eToro, crypto market: Bitcoin breaks $37,000 ceiling; Ether had a stronger week than bitcoin however

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Bucharest, November 14, 2023# rbj, by Simon Peters, cryptoasset market analyst at multi-asset investment platform eToro – Bitcoin had another strong week for performance, rising 5.6% over seven days. The cryptoasset saw an early week surge which took it as high as $37,440 on eToro, before retreating slightly. The price remained firm in the latter part of the week however and is currently trading around $36,600, up from $34,600 a week ago. Bitcoin is now up 126% over the past 12 months.

Ether had a stronger week than bitcoin however, rising close to 7.8% over seven days. The cryptoasset began last week trading around $1,880 but soared on Thursday to over $2,100 for the first time since May 2022. The cryptoasset has pulled back slightly but is still trading over $2,000. Over 12 months, the cryptoasset’s price has grown by more than 67%.

Elsewhere in the crypto market, Solana saw strong weekly performance, with the price popping 42%. The cryptoasset’s surge comes in the wake of heavy demand for it in the futures market and robust growth in its DeFi demand.

HSBC to offer tokenised security custody

Major global financial institution HSBC is set to offer digital asset custody to institutional clients alongside a Swiss partner, Metaco. The custody service will launch in 2024 and sit alongside the bank’s digital asset issuance platform, called HSBC Orion.

Bitcoin mining revenue hits 2023 peak

Revenue earned from bitcoin mining has hit a 2023 peak according to data from blockchain.com. The surge in revenues comes alongside the significant price increases the market has witnessed in the past few weeks.

Bitcoin millionaires soar

The number of so-called bitcoin millionaires has surged in 2023 according to data from BitInfoCharts. The number of wallets holding over $1 million-worth of bitcoin has increased 237% this year, with the cryptoasset’s value being driven largely by institutional market participants per the report.

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Disclaimer
This communication is for information and education purposes only and should not be taken as investment advice, a personal recommendation, or an offer of, or solicitation to buy or sell, any financial instruments. This material has been prepared without taking into account any particular recipient’s investment objectives or financial situation, and has not been prepared in accordance with the legal and regulatory requirements to promote independent research. Any references to past or future performance of a financial instrument, index or a packaged investment product are not, and should not be taken as, a reliable indicator of future results. eToro makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication.

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