We’re now well into Q4 2020, and Bitcoin is currently the star of the show in the cryptocurrency market. The world’s largest cryptocurrency has been on a tear recently, and sentiment is overwhelmingly bullish. Besides Bitcoin, we’re also featuring a popular privacy coin that’s about to have its first-ever halving, as well as an ambitious blockchain project focused on scalability and interoperability. Without further ado, here’s our top 3 coins to watch this week.
Bitcoin has been on an absolute rampage this month as the cryptocurrency managed to increase by a strong 42.6% to break $16,000. Although this is positive news for the industry, it is still yet to seep into altcoin. Over the past month, Ethereum has surged by 23.4% but XRP has barely moved as it climbed by a tiny 1.34% in comparison.
The price dynamics in BTC/USD continue to be largely bullish, letting Bitcoin try to capitalise above $16,000. As for the rest of the week of 9th November, with the $16,000 handle being tested, we are likely to see BTC capitalise above $16,000 by the end of this week.
Nouriel Roubini, a professor at New York University’s Stern Chool of Business, is one of the most prominent critics of Bitcoin. Roubini has been on a warpath against Bitcoin for years, and he believes BTC is related to internet frauds and criminal activities. He considers blockchain as a theoretical concept that is not practical.
Veteran investor Bill Miller says that all leading banks and prominent investment firms will ultimately have exposure to BTC or a similar asset. He believes Bitcoin is here to stay, and is growing stronger and stronger. BTC’s fundamentals have attracted a lot of attention, and now people like Bill Miller are optimistic about it.
Square made headlines in the cryptocurrency markets on Thursday as it announced that it recorded $1.63 billion in Bitcoin revenues through the Cash App in Q3 2020. According to Square’s data, the gross profit from Cash App’s Bitcoin feature for the period mentioned above was $32 million.
Switzerland-based Breitling is famous for its luxury watches. The prestigious company is cooperating with blockchain project Arianee to release a new type of certificate for its watches. Breitling now provides a unique digital code that verifies the source of its products.
It is not news that the distribution of cryptocurrency around the world is not equal and some countries have more access to cryptocurrency or interest than others. Previous studies have suggested that the United States has the highest concentration of cryptocurrency users as well as services like cryptocurrency ATMs.
Jones was recently interviewed by CNBC and expressed his bullishn stance of Bitcoin. He reiterated that considers BTC as a haven against the quantitative easing policy of central banks. Jones also said he thinks Bitcoin plays an important role in maximizing the yield of his fund. He sees Bitcoin investment similar to investing in high-profile stocks like Apple.