Rancakmedia.com – Predictions bitcoin price, ethereum, and other cryptocurrencies with a market capitalization of over US$ 30 billion recovered to the green zone in early Thursday trading (18/11/2021), after falling three days in a row as investors took profits.
According to statistics released by CoinMarketCap at 09:00 WIB, all cryptocurrencies with a market capitalization of over US$ 30 billion increased in value this morning, except for crypto stablecoins.
Bitcoin increased by 1.37% to US$ 60,456.77/coin, or equivalent to Rp. 861,508,973/coin (assuming today's exchange rate is IDR 14,250/US$), ethereum rose 3.3% to US$ 4,308.73/coin, or the equivalent of IDR 61,399,403/coin, and polka dots rose 6.56 percent to US$ 42.81 /coin, or the equivalent of IDR 610,043/coin.
Bitcoin is trading at US$ 60,000 this morning, as investors are once again concerned about inflation and seek bitcoin, which is considered a hedge level. Inflation, especially in Europe, has resurfaced as a source of anxiety for market participants, including in the crypto market.
Yesterday afternoon, the UK Bureau of Statistics revealed that inflation, as measured by the consumer price index (CPI) or the Consumer Price Index (CPI), increased 4.2 percent in October from the previous year (year-on-year / YoY), and 3.1% YoY from the previous month. The gain exceeded a Reuters poll estimate of 3.9 percent year-on-year.
The October inflation rate in the UK was the highest in a decade, to be precise, since November 2011. Inflation was more than double the Bank of England's (BOE) target.
A similar situation occurred in the eurozone, where inflation increased by 4.1 percent year-on-year, well above the European Central Bank's (ECB) target of 2%.
When inflation is strong, investors often look for alternative hedge assets, such as bitcoin. As a result, rising inflation on the Blue Continent now serves as a good stimulus for bitcoin.
On the other hand, as large-cap crypto markets fell yesterday, an avalanche of alternative digital currency (altcoin) prices (AVAX) soared to new highs on the announcement of a new agreement with accounting firm Deloitte.
According to researchers crypto, the network has profited from over $600 million in recent incentives and development grants.
Avalanche has increased 85 percent in the past month, bringing its market cap to $23 billion.
Emin Gun Sirer, founder and CEO of Avalanche Labs, said Tuesday that his business will collaborate with Deloitte, one of the “Big Four” accounting firms, to develop a more effective disaster relief network based on the Avalanche blockchain.
Price Predictions bitcoin, ethereum and other cryptocurrencies with a market capitalization of over US$ 30 billion recovered to the green zone in early Thursday trading. Inflation, especially in Europe, has resurfaced as a source of anxiety for market participants, including in the crypto market.