Altcoins Following Bitcoins Lead

GB Market Commentary 03/11/2021

by Frederick Evans


Yesterday bitcoin showed some attempts to move above the $63,500 resistance but was unsuccessful. But it is finding support before potentially making a new breakout. Bitcoin now sits at $63,000 and is still on its uptrend that has been prevalent since 28th October.


The Asian markets have pushed Ethereum into a new all-time high of $4635, with a 6% gain on the day coming from a period of positive momentum. Over the last month, Ethereum has gained over 34%. Yesterday’s momentum came shortly after CME announced a new eth initiative for Micro ether futures.


Other altcoins have climbed to new peaks as Solana surged to new highs just under $230 and has overtaken Cardano as the fifth largest crypto by market cap. Polkadot also hit a new all-time high, breaking through the $50 mark to reach $53 yesterday. This recent altcoin rally comes as expected following bitcoins increase last month.


Australia demonstrates more bullish signs towards crypto after recent news of Betashares crypto ETF that offers investors exposure to both crypto and crypto companies. The Commonwealth Bank of Australia (CBA) announced that it will support ten crypto assets in its banking app used by 6.5 million Aussies. It has partnered with Gemini crypto exchange and Chainalysis to launch its crypto services and believes that the other big four banks will soon follow suit. Many working in the crypto industry in Australia are hoping that this sends a signal to the rest of the world that Australia should be a destination for digital asset investment.