The world of finance and crypto currencies are as volatile as ever. All coins and tokens have seen fluctuations in their value.
Bitcoin (BTC) in particular has seen a bullish trend in the market and continues to grow in strength and value, reaching a massive value of $14,060.67. Back in 2017, BTC ballooned to a value of nearly $20,000, and this served to silence some of the sceptics and encouraged further investment into the crypto markets.
Exchanges such as Skilling are at the forefront of the latest changes and updates in the financial markets. They are able to track trends as they occur and update their information for true figures. Here is a round-up of the crypto markets and any recent developments.
Recent Developments in Crypto
PayPal have seen their stocks shoot up to record highs as they introduced cryptocurrency to the platform. This began with allowing BTC and cryptocurrencies to be used for spending to more than 26 million sellers which accept PayPal as a method of payment.
Aside from the select businesses that have incorporated PayPal crypto payments, using BTC to pay at ordinary merchants is not due to launch until early 2021. PayPal have said this move will allow their system to be certain of value and there will be no incremental fees.
BTC fell by 3% after hitting a high of over $14,000. This is in part because of the uncertainty surrounding the results of the US Election which has increased the volatility of the financial markets. This fall in price is key as the price for the dollar dropped simultaneously which shows that all markets, especially the S&P 500 and crypto, suffered a correction and we will only know what will happen to the markets once the votes have finally been counted and a clear winner of the election is selected.
Twitter has also made headlines as following a board review, they have decided to keep their pro-crypto CEO Jack Dorsey. This decision has shown confidence in management, the organisation and also acceptance of cryptocurrencies, with the potential they have to transform modern day finance.
Best Performers in November
It is quite difficult to discern clear over achievers in the market as BTC is the only token that has seen a significant rise in price. Alternative coins (Alt Coins) for instance Ethereum and Lite Coin, have seen very little or non-significant growth over the last month. This is uncharacteristic of the market as normally, as BTC grows in value the Alt coins follow the same trend, just on a smaller scale.
Ethereum and Lite Coin being the most popular crypto coins after BTC, have seen an increase of under 2% in value over the last month with very little signs of a noteworthy bullish updraft that will ultimately entice more investors and traders to purchase more tokens and flood the markets.
Binance Coin, similar to the other popular Alt coins has shown less than a percent growth over the last month. However, over the last year, despite volatility, it has increased in value 3x showing that it is a stable coin for seasoned investors.
After the election we will have a clearer picture on where the market sits and whether there have been significant gains or losses. One thing remains clear, the volatile nature of the markets will remain but this isn’t necessarily a bad thing. Analysts around the world are tipping BTC to break through its previous price and continue to grow. More and more organisations and businesses are finding some form of relation to crypto and in particular BTC. 2021 will see the crypto market looked at through a microscope as many suggest that BTC will follow the same parabolic trend as 2017 and a boom in price.