Much speculation has been uttered about the expiration date of the current crypto bull market, driven by bitcoin. International Forex broker OctaFX summarises what has happened so far and highlights the fresh innovations to pay attention to.
Firstly, let’s ascertain the state of the market with some basic, recent statistics. The date 10 November 2021 stands out. That’s when the first cryptocurrency in the world reached its historic all-time high so far: 69,000 USD.
In the course of the following month, the price steeply moved down to about 46,500 USD on 4 December—a correction of over 32 per cent. As of this writing, BTC hovers slightly above 48,800 USD.
But according to measured social media sentiment, everything still is on track for a further uptrend. Although, this can be an indicator for the possibility of the opposite, at least short-term. Therefore, before the general uptrend visibly resumes, another leg down from here wouldn’t shock the more experienced observers and participants of the cryptosphere.
In addition, a combined expert opinion paints a rather bullish midterm outlook on the next few months and further into 2022. Some seasoned influencers speculate about a definitive bitcoin all-time high peaking at around 100,000-150,000 USD before the current cycle would cease and pave the way for the bears.
In October, Mark Zuckerberg announced renaming his famous social media monolith Facebook Inc. into ‘Meta Inc.’, thereby paving the way for the so-called ‘Metaverse’. South Korea appears to be by far the first country to launch the adoption of this new blockchain-driven digital sphere on a massive scale. Any crypto projects associated with the ‘Metaverse’, especially video gaming tokens, are worth being researched for potential investment opportunities, as they might bring considerable returns.
The OctaFX team takes the opportunity to contribute to this unique period of new investments and favourable trading circumstances by reminding the community of its constantly evolving crypto offers this year.
As of this writing, the fintech company has five cryptocurrencies, all paired with the U.S. dollar as the quote currency, listed in its trading pool.
- BTCUSD (Bitcoin vs U.S. dollar)
- ETHUSD (Ethereum vs U.S. dollar)
- BCHUSD (Bitcoin Cash vs U.S. dollar)
- LTCUSD (Litecoin vs U.S. dollar)
- XRPUSD (Ripple vs U.S. dollar)
The broker maintains competitive leverage with a ratio of 1:25.
Clients can make deposits in bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Dogecoin (DOGE), and the U.S. dollar stablecoin called Tether (USDT). The latter can be deposited as an ERC-20 and TRC-20 token—meaning, a client can use the Tron or the Ethereum network for their deposits.
OctaFX plans to enable trading cryptocurrencies on the weekends, which the company could implement as soon as January, possibly February 2022. In the first quarter of 2022, new crypto assets will join the trading pool.