Bitcoin is steadily rising in price at the start of November, bolstering a resurgent crypto market that has seen several all-time highs among leading cryptocurrencies.
Ethereum (ether) hit a record high on Tuesday morning, rising in price above $4,470 for the first time in its history amid a surge in use of its blockchain network.
Polkadot (DOT) also achieved a new peak above $53, shooting up more than 18 per cent over the last 24 hours.
Gains made by meme coins Dogecoin and Shiba Inu coin last week have been sustained, with both holding solid at the start of the month.
Some crypto analysts believe more records could be broken in the final two months of 2021, with one popular price prediction model putting BTC on track for six figures before Christmas.
We’ll have all the latest news, analysis and price forecasts in our live coverage of bitcoin and the rest of the market right here.
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El Salvador to build 20 schools with bitcoin profits
17:54 , Anthony Cuthbertson
El Salvador President Nayib Bukele has announced that 40 new schools will be built in the country using the profits from its bitcoin investment.
“God willing, more works will come from the profits of a trust that was created and a Law that was created because we ignored the opposition,” President Bukele said.
The country has also started building the first public veterinary hospital, also funded by crypto profits. El Salvador currently holds more than 1,000 bitcoins – worth more than $60,000,000 at today’s prices.
You can read the full story here.
Bitcoin price rise allows El Salvador to build 20 schools with profits
November historically best month for bitcoin price gains
14:53 , Anthony Cuthbertson
After a solid October, which saw bitcoin rise in price by 43 per cent, many investors are hoping for an even better November.
Historically, November has been the strongest month for bitcoin, with an average price gain of 53 per cent over the 30 days. If BTC rose by this amount over the next 28 days, it would be north of $90,000 by December.
Ethereum’s record price explained
14:28 , Anthony Cuthbertson
We’ve heard from some crypto industry figures to hear their thoughts on Ethereum’s latest price record.
The general consensus is that ether’s price rally is being driven by a surge in decentralised app, NFT and gaming token usage, which was boosted by news last week that Facebook – now Meta – is pivoting its focus to the creation and development of a metaverse.
One expert predicts Ethereum could hit $10,000 in 2021 – more than double its current price.
You can read the full story here.
Ethereum price smashes record high amid metaverse buzz
Ethereum price hits new all-time high
14:27 , Anthony Cuthbertson
Ethereum (ether) has just hit a new all-time high, reaching tantalising close to $4,500.
The latest record was accompanied by another all-time high from Polkadot (DOT), which has shot up nearly 20 per cent over the last 24 hours to break $50 for the first time in its history.
The price surges have pushed the overall crypto market above $2.7 trillion, which is also a record high – making it more valuable than Amazon and Meta (Facebook) combined. Ethereum alone is now worth more than Visa and Mastercard.
Bitcoin price in ‘calm before the bullish storm’
14:25 , Anthony Cuthbertson
With the price of bitcoin holding steady at around $61,500, one industry figure has described it as “the calm before the bullish storm”.
Dan Held, director of growth marketing at the crypto exchange Kraken, told his Twitter followers: “Strap on your moon boots.”
It follows the same narrative pushed by several leading analysts, who are predicting a record-breaking end to 2021, with November typically being a strong month for bitcoin. If patterns from previous bull runs are followed, the BTC price could go parabolic before the end of the year, however any so-called black swan event could scupper investors’ hopes of fresh all-time highs.
This news is republished from another source. You can check the original article here
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