Learn about the 2021 crypto market | And learn trading and investment with Cloudmines Inc.
2021 a year for all-time highs |
Hi there,
| Bitcoin and Ethereum hit new all-time highs amidst Tesla’s purchase of $1.5 billion in bitcoin and GME’s trading halt controversy. And while crypto has always been a call to arms, we’ve seen this effect even more clearly these past few weeks.
Our February Market Outlook report digs into these recent industry events and how the crypto markets have responded to them. | | | Summary- Market movements
- Bitcoin set another all time high in early January at just under the $42,000 mark before selling off as our head of markets, Charlie McGarraugh, correctly predicted during last month’s webinar; it finished the month +14%
- Ethereum significantly outperformed bitcoin for January (+77%) on anticipation of an upcoming listing on the US Chicago futures market and DeFi growth
- Asset markets in general dropped in January, with stocks (S&P500 -1.1%), gold (-2%) and especially long-dated US treasuries (-3.6%) all registering losses; the US dollar rebounded on the risk-off move and was up 0.7% for the month
- Rising DeFi token values are subsidizing what otherwise might be unsustainably high stablecoin borrowing costs, raising concerns about another near-term correction
- On-chain insights: Highlights from the Blockchain.com data science team
- The bitcoin network has become more efficient in processing “payments”, which better reflect fundamental on-chain economic activity than “transaction” metrics
- Rising average transaction fees for Ethereum potentially open the door to competitors that might be able to better support any dramatic increase in stablecoin flows
- While the Binance Mining Pool has further diversified the number of top pools, its rising hash rate has coincided with a decline in hash rate share amongst smaller miners
- Spotlight on Polkadot (DOT)
- Polkadot has been one of the best performing cryptoassets of late and recently moved into the top-5 cryptoassets in total market value at ~$20b at present
- The Polkadot Network positions itself as a Layer-0 Metaprotocol, not an “Ethereum Killer”
- Polkadot is aiming to enable both open and permissioned blockchains to benefit from the same network effects
- What we’re reading and hearing
- The latest news from last month features articles from Business Insider, CoinDesk, The Block and The Defiant
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| The Cloudmines Inc Team is dedicated and set up to guide you from a novice to a professional crypto currency trader / investor thereby making upto 12% weekly returns. All you need to do is visit our website and complete your registration, Our team will guide you from there. |
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| Important Note Digital asset markets are unregulated and not currently governed by any specific UK, European or US regulatory framework. Digital currencies are not bank deposits, are not legal tender, are not backed by the government, and accounts and value balances. Blockchain Access UK Ltd's products and services are not within the jurisdiction of the UK Financial Ombudsman Scheme, nor are they subject to the UK Financial Services Compensation Scheme, the US Federal Deposit Insurance Corporation or Securities Investor Protection Corporation, or any other non-UK or non-US governmental or government-backed protections.
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