At the start of November, the price of Bitcoin (BTC) has stayed relatively stable, but advances in several other cryptocurrencies have helped to propel the whole cryptocurrency market to a new all-time high this week.
Following an increase in the usage of its blockchain network, Ethereum (ETH) reached a new all-time high on Wednesday morning, climbing in price beyond $4,600 for the first time in its existence.
Polkadot (DOT) and Solana (SOL) both reached new highs, with the latter setting its sights on $75, while the former reached a new all-time Thursday, November 4, climbing to $250 before falling back down to $137 at the time of publication.
Presently, the total market capitalization of all cryptocurrencies is $2.72 trillion, representing a 0.36% fall from the previous day. In addition, the market volume over the previous 24 hours has decreased by 8.51% to $124.77 billion.
When it comes to overall volume, DeFi is presently worth $15.75 billion, accounting for 12.63% of the entire 24-hour volume of the cryptocurrency market. Finally, the overall volume of all stable currencies has reached $97.08 billion, accounting for 77.81% of the whole 24-hour volume, according to CoinMarketCap statistics.
Meme coins are still in the limelight
Whatsmore, the gains made by the decentralized meme currency Shiba Inu (SHIB) over the last weeks seem to be under threat. Out of the top 100 ranked cryptocurrencies by market cap, the value of the Shiba Inu has fallen the greatest throughout this period, with its value plummeting by 24% in the last week as almost $15 billion left the token.
Notably, dog coin rival Dogecoin (DOGE) has also fallen over 9% over the previous seven days. Elsewhere, small amounts of money still appear to be flowing into Squid Game (SQUID) cryptocurrency, a token referencing the popular Korean Netflix (NASDAQ: NFLX) series, which crashed to almost zero at the start of this week.
Crypto experts predict
Despite the popularity of hyped meme currencies, Bitcoin continues to be the king of return on investment (ROI), according to new research. The return on Bitcoin ROI has been much higher than that of most other assets this year, outperforming most commodities, equities, currencies, and indexes.
Some cryptocurrency experts expect that further milestones might be broken in the last two months of 2021, with one prominent price prediction model forecasting that Bitcoin would reach six digits by Christmas.
Leading crypto trading analyst Michael van de Poppe has noted that “Bitcoin is still on the path to 90k.”
Historical tendencies suggest that the price of Bitcoin might reach parabolic levels before the end of this year; but, any so-called black swan event could disrupt investors’ hopes of the cryptocurrency hitting new all-time highs.
Although most signs point towards a “supply shock” occurring as investors pile into Bitcoin, forcing the price to rise, substantiated by a report by Kraken Intelligence, detailing that long-term Bitcoin investors have been unwilling to sell, which has contributed to the cryptocurrency’s recent price increases.
Elsewhere, Bitcoin network’s activity is increasing as the number of active addresses surpasses one million for the fifth consecutive day. Currently, BTC is changing hands at $61,450 down 0.04% on the day and up 0.91% on the week.