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Ethereum (ETH) sets a new all-time record (ATH)
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Ethereum (ETH) sets a new all-time record (ATH)

created Simon petersNovember 8 2021

Bitcoin (BTC) over the weekend approached the last all time record (ATH) while Ethereum he stood out above his previous ATH. After hitting the $ 4000 level in late October, cryptocurrencies surged. Last Monday, the ETH was around $ 4300, but rose to over $ 4600 on Tuesday and Wednesday before plummeting. But now the cryptocurrency is hovering above the $ 4700 mark, reaching an ATH of $ 4768. The value of ETH increased by approximately 59%. from the beginning of October.

Meanwhile, BTC rose over the weekend to now be just over $ 66 after a week of hovering between $ 000 and $ 62. The cryptocurrency is now approaching three-week highs after a new ATH in mid-October.

Cryptocurrency markets top $ 3 trillion

For the first time, the cryptocurrency market has hit a new milestone of over $ 3 trillion in market capitalization, according to CoinGecko, an analytics firm. This milestone is the highest point since May this year, when markets rose above $ 2,6 trillion, and highlights the positive sentiment of investors as institutional players enter the market through instruments such as ETFs.

Bitcoin is still at the top of cryptocurrencies, accounting for around 42% of the total. market, followed by ethereum, which accounts for just over 18 percent. However, the changes came lower in the ranking, in particular, Solana achieved market capitalization. SOL overtook Cardano (ADA) as the world's fourth largest cryptocurrency after a spectacular increase in the past few months. The value of the cryptocurrency increased by 22 percent. in the last week alone, although in terms of market capitalization it is still overshadowed by BTC and ETH and hovers at 2,5%. market.

The mayor of New York will take a salary in bitcoin

The Mayor-elect of New York, Eric Adams, he promised to take his first three Bitcoin payoutsafter exchanging tweets with the mayor of Miami. The new mayor of New York City, one of the world's largest financial centers, has highlighted his vision of transforming the city into a cryptocurrency hub. Adams, responding to a tweet of Miami Mayor Francis Suarez pledging to take a payment
in bitcoin, he raised the bid, saying he would take his first three cryptocurrency withdrawals.

The new mayor also tweeted on Thursday:

"NYC will be the center of the cryptocurrency industry."

Adams is getting along somewhat with Suarez and Miami, who have drawn financial talent from New York during the pandemic and have already announced a number of pro-crypto measures, including accepting bitcoin tax payments and allowing workers to earn wages in crypto-assets. With Adams at the helm of New York City, anti-crypto tools such as a ban on mining in the city appear to have been largely abandoned.

President Biden's Working Group report confirms the potential of stablecoin

The Biden administration report on financial markets highlighted the potential stablecoins for consumers. The report said that stablecoins could change the way US citizens pay for everyday products, from hairdresser visits to phone calls. The study was commissioned by the White House and its authors were President Biden's key economic advisers. Highlighting the importance of market regulation, the report concluded that stablecoins could:

“To support faster, more efficient and more inclusive payment options… Moreover, the transition to a wider use of stablecoins as a means of payment may occur rapidly due to network effects or relationships between stablecoins and existing user bases or platforms.”

Stablecoins now make up a significant portion of the cryptocurrency market. The largest in terms of market capitalization is tether, at over $ 74 million. Stablecoins are different from cryptocurrencies like bitcoin because their value is usually tied to a fiat currency. For example, tether is pegged to the US dollar. It uses the cash it has and short-term debt known as commercial paper to bolster its stable value.

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About the Author
Simon peters
eToro analyst. A graduate of the Faculty of Mechanical Engineering at Brunel University in London. He is CFA UK Level 4 certified in Investment Management.
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