Bitcoin New High and Altcoin Stagnation – Market Overview

BTC grew by 3% per day. On Tuesday, October 27, 2020, it updated a new 16-month high of $13,700. At the same time, global stock markets went down, for example, the leading Wall Street S&P 500 index fell by almost 2%.

Matthew Dibb, co-founder of Stack Funds, believes that bitcoin will continue to show its full strength for at least a few more weeks.

Over the past few days, bitcoin has pleased with its growth rate and has given new hopes, especially among crypto enthusiasts who believe in its cosmic growth. This time, the growth reached a 16-month high above $13,800, after which the price of bitcoin declined, and the stock market followed it. The leading Wall Street S&P 500 index fell by more than 2%, and the European Euro Stoxx 50 – by 4%.

The new maximum of bitcoin and the stagnation of altcoins - this and more in our weekly market review

The number of bitcoin whales is back at the level of 2016. According to the Glassnode service, on Sunday the number of addresses containing at least 1 thousand BTC reached 1,939. During the week, this indicator increased by 2.2%, and since the beginning of the year, the number of "whales" has increased by 13%. It can be said that large investors and even public companies are increasingly considering bitcoin as a protection against the inflationary policy of central banks.

By the way, "bitcoin whales" refuse to sell their BTC even for $13,000. Volatility in the cryptocurrency market shows some weakening, but the whales continue to trade above $13,000. And the situation as a whole suggests that they are more willing to accumulate than to give.

And this is despite the fact that the current prices for BTC are at the highest level since June 2019, and over the past week the capitalization of the cryptocurrency has increased by almost 15% to $ 243 billion.

The bearish mood is intensifying: the miners have begun to actively sell the ether. This cryptocurrency is expected to fall more significantly than expected and this will happen in the near future. ETH has already rolled back below $400. Capital is actively thrown into BTC, which negatively affects the liquidity of the altcoin market.

New level of money laundering! In Ukraine, money was laundered using blockchain technology on the cadastral market.

To reduce bureaucracy and add transparency, that's why a blockchain project was planned for the cadastral system of Ukraine. This project turned out to be an ordinary fake. The head of the State Service for Geodesy Roman Leshchenko believes that the project was not protected from outside interference, including changes in the intended purpose.

In his opinion:

«The blockchain system is a fake. It was just throwing dust in my eyes. The blockchain system works when you have correctly entered information into the cadastre system or any other information system. And when your cadastre is not completely filled, and agricultural land, for example, right in the Dnieper River, or an island appears from nowhere in the cadastre, then this does not work».

The CEO of the crypto payment company Abra said that just a couple of weeks ago he transferred as much as 50% of his investment portfolio to cryptocurrency. After that, the course actively went uphill, which definitely pleased Barhydt and reinforced his confidence in the correctness of the decision.

“I believe that bitcoin is now the best investment in the world,” writes Bill Barhydt.

While some countries are only thinking about creating their own digital currency, Cambodia has already announced the completion of the development of its own digital currency called Bakong. This currency supports transactions with both the Cambodian riel and the US dollar.

The Cambodian authorities hope that this digital currency will help minimize the use of paper money, which in turn will help to overcome the pandemic faster, as well as promote social security.

Jack Ma, founder of Alibaba attended the financial summit in Shanghai. In his speech, he raised the topic of the importance of cryptocurrencies. His opinion was that these currencies could fundamentally change the concept of money in general.

Alibaba has always been a fan and supporter of blockchain, and it has long been no secret that the e-commerce giant owns the most blockchain-related patents. After what has been written above, it may seem that Jack Ma looks very far and it is difficult not to note his progressive view of the future, and it is difficult to imagine that just two years ago, the billionaire called bitcoin a “bubble”. Perhaps Ma's views have already changed by now, but he did not comment on this.