Major coins were steady as the global cryptocurrency market capitalization rose 2.1% to $2.85 trillion Thursday evening.
What Happened: Bitcoin BTC/USD rose 0.39% to $64,914.25 over 24 hours. The number one coin by market cap has risen 6.15% for the week.
The second-largest cryptocurrency by market cap, Ethereum ETH/USD, gained 2.59% to $4,734.85 over 24 hours. Over a seven-day period, it has risen 5.35%.
Dogecoin DOGE/USD was up 3.18% at $0.26. Over the last seven-day period, it has risen 1.36%. Shiba Inu, a rival meme cryptocurrency, jumped 11.51% higher to $0.00005544. For the week, it has spiked 15.19%.
The top 24-hour gainers at press time, as per CoinMarketCap data, were UMA, Mina, and Horizen.
UMA soared 37.09% to $19.33, Mina gained 15.63% to $6.22, while Horizen was up 14.99% to $106.66 in the period. Mina touched an all-time high of $6.57 on Thursday.
See Also: How To Buy Bitcoin (BTC)
Why It Matters: Bitcoin touched an all-time high of nearly $69,000 earlier this week on Wednesday.
Nearly $64 million of long positions in the apex coin were liquidated within just two hours of it touching the all-time high, as per data from Glassnode, an on-chain analytics firm.
Bitcoin Futures Total Long Liquidations, As Per Glassnode
The sell-off post the highs in BTC appears to have been caused by a decline in leveraged positions.
Miami’s Mayor Francis Suarez said Thursday that the city would become the first in the world to give a Bitcoin dividend based on the MiamiCoin City Wallet yield.
More news on @CityofMiami being the first city in the world to give a Bitcoin dividend based on @MiamiCoinWallet yield to follow…Miamians get ready! @APompliano @jack @elonmusk @tyler @cameron @brian_armstrong https://t.co/WN5RW0d5Uc
— Mayor Francis Suarez (@FrancisSuarez) November 11, 2021
In an interview with CoinDesk, Suarez revealed that the MiamiCoin program has already generated over $21 million in less than three months, which is roughly one-fifth of the entire tax revenue of the city.
The mayor said that the city would take “its first draw and stake the remaining balance in Bitcoin.” As per Suarez, "We're going to create a digital wallet for our residents, and we're going to give them a bitcoin directly from the yield of MiamiCoin."
Meanwhile, the rate of change for Ethereum has “become almost zero” after the London Hard Fork, as per Ki Young Ju, the CEO of CryptoQuant, a community-driven analytics platform.
“Just like Bitcoin, ETH is now a scarce asset with limited supply,” tweeted Ki on Thursday.
$ETH supply doesn't increase anymore.
— Ki Young Ju 주기영 (@ki_young_ju) November 11, 2021
Its rate of change became almost zero after the London hard fork.
Just like Bitcoin, ETH is now a scarce asset with limited supply.
Source https://t.co/EqrqzuO4kt pic.twitter.com/ZIxxDy1gQI
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