The cryptocurrency market continues to perform well in the last trading days of October 2021. Bitcoin is trading again above the $61000 level, and this situation also supports the price of Elrond EGLD/USD, Aave AAVE/USD, and Decentraland MANA/USD.
Since yesterday, the cryptocurrency market capitalization has been up by $40 billion, and U.S. Senator Rand Paul believes that Bitcoin will overthrow the dollar to become the world’s reserve currency. Senator Rand Paul added:
The government currencies are so unreliable, and they are not backed by anything. As more and more people lose confidence in the government, Bitcoin will ascend to the top of the rankings.
The U.S. Securities and Exchange Commission (SEC) has allowed the first American bitcoin futures ETF to begin trading this month, and Allied Market Research reported that the global cryptocurrency market would hit $4.94 billion by 2030.
The crypto market sentiment remains positive, but according to JP Morgan, Bitcoin’s recent surge is due to growing inflation, not ETF approval.
Elrond, Aave, and Decentraland can advance even more in November if the positive trend continues, and traders should consider that if Bitcoin advance above the $70000 resistance, it would add a further boost to the whole cryptocurrency market.
EGLD is eying $300 resistance
Elrond (EGLD) has been one of the best performers on the cryptocurrency market since the beginning of September 2021, and the price of this cryptocurrency has reached a new all-time high above $300.
EGLD could advance even more in the ongoing bull market, and if the price jumps again above $300 resistance, the next price target could be around $330 or even above.
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