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Bitcoin Ethereum Crypto Market Daily OKX Insights

BTC and ETH hit new all-time highs

2021.11.09 Adam James

Also, ENS takes off following its airdrop as CityCoins announces NYCCoin.

Crypto Market Daily image

The total market capitalization for cryptocurrencies is up 2% in the past day, reaching $3.07 trillion — according to data from CoinGecko. Following yesterday’s momentum, BTC achieved a new all-time high of over $68,500, with a gain of 2.4% in the past day. Over the past 24 hours, ETH also saw a bump of nearly 1% — continuing its recent surge and reaching yet another all-time high of $4,825. 

Momentum has been burgeoning for the two major cryptocurrencies, which contributed to the overall market surpassing the $3 trillion mark yesterday. Both coins have more than doubled since June — while adding nearly 70% against the dollar since the start of October.

Both BTC and ETH are up over the past day, having both hit new ATHs during that period. Source: COIN360

ENS makes stellar debut

The Ethereum Name Service launched its governance token late yesterday, which will be used to further the decentralization of the popular Ethereum-based domain service. The official announcement states that the tokens will be used to vote on a proposed constitution and to govern protocol parameters. 

One-quarter of the entire ENS supply was made available to .eth domain holders to claim in total, with each wallet receiving a varying quantity of ENS based on how long it had held its domain, the expiry date and whether it had set a Primary ENS. 

Although still volatile following its airdrop yesterday, ENS has been surging.

CityCoins debuting NYCCoin after pro-crypto remarks from incoming mayor

CityCoins announced that it would begin activating mining on Nov. 10 for a new NYCCoin, following its success with MiamiCoin. Mayor-elect Eric Adams has proven to be very bullish on cryptocurrencies, citing plans to make the city more “crypto-friendly.”

Adams had mentioned the success that Miami Mayor Francis Suarez had with MiamiCoin, adding that he wanted to look into getting one for New York City.

NFT snapshot: Most VC funds in October went to NFT startups

According to data from The Block Research, roughly 43% of the $3.4 billion worth of venture capital deals in October involved startups focused on nonfungible tokens or games using them. The number of deals increased 75% quarter-on-quarter, rising from 38 to 67.

It’s no surprise that Sky Mavis, the creator of “play-to-earn” phenomenon Axle Infinity, led the way — but there were reportedly a broad range of ventures featured. While sci-fi trading-card game Parallel raised $50 million, video game and NFT artists raised $25 million, and a designer toy company raised $20 million to create a virtual world inhabited by cartoons. 

Additionally, the world’s largest theater chain, AMC Entertainment Holdings Inc., is exploring the creation of its own cryptocurrency and NFTs. Although the cryptocurrency is more of a nod to meme stock traders who have sent its stock soaring this year, the NFTs would potentially be commemorative items released in partnership with Hollywood studios.

Top altcoin gainers & losers: ENS skyrockets following airdrop

  • ENS/USDT +416.66%
  • CNTM/USDT +65.62%
  • LPT/USDT +45.56%
  • KONO/USDT -8.72%
  • ELON/USDT -10.21%
  • PICKLE/USDT -12.30%

After its airdrop yesterday, ENS has been surging — skyrocketing over 400% in the past day on OKEx. Many agree that the tokens will be a crucial component to governing the decentralized Web 3.0.

Meanwhile, Crypto.com’s CRO is down 7.63% in the past day.

BTC technical analysis: BTC hits new all-time high

BTC followed through with yesterday’s upward momentum, carrying it to a new all-time high of $68,500. From close to touching 60,000 USDT on Nov. 6, it recovered the next day, only to spring out in the opening hours of Nov. 8 — when it flirted with BTC’s previous all-time high set on Oct. 20.

OKEx’s BTC/USDT — 11/09. Source: OKEx, TradingView

ETH technical analysis: ETH keeps hitting record highs

ETH has also hit a new all-time high of 4,825 USDT in the past 24 hours, riding the trend that has seen it leap from one peak to the next. ETH hit its first new all-time high since May on Oct. 29, followed by Nov. 3 and Nov. 8.

OKEx’s ETH/USDT — 11/09. Source: OKEx, TradingView

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Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involve significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.

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