Bitcoin Approaches ATH as Overall Marketcap Breaches $3 trillion – Weekend Roundup

Weekend Highlights

In our last weekly roundup, we highlighted a growing rivalry between New York and Miami, as the Mayor of each City attempts to make their hometown a ‘hub’ for crypto.  Intent on not being left out, Tampa Bay Mayor Jane Castor, has now joined the fun in making a similar announcement which will see her not only accept a portion of her pay in BTC, but strive make Tampa Bay a hub as well.

“Champa Bay is a leader in everything from sports to tech – why not #Bitcoin? Tampa is ready to be the next big hotspot for cryptocurrency.” – Jane Castor, Mayor of Tampa Bay

Meanwhile, local news coming out of Zimbabwe has indicated that talks surrounding the country’s adoption of Bitcoin as legal tender have already commenced.  Reportedly, Secretary and Head of e-government Technology Unit Charles Wekwete revealed this while speaking at a tech conference over the weekend.  If true, Zimbabwe would make waves, validating a move already undertaken by El Salvador, pushing such adoption towards becoming a trend, rather than a ‘one-off’ oddity.

Market Reaction & Metrics

While a retest of $60,000 occurred early Saturday morning, Bitcoin was able to weather the storm and come back roaring.  Heading in to Monday the world’s top digital asset is now re-approaching all-time highs.

Bitcoin is not the only asset experiencing a hearty bump upwards over this time.  Ethereum has followed suit, and actually managed to breach past highs.

This price movement of this duo, followed by essentially the entire market turning ‘green’, has resulted in the overall market-cap breaching $3 trillion USD for the first time.

Mikkel Morch, Executive Director of ARK36 commented on this recent price action, stating,

“While relatively steep and sudden, the BTC price surge is just a confirmation of an incredibly strong market setup that has been developing throughout October. Importantly, the uptick doesn't seem to be leverage-driven but rather results from the increased demand on the spot market where there's currently very little sell-side liquidity. As Bitcoin exchange balance is at a 3 year low while long-term holder supply is at an all-time high, there are simply too few bitcoins available to keep up with the demand – the right conditions for the price to soar.

Given these circumstances, the $70K price tag seems imminent. BTC is now poised not only to retest and smash its previous ATH but also to continue to break records throughout the month. Such a possibility is strong especially that November historically was, on average, the best performing month for Bitcoin.”

Overall, hashing power remains high, exchange balances continue to decline, and greed indexes remain relatively subdued.  While there are never any guarantees when discussing Bitcoin and the broader digital assets market, the aforementioned metrics point to another lucrative November.