Bitcoin may not have quite hit PlanB’s end-October forecast of $ 63,000, but it still posted its highest monthly close ever. So far, “Moonvember” has made a solid start for the crypto market despite the high-profile SQUID token exit fraud.
Bitcoin (BTC) and Ethereum (ETH) and much of the crypto market has entered the penultimate month of 2021 with reasonable force at least at the time of writing.
The total market capitalization of cryptocurrencies is up 2.6 percent since yesterday, according to data from CoinGecko, with a record total valuation of $ 2.77 trillion, give or take a few billion dollars.
BTC, fresh from an all-time month-end high of $ 61,343, is currently roughly at the same level, up 1.4 percent since yesterday, and changing hands for approximately $ 61,500.
Ethereum and every other altcoin in the top 10, as well as the majority of the top 100, are all seeing gains right now, some much more than others, which we will discuss below.
– naive (@naiiveclub) November 1st, 2021
November is traditionally not only one of the best months in the stock markets, but certainly also historically in the crypto market, as can be seen from this Bybt chart below.
BTC / USD monthly returns. Source: Bybt
As for the likelihood of things continuing to follow the past, analyst Rekt Capital had a much lower monthly closing index on Bitcoin for bull run continuation. So the time has come, so good in his and numerous other chart-watching eyes …
#BTC had to close above ~ $ 54,500 of the month to continue its mid-cycle historically recurring price trends
Last October, $ BTC Monthly closed at ~ $ 61,000 # Crypto #Bitcoin
– Rekt Capital (@rektcapital) November 1, 2021
Nice diagram! 🔥 https://t.co/2uwMScIckx
– Dr. Jeff Ross (@VailshireCap) November 1, 2021
But to offset this, another well-respected analytical identity, Bitcoin Charts, suggests that Bitcoin’s current chart pattern still has a great chance of breaking down.
$ BTC Symmetrical Triangle # Bitcoin is consolidating into a symmetrical triangle. These patterns have a tendency to continue, which means that the likelihood that we will break down is slightly higher. #BTC pic.twitter.com/zSyjQ6C0pA
– Bitcoin Charts (@charts_bitcoin) November 1, 2021
The crypto market’s best sentiment tracking tool has been pretty consistent in the greed zone lately. If and when it starts to hit more extreme greed more consistently is how long it will last, because it may be time to look into your profit-taking strategy. If you have one.
Squid Game Token developers reportedly finished the project and made a runner
Image: Squid Game, Netflix, 2021
In a clear reminder that it may be advisable to stick with the strongest team … or at least not to go all out on overly hyped, low-substance, completely speculative things, the crypto market today experienced one of the fastest rug pulls in its history.
The Squid Game Token (SQUID) built by Binance Smart Chain crashed 100 percent in minutes today, plummeting from its high of $ 2,861, and completely stagnating at $ 0.003. In about 15 minutes, about $ 2 billion in market value was simply gone.
According to a Forbes article, the alleged developers of the token have reportedly won roughly $ 2.5 million worth of BNB and hid transaction details using the Ethereum-based data protection protocol Tornado Cash.
VIRAL SQUID GAME CRYPTOCURRENCY Crashes 100% in Minutes After Founders Run Away With $ 2.5M – FORBEShttps: //t.co/qmG9wiCh4B
– MadNews.io (@MadNews_io) November 1, 2021
Even when fears surfaced that the coin was proving largely illiquid and holders reported having trouble selling their tokens on the Pancakeswap exchange, SQUID was up as much as 300,000 percent since last week. Buyers aped for very little other than the rising popularity of the Netflix drama Squid Game.
The token’s founders had apparently described the project in their whitepaper as a “play-to-earn cryptocurrency”, inspired by the South Korean series in which participants play games that can end in fortune or death.
In a user notice, CoinMarketCap said it had received several reports that the SQUID-related websites and social networks were no longer working. The popular crypto price tracking site and app apparently warned investors on Friday that several users were having trouble selling their SQUID coins and that the project was “unlikely to be linked to official intellectual property.”
#RugPull all dead at $ SQUID GAME #SquidGameToken RIP pic.twitter.com/8jaI6oV57v
– BanditBurns (@Bandit_Burns_) November 1, 2021
Mooner and Shaker
SQUIDs with wet squibs aside, let’s take a quick look at some of the best-known makers in the market at the time of going to press.
The two best performers in the top 10 by far are currently Layer 1 Smart Contract Beasts Polkadot (DOT) and dog memes of the day, Shiba Inu (SHIB), with a 24-hour profit of 14% and 10% respectively.
The Polkadot Pump can be traced back to the fact that its highly anticipated Parachain crowdloan event could actually start earlier than its previously announced November 11th.
Polkadot crowdloans are expected to open on Thursday of this week before the first Parachain slot auction starts on November 11th.
It happens. https://t.co/MwexaP7JLR
– Dan Reecer 🅰️🕊⚪️ (@danreecer_) November 1, 2021
As for Shiba Inu, the persistent rumors of a possible listing on the Robinhood Stock Exchange seem to be growing even stronger.
JUST IN: Rumors are circulating that $ SHIB will be listed on Robinhood tomorrow.
We cannot currently confirm this as accurate information. Robinhood has NOT made an official announcement regarding a Shiba Inu listing.
Please don’t trust everything you read. pic.twitter.com/pMCIOWleeo
– Watcher.Guru (@WatcherGuru) November 1, 2021
Others that look particularly strong right now in the top 100 include: THOR CHAIN (RUNE), + 16%; Decentralized Land (MANA), + 10%; Chiliz (CHZ), + 10%; Sushi exchange (SUSHI), + 15%; Magic Token (MAGIC), + 9%; OMG network (OMG), + 11%; The sandpit (SAND), + 36%; and Qtum (QTUM), + 17%.
As for THORCHain’s recent positive pricing action, the protocol, which is believed to be an integral part of the larger DeFi infrastructure, has now brought its much-touted cross-chain trading between Bitcoin and Ethereum into play.
Thorchain is such a leap forward that most haven’t processed it yet.
There is nothing like it from afar. https://t.co/6QhfvQFBdK
– Erik Voorhees (@ErikVoorhees) November 1, 2021
Decentraland and The Sandbox, along with several other “Metaverse” tokens, have ridden a wave in recent days – due to widespread media attention that Facebook (or at least its parent company) has been renamed “Meta”. For some time now, Mark Zuckerberg has indicated a strategic move towards a metaversal future for his company.
While we’re at it, here are a few more notable cryptos climbing the charts and making their way into the Metaverse narrative: Wilder World (WILD), + 83% in the last week; Netvrk (NTVRK), + 109% in the last seven days; and Iluvium (ILV), + 30-40% in the last week or so.
In fact, just a few hours ago the ILV hit another all-time high, hitting $ 1,046. The open-world RPG auto battler released its gameplay reveal trailer over the weekend, which is causing quite a stir in the gaming sector of crypto and on CT (crypto twitter).
Experience the elementary clash of the ETHeral Illuvia in huge and diverse biomes. Auto-skirmish encounters, breaking broken pieces, and harvesting resources are revealed in this showcase from #Illuvium’s in-game overworld and battle boards. https://t.co/MopN52U1yZ
– Illuvium (@illuviumio) October 30, 2021
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