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Weekly Crypto Rundown – 27th November

20th November 2020

This week we cover:

  • Ethereum 2.0 launch
  • COVID-19 and the effects on the Cryptocurrency market
  • Record highs across the whole market
  • Fear, Greed & Mentality

Ethereum 2.0 to be launched on 1st December

The long anticipated ETH 2.0 has finally been announced, and will be released on 01/12/2020. The concerns following low staking contributions seem to have been completely eradicated as we have seen deposits rapidly increasing, building up the excitement far more than we imagined.

Let’s look at some details which have made this launch so successful:

The genesis phase 0 contract, clearly detailed the minimum requirements needed to be 524,288 ETH and 16,385 validators to induce the proof-of-stake process. In order to kick start ETH 2.0 proceedings, these strict requirements had to be made on 24/11/2020 and in addition to this, a web portal named Launch Pad was created, which allows users to become a validator and secure the blockchain. 

At Mining Store, we were all very excited to see that these thresholds were comfortably surpassed, seeing more than 694,368 enter the platform and over $422 million sitting in the contract, all taking place on the cut off date of 24th November. The contract has now seen around 16,736 transactions of 32 Ether per transaction, which is what is needed to become a validator and earn a stake on the ETH network. The highly successful launch may have taken people by surprise, but ETH is further solidifying itself as an incredible force amongst the cryptocurrency market.

 

COVID-19 and the effects on the Cryptocurrency market

There is no doubt that Covid-19 has had a huge impact on all of our lives in more ways than one. It’s changed the way people think, businesses have been forced to operate differently with ‘Work from home’ now becoming a very normal practice. But one of the most notable changes, has been the way individuals and institutions view the world of finance, and most importantly the way we view cryptocurrency. How do you think Covid has affected crypto? Read on to discover more..

Regardless of the negatives that have come from Covid-19, the pandemic has had a positive impact on the world of digital finance and has served as a catalyst to drive financial innovation sooner than we originally thought. Big institutions and individuals are slowly moving towards cryptocurrency and cashless payments within their operations which is gradually causing mainstream adoption to take place.  

Since the pandemic, central banks have printed trillions of dollars to help fight off the pandemics effects on the economy, only to have influenced more people to look at Bitcoin as the new ‘safe haven’ non inflationary asset as the purchasing power of the dollar continues to weaken over time. In the grand scheme of things, we can’t deny Cryptocurrency is very much still new to the majority, but there is no doubt that this year’s events have propelled digital innovation. How will blockchain technology and cryptocurrency look in a year’s time? To me, this is an important question we should all be asking ourselves, as this world has endless possibilities.

 

Record highs across the board

The bulls are going from strength to strength as we see Bitcoin top $19,400, Alt Coins rallying and the Dow now showing all time highs. This week has taught us that although BTC & ETH have the most attention in the Crypto market right now, other Altcoins and other markets should never be overlooked. 

Following Bitcoins rally to $19,418, several other top 10 alts reached 2020 record highs and In addition to this, the Dow locked in an all time high at 30,046 and rallied 400 points with The S&P 500 and Nasdaq following the momentum with increases of 1.6% and 1.3%. Eth has also  reached 2020 all time high of $623, and continues to outperform Bitcoin relative to its price. 

This week TheTIE demonstrated that many small cap altcoins including Verge, Enigma, Stellar, XRP and dogecoin have realised gains in their BTC, USD & USDT pair. As we always say, if history repeats and we see Bitcoin enter a brief consolidation, there is going to be some big opportunity as Alts start flowing through the market. Knowing which Altcoins and strategies to follow are always difficult when starting out, which is why we have created our community of smart investors to teach you what to explore and what not to explore. Don’t waste your time figuring it out yourself, learn from the masters and join our 7 day free trial.

 

Fear, Greed & Mentality

‘Extreme Greed’ is becoming a far to familiar sight as the weeks go by. Bitcoin continues to take no prisoners and is gradually reaching all time highs week by week, whilst Ethereum 2.0 absolutely crushed the minimum staking requirements whilst reaching it’s highest price in 2020. As stated above, although BTC and ETH are dominating the market, Altcoins are following suit showing promising numbers that can’t be ignored. The excitement and momentum is showing no signs of weakness and the question we are all asking ourselves is ‘What next?’.  Next week we will revisit the market to see what’s in store for us all.

 

Author: Henry Wright

Not financial or investment advice, always do your own research.

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