-time high
- As of November 10, 2021 Bitcoin reached a new all-time high of $68,789.63
- This value can go even higher so it might have a new all-time high by the time you are reading this.
- Bitcoin’s value has been steadily increasing for this past week. It was nearing $60,000 on November 6, 2021, and 3 days later the value skyrocketed up to $68,000.
Why it’s relevant
- Bitcoin is the top cryptocurrency. It’s the reason why alternative cryptos are usually called altcoins.
- A lot of eyes are focused on Bitcoin since it takes the lead in the cryptomarket. With its steady increase in value, more and more people are likely to invest in cryptocurrency and reap the benefits of the ever-growing Bitcoin.
Crypto Market Goes above $3 Trillion
- The cryptocurrency market has reached a new milestone as its overall market value reaches past $3 trillion.
- The sudden trend in NFTs and EFTs might have something to do with the rapid increase in value
- Cryptocurrency used to be a small-time market for experimental investors now it has the potential to compete with the biggest markets in the world.
Why it’s relevant
- $3 is a huge milestone and it shows how the crypto market has grown over the past few years. This huge market cap will make crypto and other digital assets more appealing to the masses and it will make governments more open to cryptocurrency as well.
* We hope this information will help you in your investment process, but this is not investment advice. Every investment carries risk, especially in this industry, so DYOR before making a decision.