WEEKLY CRYPTOCURRENCY MARKET ANALYSIS

CRYPTONAIRE WEEKLY

CRYPTO investment journal

WEEKLY CRYPTOCURRENCY MARKET ANALYSIS

Hello, crypto traders welcome to this week’s 145th edition of Cryptonaire Weekly. The overall Cryptocurrency Market Cap stands at $366 Billion. We have seen a $18 Billion decrease in the Market Cap since last week. Bitcoin price is currently around $11,660 from $12,270 last week and has decreased by 4.97% and Ether price is now at $398 from $430 last week and has decreased by 7.44%. The current market cap for bitcoin is $215 Billion, and for Altcoins, the current market cap is $151 Billion.

The larger players have been accumulating Bitcoin as seen from the new all-time high in the number of addresses that hold over 1,000 Bitcoin. That could be because investors are worried that the huge stimulus measures announced by the central banks in response to the coronavirus pandemic will eventually lead to inflation and debasing of the value of fiat currencies.

Snappa, a new software startup based out of Ottawa, announced that it will keep about 40% of its cash reserves in Bitcoin. The company’s co-founder Christopher Gimmer said that Bitcoin was “a far superior savings technology” compared to cash reserves and the company does not “plan on selling anytime soon.”

A few days back, MicroStrategy, a Nasdaq-listed software firm had bought about $250 million worth of Bitcoin rather than keeping the reserves in cash. This shows that gradually the companies and the institutional players are realising the potential of Bitcoin.

However, this does not mean that everyone is bullish on Bitcoin. Micheal O’Leary — the CEO of major budget airline Ryanair — compared Bitcoin to a “ponzi scheme” and advised people to avoid it “like a plague.”

As Bitcoin is a new asset class, it will take some more time for it to gain widespread adoption. Therefore, traders can accumulate Bitcoin on sharp declines and hold it for the long-term. Percentage of Total Market Capitalization (Dominance)