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WEEKLY CRYPTOCURRENCY MARKET ANALYSIS
CRYPTONAIRE LYWEEK
CRYPTO investment journal
WEEKLY CRYPTOCURRENCY MARKET ANALYSIS
Hello, Crypto Traders welcome to this week’s 174th edition of Cryptonaire Weekly. The overall Cryptocurrency Market Cap stands at $1.69 Trillion. We have seen a $10 Billion increase in the Market Cap since the last week. Bitcoin price is currently around $53,950 from $54,050 since last week and has decreased by 0.19% and Ether price is now at $1,677 from $1,755 since last week and has decreased by 4.44%. The current market cap for bitcoin is $1 Trillion, and for Altcoins, the current market cap is $69 Billion.
Federal Reserve Chairman Jerome Powell played down Bitcoin during a virtual panel discussion on digital banking hosted by the Bank for International Settlements. Powell said the cryptocurrencies are “highly volatile and therefore not really useful stores of value and they’re not backed by anything.” But Powell did add that cryptocurrencies could be a “substitute for gold.”
SkyBridge Capital founder Anthony Scaramucci recently said in an interview with CNBC that Bitcoin will continue to move up and become less volatile as its adoption increases. Scaramucci said that even after Bitcoin’s massive returns in the past decade, it still could reward investors in the coming years. He gave the example of Amazon, which had rallied 3,600% from its IPO in May 1997 to May 2009. But the investor who purchased the stock in 2009 also ended up with 64x returns from 2009 to 2021.
While Bitcoin garners most of the attention, cryptocurrency research firm Messari analyst Ryan Watkins said in a recent interview with Fintech Today that the Ethereum 2.0 upgrade could result in a massive surge in Ether overtaking Bitcoin as the largest cryptocurrency.
While most crypto analysts are bullish, a steady inflow of fresh funds is needed to sustain the current bull run.
However, according to a report by CoinShares, cryptocurrency fund inflows declined 58% last week and the volumes on the Bitcoin investment trading products dipped to “$713 million per day last week, versus $1.1 billion per day for 2021.”
