November turns into a true record month for crypto investors, as Bitcoin and Ethereum hit all-time highs
Bitcoin and Ethereum hit all-time highs
November turns into a real record month for cryptocurrency investors, as both Bitcoin and Ethereum hit all-time highs, and the total market capitalization of the crypto market has also reached a new record, for the first time in the history of cryptocurrencies, the $3 trillion barrier has been broken, as it is It is always the case with new highs, the question arises as to what external factors contributed to this.
Bitcoin reached a new all-time high of over $68,000 last Tuesday (November 9), then the coin fell below $67,000 as it corrects the recent upward move and continues to the downside, currently trading in the $65,000 range.
Achieve Cryptocurrency markets Huge performance over the past few weeks, with Bitcoin and Ethereum hitting new all-time highs.
Bitcoin hits new record!
The eventful year of 2021 is coming to an end and Bitcoin is taking the opportunity to raise its price to a new record, if you just look at the performance since the end of 2020 the largest cryptocurrency by market capitalization recorded an increase that exceeded 8,50%.
And it seems that there is no end in sight for a long time, as early as November 8, 2021, the price of Bitcoin rose to a new record, one day later, there was another high, the all-time high at $68,564, the interesting thing about it, is that it was reached A new all-time high in a much shorter time than in the past.
It is reported that Bitcoin reached its previous high on October 20, 2021, which means that it took nearly six months before reaching its highest level was celebrated, a look at the calendar reveals that it was much faster this time, the market value of the leading currency rose to 1.3 trillion dollars.
The total market capitalization of cryptocurrencies increased
The sharp rise in the entire crypto market brought the market capitalization of all assets to more than 3 trillion dollars for the first time, since November 7, 2021 the price of the total market capitalization rose sharply from 2.8 to 3 trillion US dollars in a few hours, but what are the reasons for the current rise ? Looking at the mainstream headlines, this question is not easy to answer.
While the entry of institutional investors or reports about Tesla and MicroStrategy boosted prices in the past, there is currently no similar news, instead, it is likely that very positive mood in the market is responsible for the higher prices.
JPMorgan says the growing number of millennial investors could push bitcoin to $146,000 In Miami he will receive his next salary of 100% in bitcoin.
Within the next five days, the Bitcoin protocol is set to undergo a soft fork, known as the Taproot upgrade, which aims to improve network privacy, efficiency, and smart contract capabilities.
This is seen as the first major upgrade since August 2017 that Bitcoin introduced Segregated Witness (SegWit), and saw the launch of the Lightning Network. This soft fork and upgrade has the potential to further boost the value of Bitcoin.
A professional technical and economic analyst in global financial markets since 2004. He holds a Master’s in Business Administration from the American University in Cairo. He works as an economic writer and technical analyst for many international financial companies. He writes daily economic and technical analyzes for many Arabic and English websites specialized in the field of stock exchanges and financial markets.
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