News • 3 min read
By Aron Abraham
The world of investing never sleeps, especially not last week, when history was written almost every single day. Bitcoin is fighting, while giants like Tesla and MasterCard seem to be starting to trust crypto - but will it last this time? Read on and find out all you need to know.
The biggest crypto by market cap saw a bumpy week right after it reached its all-time-high, beating the previous record set in April earlier this year. The reasons behind the dip are unclear, some say it’s just one of those natural dips which are part of a healthy market, others argue that interest and FOMO in low-quality coins are luring investors away from the slower moving Bitcoin. In any case, portfolio diversification is extremely important, for reasons of handling price drops like this better.
SOL returned to the spotlight again: the sixth biggest crypto by market cap produced healthy gains last week which could be the result of NFTs and DeFi continuing to draw people’s attention, two of Solana’s most popular use cases. Institutional investors are also in, as Solana is a core component of many global crypto indices, so following how the market develops in the upcoming days will be an interesting task.
The Dogecoin alternative’s performance is off the charts, as the meme coin is closing the gap with its big brother, DOGE, in terms of market cap. The 9th biggest crypto passed heavyweight players like Litecoin, Bitcoin Cash, and Chainlink to claim its current position. Market sentiment has been mostly positive for SHIB throughout 2021, with increased attention during some periods, similar to the focus it’s getting nowadays. However, Wednesday night indicates it might be beginning to slow down.
The market closed quite a positive week with confident gains and relatively smooth trading. Most of the major indices are firmly in the green, and the overall sentiment seems to remain positive. Investors are also eager to see earnings of giants such as Amazon or Apple, while some big names like Tesla and Facebook have already reported their results recently.
Tesla, the electric car and tech giant had its fair share of headlines earlier this year, when it announced that not only the company holds Bitcoin, but also that the biggest crypto will be accepted as payment for their vehicles. Later, the company revoked the latter, voicing concerns about the environmental aspect of BTC. Now, with the U.S. becoming the world’s biggest Bitcoin mining country, it seems that running the network might become more sustainable than ever which could mean the return of BTC-for-a-Tesla policy.
As things stand, payment giant Mastercard is likely joining the crypto space with a bang: not only will they facilitate the implementation of crypto payments for millions of connected merchants, but also offer the option of crypto wallets, crypto cards, loyalty programmes, and much more.
NFTs adoption is showing no signs of slowing down: Adobe announced recently that creators will soon be able to verify their credentials and use Photoshop’s dedicated new feature to prepare their art as NFTs. This not only facilitates the creation of the pieces, but also elevates security and decreases originality concerns of the revolutionary digital artwork class.
This article does not constitute investment advice, nor is it an offer or invitation to purchase any digital assets. This article is for general purposes of information only and no representation or warranty, either expressed or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of this article or opinions contained herein.
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