Bitcoin Roller Coaster, Metaverse Hype, and Broader Market Concerns: This Week’s Recap

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The week has been very volatile in the cryptocurrency market. Despite the turmoil, some altcoins have managed to hold on and even gain in value, but the same can’t be said for Bitcoin.

The main cryptocurrency is down around 4% on a weekly basis, but this comes after a week of high volatility. On Monday, the price rose from $ 57,000 to over $ 59,000, only to be rejected almost immediately and drop below $ 56,000. From there it started to consolidate and appreciate, and it looked like he was ready for another $ 60,000 hit by Thursday.

Today, however, the bears had their own idea and reduced BTC from over $ 59,000 to under $ 54,000, and although we are currently above that level, uncertainty is in the way. air. This came amid a wider market pullback following renewed concerns about a newly discovered variant of the COVID virus in South Africa.

Altcoins have also taken a hit today, but some of them have managed to hold on every week. ETH is up around 2% and BNB up around 10%. CRO increased 41%, while AVAX posted gains of 10%.

The Metaverse rooms are where all the rage has been this week. The Sandbox (SAND) leads with a weekly increase of 57%, followed by Decentraland (MANA) by 23%. It seems that this particular trend is only accelerating.

Elsewhere, positive news of Bitcoin adoption continues, despite the red week. El Salvador has publicly proclaimed that it fully intends to build a Bitcoin city. Additionally, it looks like large and long-term holders are taking this opportunity to rack up some extra BTC, making it a bit of a downside buying opportunity. Institutional involvement is also growing, as Morgan Stanley – the international banking giant – has significantly increased its exposure to BTC.

Either way, it remains exciting to see how the market will evolve over the next few days and if the correction will get worse or if we will finally recover.

Market data

Market capitalization: $ 2,590 billion | 24H Flight: 204B | BTC dominance: 39.7%

BTC: $ 54,440 (-4.4%%) | ETH: $ 4,080 (+ 2.2%) | ADA: $ 1.55 (-13%)

This week’s crypto headlines you shouldn’t miss

PlanB: November’s $ 98,000 Bitcoin target will likely be the Floor model’s first miss. the first time. Its bottom model sees BTC trading at $ 98,000 by the end of November, which seems highly unlikely at this time.

The Red Hot Metaverse space could soon reach a market value of $ 1T, grayscale reports. The largest cryptocurrency asset manager, Grayscale, believes the entire Metaverse field could be worth well over $ 1,000 billion in the not-so-distant future. This is occurring in a booming market for projects in the field.

Bitcoin Accumulation Accelerates As Whales Buy 0.29% Of Total BTC Supply In One Week: Analysis. It seems that the whale entities are back in accumulation mode. Over the past few days, large wallets have bought 59,000 BTC as the price of the cryptocurrency drops well below $ 60,000.

Over a million, ETH did not burn until 3 months after the implementation of EIP-1559. EIP-1559, the implementation that changed Ethereum’s emission model and introduced deflationary mechanics, was responsible for burning over a million ETH during the three months of its release on the main network. It’s worth over $ 4 billion in fiduciary terms.

Morgan Stanley increases its exposure to Bitcoin and buys more trusted grayscale BTC stocks. International banking giant Morgan Stanley continues to increase its exposure to Bitcoin. According to a recent filing with the U.S. Securities and Exchange Commission, the company bought significantly more GBTC shares in grayscale.

El Salvador will build a Bitcoin city: will buy more than $ 500 million in BTC. Only a few months after adopting Bitcoin as legal tender, El Salvador, a country in Central America, plans to build a “Bitcoin City”. This is expected to happen with the help of Blockstream and Bitfinex while also planning to purchase an additional $ 500 million worth of BTC.

Graphics

This week we have a graphical analysis of Ethereum, Binance Coin, Solana, Avalanche and CryptoCom – click here for the full price analysis.

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