Surprisingly, November has demonstrated how resilient cryptocurrency can be when facing unexpected events. The sudden cancellation of the SegWit2x fork has caused only a minor pullback in Bitcoin and has mostly not affected the altcoin market. But how will the market unfold in the weeks to come? For now, the increasing interest in the field, institutional adoption, and growing use case potential are factors contributing to the future growth pattern of cryptocurrency.
At press time, cryptocurrency had a total market cap. of $245B, a 20% increase from last week. The whole market, including Bitcoin, is on the positive side of price direction. Bitcoin, and several other coins, including as Monero, are breaking all-time-highs, without affecting the stability of other currencies. This could be indicative of new money entering the market.
Besides, popular announcements such as the creation of Coinbase Custody and Bitcoin Futures adoption by CME Group might be playing substantial roles in the increased interest from outside investors. Positive anticipation for future prices following the aforementioned announcements might be the trigger behind this month's market trend. Thus, if part of the price increase is due to institutional interest influencing individual investors, this trend might continue and even be amplified as the actual events turn out.
But until the end of the month, the points of interest worth paying attention to are: Bitcoin reaching $10 000 and the altcoin market breaking its previous all-time-highs.
Lately, the market seems to be following the simple economic law of supply and demand – with demand holding the edge. If in fact, cryptocurrency becomes a honeypot for institutional investors in 2018, the market will be heading to unseen levels due to increased public interest. But until the end of the month, the points of interest worth paying attention to are: Bitcoin reaching $10 000 and the altcoin market breaking its previous all-time-highs.