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Market Highlights
- Bitcoin (BTC) spiked to an 18-month high this week, the same week it reached an all-time-high hash rate of 507 TH/s.
- Digital asset investment products added another US$176 million in the past seven days, extending its positive inflows to eight consecutive weeks.
- An unlucky BTC sender paid a record-breaking US$3.1 million in transaction fees when attempting to send 139.42 BTC on Friday.
Bitcoin
Following a flat week of trading, Bitcoin (BTC) has seen some life again after reaching an 18-month high of US$38,414 Friday night. The rally lost legs over the weekend and BTC closed the week at US$37,069, down a slight 1.1% over the last seven days.
With the Bitcoin halving now just five months away, which will reduce BTC mining rewards by half, Bitcoin’s hash rate has hit a new all-time high of 507 TH/s (exahashes per second), signalling great network strength.
Recommended Reading: What Is Bitcoin Halving?
Ethereum
Ethereum (ETH) also spiked to an 18-month high on Friday, trading hands at US$2,133 before eventually closing the week at US$2,030, up 0.4%.
Altcoins
After a brief cooldown period last week a number of market sectors have begun to take-off once again with GameFi leading the pack after adding on 10.6%. Smart Contract Platforms and Currencies bled this week, losing 3.5% and 1.1%, respectively.
Axie Infinity (AXS), ApeCoin (APE), and Illuvium (ILV) led the gaming sector rally with each gaining 12.2%, 8.2%, and 9.8%, respectively. ILV rose ahead of its Epic Games store launch expected November 29 while AXS is up after active users rebounded heavily this month.
Terra Luna Classic (LUNC) and newly listed Pyth Network (PYTH) locked in double-digit gains this week, adding on 35.3% and 47.8%, respectively. LUNC jumped after its proposal for the latest major upgrade passed while Pyth recently debuted at a nearly US$500 million valuation after airdropping tokens to 90,000 eligible wallets.
The top performer this week was NFT platform, Blur (BLUR) which rallied 55.6% after it was listed on Binance’s convert feature.
In Other News
- A luckless BTC sender seemingly made a costly mistake on Friday, paying a record-breaking US$3.1 million in transaction fees after trying to send 139.42 BTC and accidentally spending 83.65 BTC in doing so.
- Link staking v0.2 is Chainlink’s (LINK) latest update to their staking program. The update will increase the total staking pool size from 25 million LINK to 45 million LINK.
New Asset Listings
Pyth, Echelon Prime, and Beam have been listed at Caleb & Brown.
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Disclaimer: This assessment does not consider your personal circumstances, and should not be construed as financial, legal or investment advice. These thoughts are ours only and should only be taken as educational by the reader. Under no circumstances do we make recommendation or assurance towards the views expressed in the blog-post. The Company disclaims all duties and liabilities, including liability for negligence, for any loss or damage which is suffered or incurred by any person acting on any information provided.
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