WEEKLY CRYPTOCURRENCY MARKET ANALYSIS

CRYPTONAIRE WEEKLY

CRYPTO investment journal

WEEKLY CRYPTOCURRENCY MARKET ANALYSIS

Hello, crypto traders welcome to this week’s 148th edition of Cryptonaire Weekly. The overall Cryptocurrency Market Cap stands at $350 Billion. We have seen a $20 Billion increase in the Market Cap since last week. Bitcoin price is currently around $10,745 from $10,285 last week and has increased by 4.47% and Ether price is now at $375 from $346 last week and has increased by 8.38%. The current market cap for bitcoin is $199 Billion, and for Altcoins, the current market cap is $151 Billion.

Morgan Stanley Investment Management’s chief strategist and head of emerging markets Ruchir Sharma believes that the huge money printing by the U.S. Federal Reserve is likely to stoke inflation and interest rates could rise as early as next year and surprise everyone. Therefore, he suggests traders keep about 5% of their portfolio in gold, and for the adventurous in Bitcoin, over the next three to five years.

Bloomberg analyst Mike McGlone said that on a 12-month basis, the correlation between gold and Bitcoin is at its highest level since 2010. This shows that Bitcoin is behaving as a store of value, ratifying the belief of the crypto community that in the digital age, Bitcoin is digital gold.

The Nasdaq listed business intelligence company MicroStrategy told the U.S. Securities and Exchange Commission on Monday that it might add to its $250 million worth of Bitcoin purchased in August. This could start the trend where companies keep their treasury in cryptocurrencies rather than fiat currencies.

A few traders are buying call options at the $36,000 and $32,000 strike price expiring on December 25. However, the possibility of such a move is less than 2%. Options can be used to form various complex strategies; hence, traders should not get overly excited about these options purchases.

Percentage of Total Market Capitalization (Dominance)