Market cap rises a 6th week led by DOT, SOL gains

5 November 2021

in DOT

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Total cryptocurrency market capitalisation headed for a sixth straight weekly increase, after hitting a record $2.77trn (£2.06trn) on Wednesday on the back of strong rallies in digital coins including polkadot, solana and binance coin. Bitcoin, the largest and oldest, missed out on this week action, mostly flatlining through the period.

Polkadot advanced almost 23% over the past seven days, while solana gained around 22%. Both of them hit all-time highs this week, as did ethereum, the second-largest virtual currency. Shiba Inu, whcih garnered much attention last week by scaling new peaks, led losses this week among tokens with market capitalisation of more than $10 billion, with a decline of almost 30%. The meme-themed coin has now slipped out of the list of top 10 digital currencies.

Bitcoin range-bound; resistance at $64,000

Bitcoin was little changed this week, and has retreated by about 8% from a record hiigh of almost $67,000 reached on 21 October. In recent weeks, the coin has consolidated in a range between $64,000 and about $61,500, and may see the next bout of significant price action only when one of these levels is broken, according Michaël van der Poppe, analyst and CEO of crypto consultancy and educational platform EightBV.

“Right now we are just chopping around and the actual movement is going to happen when bitcoin clearly breaks any of the two levels,” van der Poppen said in his latest market analysis posted on YouTube. Should bitcoin break downwards through the $61,500 to $61,200 area, it would then target the $60,000 level and $57,000 beyond that, he added.

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On the other hand, “breaking $64,000 would result in a pretty bullish expansion as there is not many levels in between. $64,000 is the clear high range resistance and then we have the all-time high and that’s about it. So I assume that if we are going to get into that range once again, we are going to get a clear breaker and towards a new all-time high.

Other crypto news:

Australia’s banking watchdog said it would look into the country’s largest bank move to introduce crypto accounts for retail consumers, Reuters reports. Earlier this week, Commonwealth Bank of Australia said that it would welcome clear regulatory framework on the cryptocurrencies, according to Reuters.
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Quote of the day

Newly-elected Mayor of New York City Eric Adams, who had previously voiced ambitions to make “the city the center of the cryptocurrency industry”

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https://twitter.com/ericadamsfornyc/status/1456311827550384129

“In New York we always go big, so I’m going to take my first THREE paychecks in Bitcoin when I become mayor. NYC is going to be the center of the cryptocurrency industry and other fast-growing, innovative industries! Just wait!”

Roundup of the biggest coins by market capitalisation

bitcoin was flat, gaining 0.34% and trading at $61,399.67.

ether added 1.15% to $4,480.52.

binance coin increased 8.56% to $608.22.

Winners and losers

Shiba Inu’s rally is so last week, as the meme-coin is now down a whopping 24.66% week-on-week.

Polkadot and Solana are, on the other hand, winners of the week, adding 22.14% and 20.88% respecively over the last seven days.

Read more: Crypto regulation explained: How could it affect investors

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