Bitcoin hits $ 69,000, Taproot update kicks in, Altcoins in red

Get the weekly summary of analysis, news and forecasts of the cryptocurrency market!

Summary of this week

  • Crypto Market ends the week with a total market capitalization of $ 2.792 trillion.
  • Bitcoin is up almost 2% after a productive week.
  • Ethereum is down 2% after a tumultuous week.
  • XRP fell almost 5% in the last seven days.
  • Almost all altcoins are trading in the red at the end of the week.
  • DeFi sector lost nearly $ 14 billion of the total value locked in protocols, which now stands at $ 91.21 billion.

Crypto Trends Nov 8-14, 2021 – Market Analysis and Performance

crypto market is showing signs of slowing down after a spectacular surge that lasted for more than a month. As the weekend lives its final hours, most crypto assets are bleeding heavily. Even in terms of market capitalization, the increase in value did not exceed $ 20 billion. That’s a significant difference compared to last week’s $ 200 billion.

Bitcoin had one of its best and worst weeks in history simultaneously. First, it rose to $ 68,789.63 on Wednesday, establishing a new ATH. However, just hours later, it began trading in the red. Instead of going for the $ 70,000 target, the king coin lost more than $ 6,000 as several short positions were liquidated.

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While some feared the worst, the price of BTC stabilized at around $ 63,000 for most of the week. n on November 14, the Main Root Update finally and successfully went live. This long-awaited historic step should make Bitcoin more secure, more private, and help increase scalability. Above all, it opens the door to smart contract capabilities. At the time of writing, Bitcoin was trading slightly above $ 64,000.

Ethereum is taking a step back after setting an ATH at $ 4,859.50 four days ago. second-in-command crypto has to settle for a nearly 2% drop in value this time. At the time of writing, ETH was trading at $ 4,535.

Altcoins and DeFi

Ripple’s XRP You can’t seem to enjoy two consecutive weekly races. After last week’s 12% surge, XRP lost almost 5% of its value this time. refore, it continues to trade slightly above $ 1.18.

Cardano calls him even after a disappointing week, and when the weekend comes to an end, he’s still bleeding. In the same situation are Polkadot (down 13%), Shiba Inu (down 8%) and Solana, which fell 7%.

Very few altcoins on the market can celebrate green trading. For example, Litecoin is up 34% and Chainlink is up almost 3%.

DeFi sector lost approximately $ 14 billion in total value protocols (TVL), which now stands at almost $ 91.21 billion.

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Crypto Market Analysis: What’s in the News?

  • Kevin O’Leary says that he has allocated 10% of his portfolio to cryptocurrencies.
  • Mayor of Miami will start giving free Bitcoin to residents.
  • Canada Gets Bitcoin and Ethereum Carbon Neutral ETFs.

Market forecast for next week

As we reach the second half of the fourth quarter of this year, we cannot be more than bullish for the cryptocurrency market. In fact, this week ends with heavy bleeding across the board. However, November is one of the best months historically for Bitcoin and altcoins. refore, we could expect good news between now and the end of the year.

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