Bitcoin
BTC$57 397.14

5.51%

Ethereum
ETH$4 325.04

6.69%

Binance Coin
BNB$609.29

4.33%

Tether
USDT$1.000997

0.02%

Solana
SOL$203.84

7.44%

Cardano
ADA$1.59

5.99%

Bitcoin edges lower as advance in major cryptocurrencies slows


15 Nov 2021

#Bitcoin

The Bitcoin price edged lower on Friday but still held above $63,500 as high inflation in the US and much of the developed world is continuing to support major cryptocurrencies. Bitcoin is often viewed by its supporters as a hedge for inflation given its limited supply. One of the main characteristics of Bitcoin is its limited supply with the total number of Bitcoin capped at 21 million. The scarcity, in theory, should control inflation that might arise from an unlimited supply of the currency.

However, it is still inconclusive whether Bitcoin is a suitable hedge for inflation. Higher-risk assets, such as Bitcoin and other cryptocurrencies, have benefitted from low interest rates and the Fed’s large scale quantitative easing programme. Following this week’s US inflation print, where CPI increased 6.2% YoY in the latest month, the likelihood of an earlier than expected interest rate hike and faster tapering of bond buys has increased. Therefore, higher inflation may weigh on the price of Bitcoin as the ‘punch-bowl’ is gradually removed. After the CPI data this week, Bitcoin initially shot higher but reversed course later in the trading session.

“Bitcoin's price action following the record inflation numbers left traders scrambling to decipher if it can sustain its value during times of high inflation,” wrote cryptocurrency data science firm intotheblock.

Taproot Upgrade

Looking forward, this weekend could see Bitcoin’s Taproot upgrade take place. According to the website taproot.watch, Taproot is a soft-fork to the Bitcoin network that will improve the scripting capabilities and privacy. The upgrade will expand on Bitcoin’s smart contract flexibility, while offering more privacy in doing so by only revealing the relevant parts of the contract when spending.

The website nicehash.com currently expects the upgrade to take place on 14th November at 05:59UTC. Whether the upgrade will have an immediate impact on the price of Bitcoin is unclear but some analysts have suggested that the current high price has been supported by the upcoming network update.

“This is the largest upgrade since SegWit in 2017 and will improve a whole string of key functions,” said QCP Capital on Telegram. “We are keeping long BTC into this major event.”


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 77.6% 42 $57 397.14 5.51% -0.13% $1 084 001 374 692 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 78.8% 32 $4 325.04 6.69% 3.38% $512 656 495 446 ETH 7 days price change
3 Binance Coin (BNB) BNB Binance Coin predictions 73.6% 53 $609.29 4.33% 7.07% $101 630 227 689 BNB 7 days price change
4 Tether (USDT) USDT Tether predictions 96% 1 $1.000997 0.02% -0.01% $73 194 134 956 USDT 7 days price change
5 Solana (SOL) SOL Solana predictions 69.2% 65 $203.84 7.44% -8.23% $61 976 513 439 SOL 7 days price change
6 Cardano (ADA) ADA Cardano predictions 68.8% 60 $1.59 5.99% -11.72% $52 852 892 795 ADA 7 days price change
7 XRP (XRP) XRP XRP predictions 74.8% 51 $0.987767 7.45% -5.41% $46 582 102 093 XRP 7 days price change
8 USD Coin (USDC) USDC USD Coin predictions 91.2% 2 $0.998878 -0.13% -0.10% $38 347 542 030 USDC 7 days price change
9 Polkadot (DOT) DOT Polkadot predictions 62.4% 75 $36.25 8.95% -9.51% $35 798 276 399 DOT 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 61.6% 74 $0.205694 2.60% -7.52% $27 214 125 290 DOGE 7 days price change
11 Avalanche (AVAX) AVAX Avalanche predictions 62% 75 $112.35 3.84% -16.51% $25 147 340 195 AVAX 7 days price change
12 SHIBA INU (SHIB) SHIB SHIBA INU predictions 63.2% 77 $0.000039 3.61% -9.86% $21 537 353 661 SHIB 7 days price change
13 Crypto.com Chain (CRO) CRO Crypto.com Chain predictions 57.2% 90 $0.766272 1.87% 10.94% $19 358 331 922 CRO 7 days price change
14 Terra (LUNA) LUNA Terra predictions 62.8% 72 $49.02 8.15% 18.38% $19 258 363 664 LUNA 7 days price change
15 Wrapped Bitcoin (WBTC) WBTC Wrapped Bitcoin predictions 78% 46 $56 525.74 5.34% -1.06% $14 327 926 572 WBTC 7 days price change

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