WEEKLY CRYPTOCURRENCY MARKET ANALYSIS

CRYPTONAIRE LYWEEK

CRYPTO investment journal

WEEKLY CRYPTOCURRENCY MARKET ANALYSIS

Hello, crypto traders welcome to this week’s 158th edition of Cryptonaire Weekly. The overall Cryptocurrency Market Cap stands at $566 Billion. We have seen a $89 Billion increase in the Market Cap since last week. Bitcoin price is currently around $18,405 from $16,700 last week and has increased by 10.21% and Ether price is now at $617 from $465 last week and has increased by 32.69%. The current market cap for bitcoin is $342 Billion, and for Altcoins, the current market cap is $224 Billion.

Bitcoin is very close to a new all-time high. The sharp rally of the past two months has brought back the focus on cryptocurrencies. Crypto has again made it to the front pages of mainstream media, including The Wall Street Journal. Percentage of Total Market Capitalization (Dominance)

Bitcoin 60.46%

The current crypto bull market has largely been driven by greater adoption by institutional investors. The latest billionaire to invest in Bitcoin is Ricardo Salinas Pliego, the second-wealthiest man in Mexico. Pliego tweeted that he held 10% of his liquid portfolio in Bitcoin.

PayPal’s crypto adoption has been one of the major factors that started the current bull run. A report by crypto investment firm Pantera Capital highlights that PayPal has been buying about “70% of the new supply of bitcoins.” According to Pantera, the remaining 30% of the supply is being lapped up by Cash App. This has created a shortage, which could be one of the contributing factors to the recent rally.

As cryptocurrencies pick up momentum, they are likely to attract several speculative traders who would again jump in and attempt to become rich overnight. After the rally in top cryptocurrencies, soon, the underperformers and shitcoins may start soaring. This usually happens at the end of a bull market. Hence, traders should be careful not to get sucked into such a rally with dreams of earning quick money.