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Cryptocurrency market shows $2000 rally in hour and 99% drop in minute

Relevance up to 08:00 2021-11-03 UTC–4

At the time of writing, the leading digital currency – bitcoin – is trading at $63,200, and its capitalization broke through the level of $1.19 trillion. Thus, BTC jumped by 33% during the month.

According to the cryptocurrency exchange Binance, in just an hour the value of bitcoin rose by 3%, which equals to $2,000.

On October 20, bitcoin set a new all-time high, reaching above $67,000. After that, quotations began to decline, and a week later, the value of BTC dropped to a two-week swing low at $57,800. After such a spectacular pullback, bitcoin continues to steadily recover.

At the end of last month, cryptocurrency market analysts confidently predicted that the current trend of Bitcoin growth will be longer than previous ones, and will take about a year.

Meanwhile, an increase in the value of leading altcoins at the end of last month pushed the overall capitalization of the cryptocurrency market to new highs – above $2.77 trillion. Experts note that the combination of these factors indicates that the crypto market is gaining upward momentum, and the most spectacular part of the growth of digital assets is yet to come.

As for the latest news on the digital currency market, analysts from Goldman Sachs predicted the growth of Ethereum coin to $8000 by the end of this year, however, there is one “but”. The price of the digital asset may increase to the mentioned level only if the historical correlation with the inflation expectations is preserved.

The owner of the fast-food restaurant chain Burger King announced the company’s plans to offer rewards in cryptocurrency to US residents. Burger King and online broker Robinhood Markets Inc will hold a drawing for prizes between participants of the Royal Perks loyalty program in Bitcoin, Ethereum, and Dogecoin.

Meanwhile, the day before, the value of Squid altcoin, based on Netflix’s “Squid Game” series, plummeted more than 99% in a few minutes, from $2856 to $0.005.

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