The cryptocurrency market capitalization climbed by 36.65 percent in the month of October, rising from about $1.93 trillion at the beginning of the month to nearly $2.63 trillion at the end of the month. Bitcoin struck an all-time high on the same day that the cryptocurrency market capitalization reached $2.67 trillion, the highest level ever.
‘Uptober’ month in the cryptocurrency market lived true to its name as the world’s most valuable digital asset, Bitcoin, achieved an all-time high of $66,930.39 on October 20th, after starting the month at $43,790.90, a 52.84 percent increase from its starting point.
The Altcoin market surged by 33.91 percent in October, jumping from $1.1 trillion at the beginning of the month to $1.47 trillion by the conclusion of the month. Although the altcoin market did not immediately respond to Bitcoin’s increase, it did so towards the end of the month, indicating that the altcoin market is beginning to adjust to Bitcoin’s expansion.
With its market dominance increasing by 1.29 percent to 44.1 percent, Bitcoin accounted for a large portion of the gain. However, the altcoin market also saw an increase, albeit not by nearly as much as the flagship digital asset.
Trades and investors have been reassured by Bitcoin’s growth, which is particularly significant now that Bitcoin’s monthly candle has closed above $60,000, the highest figure ever reached by a bitcoin transaction. Here are five cryptocurrencies to keep an eye on in November 2021, taking into consideration the current condition of the cryptocurrency industry.
The cryptocurrency Bitcoin achieved all-time highs near the end of October, with a market capitalization of more over $1.2 trillion, placing it as the sixth most capitalised asset class, according to Asset Dash. Bitcoin has retreated to $58,206.92 after reaching a new all-time high, but there are still hints that the cryptocurrency has more room to grow in the coming months.
In spite of the fact that Bitcoin is currently trading at an all-time high, data from Glassnodes, an on-chain analytics business, indicates that whales (big money investors) are still purchasing the asset class. Despite Bitcoin’s price discovery, $2.5 billion left exchanges in the week following its all-time highs, demonstrating that whales have accumulated a significant amount of the cryptocurrency.
In a recent Twitter thread, William Clemente, a specialist in on-chain analysis, discussed the macroeconomic implications of Bitcoin while also making price forecasts for the cryptocurrency. To make price forecasts, he used a Top Cap Model, which was developed by Willy Woo, another on-chain analyst, to make predictions.
According to him, this is the ‘Top Cap’ model, which was created by @woonomic. This formula takes the total market capitalization of Bitcoin over the course of history and multiplies it by 35. It is today worth significantly more than $204,000.” Moreover, he brought up the subject of the Delta Valuation Model, stating, “This is what I’ve designated as the Delta Valuation Model.” The Delta cap (created by @kenoshaking) is used as the floor, and the result is multiplied by 7.5 to obtain the maximum. In the meanwhile, the peak price is little more than $114,000,” says the author.
Bitcoin was trading at $60,900 at the time of writing this report, a decrease of 0.48 percent from its previous day’s close.
It is the goal of VeChain, a blockchain-based supply chain platform, to combine distributed governance and Internet of Things (IoT) technologies in order to establish an ecosystem that addresses some of the most pressing issues in supply chain management. In order to challenge conventional supply chain paradigms, the platform was developed to make use of blockchain technology in order to alter the way businesses function.
Unique to Vechain is the fact that holders of its native token, VET, receive dividends in the company’s second native token, THOR, when they sell their VET tokens (VTHO).
In order for the Vechain blockchain to function, it must use the proof of authority technique, which means that when VTHO is used, 70% of the VTHO is destroyed and 30% is retained by Authority Masternodes. These are the only complete nodes on the VeChainThor blockchain that are authorised to validate and generate blocks on the network.
With DHL, an international courier and package delivery service provider, as well as a quick mail service provider, Vechain announced a new partnership in which DHL would issue non-fungible tokens (NFTs) on the Vechain blockchain.
Despite the fact that NFTs are the first step, the collaboration is meant to grow in order to serve DHL’s core business and bring the courier company totally on board with blockchain technology.
VET, Vechain’s native cryptocurrency, is currently trading at 13 cents, representing a 0.06 percent increase in value from the time of writing.
It is an open-source, sharding multichain protocol that allows any data or asset type, not just tokens, to be moved across blockchains, allowing a wide range of blockchains to be interoperable.
In a tweet, Gavin Wood, the founder of Polkadot (DOT), announced the creation of a $776 million development fund. In addition, he added that Polkadot’s treasury has set aside more than 18.9 million DOT for a development fund, which will be disbursed through local community government.
Members of the blockchain’s on-chain governing council unanimously approved the commencement of parachain slot auctions, and the ecosystem has established a date for the start of the auctions. It has been announced that the first of the auctions will take place on November 11th, 2021, by the Polkadot Council. Many traders and investors are anticipating a price rally before the first auction takes place.
Polkadot’s native token, DOT, is currently trading at $42.90, representing a 3 percent increase in value since this article was written.