Crypto Roundup: Week Ending October 30
It was a busy week in the crypto world. Here’s a roundup of some of the week’s most notable events.
Ether (ETH) hits an all-time high
Ethereum’s Altair upgrade got a big nod of approval from crypto enthusiasts this week, as Ether (ETH), the blockchains native coin, reached a new all-time-high of more than $4400 on October 29, according to Trading View. The coin’s market capitalization is now at more than $509.86 Billion, nearing 20% of the total crypto market.
Support for Ethereum network continues to grow, as traders and analysts look toward the long-awaited move from the Proof of Work (PoW) protocol to Proof of Stake (PoS), which is expected to be implemented by the network early next year. The more environmentally- friendly PoS protocol is expected to help push ETH to even greater highs.
“Now, a panel of 50 bitcoin, Ethereum and cryptocurrency experts has predicted the Ethereum price could top $5,000 per ether before the end of 2021—and rocket to over $50,000 by 2030,” Forbes reported.
Shiba Inu beats Dogecoin
Meme-coins are having a moment as Shiba Inu’s (SHIB) market cap pushed toward $40 Billion, making it the number 9 coin ahead of Dogecoin (DOGE) which sits at more than $36 Billion, according to Coin Market Cap. Shiba Inu is also being credited for Ether’s surge, as interest in the meme-coin increased traffic on the Ethereum network.
“So if Shiba Inu generates a lot of traffic, it increases network congestion and contributes to more ETH being burned,” Sam Doctor, chief strategy officer and head of research at BitOoda told Bloomberg. “That slows the net growth in ETH in circulation. Tighter ETH supply combined with high network usage likely drove Ether’s price up.”
Supply and demand will likely influence the race between these two dog-memed cryptos.
Dogecoins minted are limitless. Shibu Inu’s appears to be set at one quadrillion coins.
“From its inception, Shiba Inu has done things differently,” the coin’s website explains. “Starting with a supply of 1 quadrillion, our founder Ryoshi locked 50% in Uniswap, then ‘burned’ the other half to Ethereum co-founder Vitalik Buterin for safekeeping.”
But wait! The Shiba Inu story gets even more interesting:
“To help reverse the devastating spread of Covid-19 in India, VB has since utilized SHIB in the largest crypto donation in history, and then actually burned 40% of its total supply to a dead wallet, ensuring our long-term success and stability,” the site said.
Story here to be continued.
MicroStrategy adds almost 9,000 Bitcoin in Q3
As Bitcoin (BTC) continued to hold above $60,000 for the third week in a row, demand is outpacing available supply. Who’s holding the coins? Not just the HODLers and whales.
MicroStrategy (Nasdaq: MSTR) announced this week to investors that it added almost 9,000 Bitcoin (BTC) to its holdings in Q3. The company, which calls itself the largest independent publicly-traded business intelligence company, and its CEO Michael Saylor remain bullish on the world’s first digital currency.
“Today, MicroStrategy is the world’s largest publicly traded corporate owner of bitcoin with over 114,000 bitcoins,” Saylor said. “We will continue to evaluate opportunities to raise additional capital to execute on our bitcoin strategy.” What will that strategy include? We’ll keep you posted.
Australia gets the green light for crypto ETFs
Looks like Australia is the next country to allow cryptocurrency exchange traded funds (ETFs).
“On Friday, the Australian Securities and Investments Commission (ASIC) released a set of guidelines and requirements relating to crypto exchange-traded products, or ETPs, after a series of consultations the regulator has been undertaking since June,” The Sydney Herald reports.
The ETFs will be allowed to invest directly in cryptocurrencies and related entities including miners and exchanges. Trading on the ASX could begin in a few months, The Herald said.
Australia’s announcement came just a week after two U.S. based ETFs launched. The Proshares Bitcoin Strategy ETF’s (BITO) began trading on the Chicago Mercantile Exchange in mid-October, and was quickly followed by the Valkyrie Bitcoin Strategy ETF (BTF) which began trading on NASDAQ just a few days later. There are more than 40 ETF filings in the pipeline with the U.S. Securities and Exchange Commission (SEC).
Joyce Pavia Hanson