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This week, the value of major coins increased.
This week brought good news for Cryptoland investors. Bitcoin increased by 15%, Ethereum by 8%, and some coins, such as the Dogecoin spinoff Shiba Inu (SHIB) coin, increased by 266 percent.
Bitcoin (BTC) had actually begun to rise more than a week before. The coin began its quick climb upward from lows of $41,211 on September 29, well before the current week began. It had reached $47,355 by Monday, but the coin was just getting started.
By Wednesday, it had rushed through $50,000 to hit $51,473. Then a lot of leveraged trading brought it to today’s price of $55,167. “There is a lot more leverage in the market than last year. Open Interest (OI) is more than triple,” said Singaporean crypto prop shop QCP Capital in a Telegram group.
At $1 trillion, Bitcoin’s market cap is now larger than the combined market caps of JPMorgan and Bank of America. Itay Tuchman, Citi bank’s global head of foreign exchange said that institutional interest in Bitcoin is growing. “Like anyone who’s in crypto knows, you start with Bitcoin and you’re down the rabbit hole very quickly,” he said this week.
Ethereum (ETH) rose from a low of $3,287 on Monday to a high of $3,656 on Friday. Its current value is $3,611 and its market capitalisation is $425 billion. Ethereum’s NFT ecosystem expanded further. CrypToadz sales increased 156 percent in the last week, reaching $56 million. MekaVerse blew up as well. It has $63 million in sales, making it the 26th largest NFT project of all time. Both are cryptocurrency profile picture projects.
Shiba Inu (SHIB) token increased 240 percent to $0.000026 after Elon Musk, CEO of SpaceX and Tesla, tweeted a photo of his dog. Musk’s dog, much to the delight of Dogecoin and derivative project, is a Shiba Inu. SHIB powers an Ethereum-based decentralized finance protocol, similar to Sushi. Dogecoin itself rose 12%.
QCP Capital said: “There are numerous reasons to be bullish, including the stabilisation of the Evergrande situation, potential upcoming approvals for BTC ETFs in the US, and more traditional finance stalwarts such as Soros Fund Management becoming crypto-positive.” QCP, on the other hand, stated that a lot of leveraged trading and a bearish options market could be a sign of bad things to come.