Has the fuse of the “first cryptocurrency” ended?

The last seven days in the cryptocurrency market have passed without major upheavals. Many digital assets have been able to confidently increase in value after the recent correction. However, this cannot be said about “digital gold”: its price has shown a rather modest increase, reports a correspondent for the Kapital.kz business information center.

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Specialists of the analytical company Lassonde doubt the continuation of the November correction of bitcoin. They believe that the proportion of “profitable” coins in the hands of investors is higher than ever, and the market is in a balanced state. Analysts note that the most significant rollback in the value of the “first cryptocurrency” this year happened in May-June, when the price of bitcoin collapsed by 54%. The September correction was already 37.5%, while the one observed in November could hardly exceed 20%.

Another fact to note is that Bitcoin evangelist MicroStrategy purchased 7,002 BTC worth about $414 million in a sale. Now the total number of Bitcoins on the company’s balance sheet is 121,044 BTC, with an average acquisition cost of $29,534. Thus, at the current value of digital gold, the company actually doubled its investments and earned about $3.3 billion.

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As of Wednesday evening, December 1, 2021, it amounted to $2.7 trillion, which is 5.82% higher than the values ​​recorded at the end of last week.

1. Bitcoin (BTC). “Black Friday” in the cryptocurrency market in terms of favorable prices. This is how the founder of Skybridge Capital Anthony Scaramouch called the November Bitcoin correction. He advises investors to take advantage of the decline in the price of the “first cryptocurrency” to increase their positions. After all, in his opinion, all fundamental indicators “simply scream” that the cryptocurrency market has a huge potential for further growth.

On Wednesday evening, December 1, 2021, the price of “digital gold” won back a bit of the correction and rose to $58,700. According to the results of the past seven-day period, the market capitalization of bitcoin increased by $43 billion and amounted to $1106 billion.

2. Ethereum (ETH). JPMorgan saw the huge growth potential of Ethereum. Bank analysts believe that “digital oil” has better chances in terms of potential than bitcoin and, thus, is a more attractive object for investment.  Also, experts state the fact that “ether” has risen in price since the beginning of 2021 by 6 times, while bitcoin has added “only” 96%.

Analysts traditionally name the development of the Defib sector and the NFT market, which are historically based on the Ethereum blockchain, as the main growth drivers. “The rise in traditional bond yields and the predicted normalization of monetary policy are putting downward pressure on bitcoin as a digital analogue of gold, as well as on the precious metal itself.

Since Ethereum is extracting its value from applications that are only gaining popularity, it seems to be less receptive to this trend, ”the experts said in a statement. But already at the beginning of 2022, the offer will reach a maximum of 119.7 million ETH, after which the coin will become deflationary due to an update activated not so long ago, burning part of the transaction fees.

As of Wednesday evening, December 1, 2021, the price of “digital oil” was $4,761, headlining the market recovery. The weekly growth in the value of the asset amounted to an impressive 12.87%.

3. Finance Coin (BNB). As of Wednesday evening, December 1, 2021, BNB was valued at $649.11.The developers of the Solana project, from the non-profit organization Solana Foundation, have proclaimed the noble goal of going carbon neutral.

The project team plans to introduce a program to support the transition of validators to renewable energy sources by the end of 2021. Previously, the Solana Foundation commissioned a third-party audit of network energy consumption for transactions,

the results of which showed that the Solana blockchain spends 1836 J to conduct 1 transaction, which is equivalent to performing two search queries on the Google website. The costs of bitcoin and “ether” amounted to 6,995,592,000 J and 692,820,000 J, respectively.

Thus, the platform acquired its own DEX, using the traditional order book model, which allows placing limit orders. The solution was developed by the MuesliSwap project team. “Unlike early attempts to simply clone the Unisa architecture from Ethereum, Muesli Swap’s new trading solution is designed from the ground up and takes into account the features of Cardanol’s own EUTXO transaction model.

As of Wednesday evening, December 1, 2021, Cardanol (ADA) was worth $1.61.

6. Ripple (XRP). As of Wednesday evening, December 1, 2021, Ripple (XRP) was valued at $1.01.