CryptoCurrency Watch – Update November 16, 2021
The crypto market continues to break records. Bitcoin and Ethereum have set all-time highs, as has the crypto market as a whole.
What else has happened throughout this crazy week in crypto? We’ll tell you below.
Bitcoin and Ethereum attain all-time highs…again
Less than a month after hitting all-time highs, Bitcoin and Ethereum are at it again. The two largest cryptocurrencies by market capitalization eclipsed their previous highs, recording prices above CAD $85,973 and CAD $6,024 respectively.
At one point, BTC rose as high as CAD $85,999, while ETH set a new record at CAD $6,074. These incredible moves within the market were part of a larger rally that saw the crypto market surge above CAD $3.7 trillion for the first time.
Of course, it’s difficult to tie price movement to certain events, but there are those within the market who believe Bitcoin and Ethereum will continue their upward trend during the weeks ahead.
Solana and Reddit Co-Founders Collaborating on Web3 Social Media Initiative
The co-founder of Reddit, Alexis Ohanian, and Solana Labs co-founder Raj Gokal, have teamed up to invest CAD $125.5 million toward decentralized social initiatives. Ohanian’s venture firm, Seven Seven Six, and Solana Ventures will both pony up a cool USD $50 million to fuel growth in the social crypto market.
Ohanian made the announcement in Lisbon, Portugal, at the Solana Breakpoint conference, with Gokal by his side to fuel the crowd. “Build the next Twitter, build the next Facebook, build the next Instagram,” the co-founder stated, spurring attendees into a frenzy.
The project will maintain a strong focus on the services available through Solana, however, Ohanian believes the future lies with cross-chain functionality. As a result, the collaboration between the two companies will consider all projects no matter what blockchain is in use.
However, the question that must be asked is ‘Can decentralization create an answer to today’s social media problems?’ Privacy and control are two concerns that need to be addressed in today’s online world. Will this be the catalyst that drives an innovative solution? We’ll have to wait and see.
Twitter jumps into the dApps marketplace
A new player has entered the decentralized apps space and it’s likely you’ve heard of them. Twitter announced a new team dedicated specifically to exploring and developing in the dApps space. The team – named Twitter Crypto – will have Tess Rinearson at the helm.
Rinearson stated on the platform that she is, “Thrilled to share that I’ve joined Twitter, to lead a new team focused on crypto, blockchain, and other decentralized technologies.
Twitter Crypto will focus on decentralizing social media while providing content creators with an avenue to earn cryptocurrencies. Additionally, the team is expected to focus on the Web 3 space and all things that pertain to blockchain technology.
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