Binance Coin is less than $50 away from its all-time high of $690, while Solana is just $15 away from reaching its previous record of $260.
Several other relatively large cryptocurrencies are also enjoying record-breaking price rallies, including Avalanche (AVAX) and Terra (LUNA).
The altcoin resurgence has pushed the total cryptocurrency market cap close to $3 trillion, making it more valuable than the top dozen largest banks combined, as well as every single one of the world’s biggest companies.
Experts remain divided over which way BTC will head from here, with some believing the price rally is only just beginning, and others claiming that the price is due for a major correction at some point.
You can follow all the latest news, analysis and expert price predictions right here.
Bitcoin price consolidation or correction?
Bitcoin’s slight dip in price this morning is no surprise, given it tends to fall slightly following an all-time high as investors take the opportunity to skim off profits and buyers wait for an opportunity to buy in at a slightly lower level.
This then transitions into a period of consolidation, where BTC remains relatively steady, or a major price correction that sees its value tumble.
Experts we’ve heard from this morning appear to be subscribing to the former theory, with the UK head of one crypto exchange telling us it seems the outlook for the crypto market is broadly positive – but could hinge on some key news coming up.
“It’s been a good start to the week for the crypto markets,” says Sam Kopelman, UK manager of Luno. “The growing optimism in Bitcoin could be down to the upcoming deadline for the SEC response to VanEck’s spot based bitcoin ETF on 14 November, with traders trying to front run any good news.”
Galina Likhitskaya from the smart contract audit company HashEx adds: “There is a positive sentiment that often engulfs the crypto markets toward year-end. This sentiment is billed to favour both Bitcoin and Ethereum which the former may hit a high of $80,000 and the latter, a top of $5,500 by the end of 2021.”
Anthony Cuthbertson10 November 2021 09:33
The prices of several cryptocurrencies including bitcoin, ethereum, and solana have dropped by about 2 to 3 per centage in the last 24 hours.
The overall crypto market is down by about a per cent in the last day and is currently valued at about $2.90 trillion.
Bitcoin, after climbing past an all-time high of over $68,000 on Tuesday, has dropped to about $66,500 and appears to be sliding down further.
Ethereum, which also climbed to a record value of over $4,800 twice on Tuesday, is down to about $4,700 and seems to be stabilising around the mark.
Other cryptocurrencies, including solana and polkadot have also dropped in value over the last 24 hours by about 3 to 5 per cent.
Vishwam Sankaran10 November 2021 03:21
New York Mayor-elect promotes city-themed cryptocurrency
Following his announcement last week that he would take his first three paychecks in Bitcoin, New York Mayor-elect Eric Adams promoted the launch of the city-themed NYCcoin cryptocurrency scheduled for Wednesday.
Last Thursday, Mr Adams said he wanted to turn New York into the “center of the cryptocurrency industry,” and explore city’s own coin similar to Miami’s, adding that crypto and blockchain should also be taught in schools.
Mr Adams stayed on message on Monday, promoting NYCcoin to be debuted on Wednesday.
Vishwam Sankaran9 November 2021 12:20
Bitcoin reaches all-time high
After surging past an all-time high price of over $68,500 on Tuesday, bitcoin has slipped in the last hour and is currently stabilising around the $67,500 mark.
The cryptocurrency has surged by nearly 7 per cent in the last week with some analysts predicting it would grow in value further in the coming weeks.
The current surge has beaten the cryptocurrency’s previous high of about $67,700 in October.
Ethereum also surged to a record high of over $4,800 but has since slipped to around $4,750. More on the recent surge here.
Vishwam Sankaran9 November 2021 11:53
The prices of several cryptocurrencies including bitcoin, ethereum, and cardano have surged in the last 24 hours with the overall crypto market growing by about 3 per cent in the last day.
Bitcoin has surged by about 4 per cent in the last day, and is priced at about $67,500 while ethereum has risen by about 2 per cent, currently inching closer to the $4,800 mark.
Meme coins dogecoin and shiba inu have also surged in the last 24 hours, rising in value by 4 to 6 per cent. The global crypto market is valued at about $2.92 trillion, and the chart looks green with signs of growth among several cryptocurrencies.
Vishwam Sankaran9 November 2021 03:06
New York Mayor-elect wants to be paid in Bitcoin
In response to tweet by Miami’s Mayor Francis Saurez that he would take his next pay in bitcoin, New York’s Mayor-elect Eric Adams has said he will take his first three paychecks in the cryptocurrency.
Mr Adams, a Democrat set to become the city’s second black mayor, said his intention is to make New York the “centre of the cryptocurrency industry and other fast-growing, innovative industries.”
Vishwam Sankaran5 November 2021 07:16
The prices of several cryptocurrencies, including bitcoin, ethereum and cardano have dropped over the last 24 hours as the global crypto market slips by over a per cent in the last day.
Bitcoin and ethereum have dropped in value by over a per cent in the last day.
Polkadot, which has grown by more than 20 per cent over the previous week, has also dropped by about a per cent in the last 24 hours.
Shiba inu has plunged the most, dropping in value by over 20 per cent during this period.
After a surge that helped it overtake cardano on Thursday, the price of solana has stabilised around $240.
The chart looks mostly red with marginal signs of recovery.
Vishwam Sankaran5 November 2021 03:09
Coinbase testing subscription service
Coinbase is reportedly working on a new subscription service that would allow customers to avoid paying crypto trading fees in return for a monthly fee.
The largest cryptocurrency exchange in the US will offer the subscription to a small number of users to start, according to a report today in The Block, which will also offer added insurance protection if an account is compromised.
“We’re always looking to learn more about how we can best serve our customers in different ways,” a spokesperson told the publication. “Right now, we are still in early stages, so everything about the future product experience will be shaped by the feedback we receive from our users.”
Anthony Cuthbertson4 November 2021 18:00
Crypto price gains in 2021 calculated
If you’re wondering how much you could have made if you’d invested in Solana at the beginning of the year, someone has already done the maths for you.
Solana’s 16,000 per cent price gains since the start of 2021 mean that $1,000 invested on 1 January would have turned into $162,000 today. This is more than double what you would have from the same investment in dogecoin, and more than 80-times greater than bitcoin’s returns.
Of the top 10 cryptocurrencies, however, there is one that has performed even better than Solana. A $1,000 investment 10 months ago would have almost turned you into a billionaire by now.
Anthony Cuthbertson4 November 2021 11:00
Solana price record follows remarkable year
Solana’s latest price surge has seen it reach above $2.40 for the first time in its history. The all-time high for Solana follows an astonishing year for the altcoin, which started the year trading below $2.
Its creators claim its fortunes are directly related to the potential of Solana’s underlying technology, which they say includes “the fastest blockchain in the world”.
“Literally the goal of Solana is to carry transactions as fast as news travels around the world – so speed of light through fibre,” CEO Anatoly Yakovenko said during a developer conference in September. “Who we’re competing with is Nasdaq and the New York Stock Exchange.”
You can read more about Solana and its remarkable rise right here.
Anthony Cuthbertson4 November 2021 10:04