BitcoinBites: 5 BTC stories you should know – November 10th, 2021
Suddenly, Bitcoin hits new all-time high after $2K gains in minutes
Bitcoin (BTC) surprised everyone on Nov. 10 as BTC price action abruptly hit new all-time highs. The BTC price jump also coincided with news that United States inflation hit a 30-year high in October, as reported by the Wall Street Journal.
In step with various similar moves in recent weeks, Bitcoin not only reversed its previous short-term downtrend but eclipsed its previous record high of $68,564.
Bitcoin enters top 8 of world's largest assets by market cap and outpaces Elon Musk's Tesla
Over the last 24 hours, the valuation of the crypto market has swelled above $3 trillion for the first time, supplemented by the strong upside movement of Bitcoin.
Bitcoin's major upgrade taproot set for activation this week
The much-anticipated Bitcoin (BTC) upgrade, Taproot, is expected to finally be activated this week.
Per taproot.watch, the upgrade will activate in 872 blocks from the time of writing, or in estimated 6 days.
Taproot is a major event and a major upgrade - the largest one since SegWit, which was activated in 2017.
Bitcoin rally healthy, less leverage than in the past, say on-chain analysts
The current bitcoin (BTC) rally looks healthy, with less leverage than on previous occasions, and strong support in the USD 50,000 to USD 60,000 range, on-chain analysis suggests.
Although the current crypto market rally - which has now pushed bitcoin above the USD 68,000 mark and ethereum (ETH) above USD 4,800 - has already gotten the community excited, both on-chain signals and technical analysis suggest that the prices still have room to grow.
According to the popular bitcoin on-chain analyst Willy Woo, there is “huge price validation” in the USD 50,000 to USD 60,000 range, with the analyst further saying that bitcoin has “cemented” its position as a USD 1trn asset class.
“Hard to see it dropping below this zone,” Woo said.
Bitcoin could overtake gold and real estate - here's when
Bitcoin is reaching towards new ATHs, and the king coin is making waves in the crypto space. Check out the latest optimistic predictions about the price of Bitcoin these days.
Analyst PlanB predicted when the market cap value of Bitcoin could overtake that of more traditional assets such as gold and real estate.
Bonus Bite: Adrian Grenier: Bitcoin is about personal experience, sovereignty and responsibility
Grenier, who is also UN Environment Program Goodwill ambassador and founder of nonprofit Lonely Whale, has been recently building a nature-based community in Texas that “will have a hyper-local positive impact on the environment.”
What got an actor into environmentally conscious projects? On the sidelines of the event, Grenier told CoinGeek Backstage: “To build anything, I want to use money as a tool, so I started looking at finance as a way to positively impact the environment by actually investing in businesses that will improve our experience on the planet. I started looking at money itself and the store of value, and crypto comes along—it creates more transparency, equity, and access to the world’s wealth.”
For the latest Bitcoin prices, check out NDAX's BTC Price page