The markets are smiling upon us today: 531.9 billion dollar total market cap that's up 3.7 in just a day, bitcoin also up about the same 3.4, now just under 18.7 k, so that's, 18. 685. At the time of this recording ethereum is doing very, very well up above 500 dollars. It is up 6.2 on the day, actually along with a lot of other altcoins we're, seeing great performance here across the board, so it's a distributed gain here, not only in bitcoin but across, actually more so in some of the altcoin projects. Today, take a look at xrp up five percent on the day chain link up nearly three percent litecoin up a couple of percentage points and polka dot, we're going to be discussing polka dot and whether or not it is the true purportedly ethereum killer at the end Of this, video polka dot is up 12.7 on the day now at five dollars and 30 cents again, along with a lot of other altcoins it's, usually kind of more one or the others it's, either bitcoin or it's. Altcoins. Take a look if you haven't already at our last video on the subject we discussed if altcoin season is coming more like when it's coming it's kind of an inevitable occurrence, at least in my opinion, i thought some of the altcoin performance that we've been seeing would Be more delayed, i was under the impression that it would be strictly the bitcoin show really until we hit new all time highs, but it's kind of happening simultaneously.
Now altcoins are rising along with bitcoin uh it's, not to say that the altcoin season won't follow but we're just seeing better performance now than i was previously expecting check out our video on the subject here. If you haven't already but let's, go back and take a look with some perspective as to what some of the better performing projects out there are wrecked capital here on twitter. The fact that litecoin or yfi have consistently been the top performing coins on coinbase. As of late shows that investors are ecstatic about their bitcoin gains and are slowly getting comfortable with allocating their capital into altcoins, all season starts with a few key coins at first and guess. You know the point i guess i'm trying to make is that this isn't altcoin season yet and if this is an altcoin season, if this is still bitcoin's show, bitcoin is still kind of hog in the spotlight. Can you imagine what is to follow? I think it's going to be better and bigger than previous cycles by a lot and this time around the altcoin potential is appealing to more than just the private investors. Here. Grayskill now holds over 60 million dollars worth of litecoin in assets under management. If i had to guess, i would say they are bullish on ltc, i think that's, a safe guess and it's unbelievable here. The 19th of november update shows that grayscale has now 10.8 billion dollars in assets under management with the price swells that we just saw i'm sure it's north of that it's in excess today of 11 billion dollars.
Just based on the fluctuations to the positive that we're. Seeing in bitcoin and altcoins grayscale is effectively able to add hundreds of millions of dollars to that figure on a daily basis, without even injecting anything else into their pool. But hey look if all of this excitement is not for you. You'Re always welcome to go back and i think chase bank is offering 0.5 apy on usd deposits right now. If anyone is interested, a checking account remains an option uh if you're so inclined, which kind of brings us to this next question raised here by altcoinbuzz io on twitter. When someone asks should i buy bitcoin what's, your usual answer and you know, without kind of the whole investor perspective just getting into the bitcoin space in the first place, likely it's the result of a couple of things, exuberance excitement, they're, seeing the prices rise and they're Wondering hey: how do i get on that? There is a fomo element, that's for sure, but here's my honest answer. When it comes to people asking me this question, should i buy bitcoin, i ask a follow up question to them and i ask: are you familiar with the ecosystem, specifically the mechanics of it? Are you familiar, for example, with public and private keys? Most often the answer is no, so what i then do, as almost like a bit of a challenge, is, i say, look here, are the tools that i use here: the tools that we use with altcoin buzz.
We discuss them on a regular basis and i say get yourself set up on the following platform on the following exchange with the following account, and then i make sure that they're a little bit more familiar with whether it's a wallet or whether it's a mechanic that They wouldn't have otherwise been exposed to, i say: get your feet: wet, get your hands dirty, make sure you understand at a mechanical level, how some of these systems and ecosystems work. I then come back a day or two later and i send a little microscopic amount of bitcoin, so they have a sense of how it all works, because very often you know they're clueless and it's, no not to sound condescending whatever. But people that are not in this space don't really know anything about it. It'S, like you know, if you go back 20 years or so it's like introducing the internet or maybe email to whether it's an older family member relative friend, what have you, but if people aren't familiar with it, they're not familiar with it, and you know by no Fault of their own, so that's. What i kind of do i kind of lay the breadcrumb trail and i try to sound enticing, and i say this is kind of how it operates if you're still on board let's talk further let's discuss the mechanics in more detail. What i never do, personally speaking, is i never offer financial advice. So, even if they're on board, i never say hey, you should invest a dollar or a million dollars, because that comes down to a subjective appraisal of one's own.
You know risk appetite, one's own portfolio, their own financial strength, so if they want to get into the space i leave all you know the quantifiable numbers to them, but i do provide the key. I provide kind of that that gateway that opportunity to enter the space and we can discuss the mechanics really till the cows come home. So let us know your thoughts about that guys. When someone asks you all members of the altcoin buzz army, you guys are veterans and experts in your own right. When somebody asks you should i buy bitcoin, how do you handle that? How do you juggle that, and what kind of an answer do you provide here? Is some insight into perhaps how mike novogratz would answer the question he tweets? When you have decided to huddle the stress of the market, melts away bitcoin and ethereum going much higher, try hodling, you will enjoy it galaxy, obviously, for galaxy digital there, a little bit of a plug at the end of his tweet, and i think that's great advice. You know if you've kind of convinced somebody to get into the space and they're insistent they say no i'm going to spend a certain amount. You may, as well kind of provide a recommendation in those moments where you're dealing with somebody that's very insistent, i'll, say the following: look in a relative sense, of course you want to buy low and sell high, but this is a space that fluctuates more than any Other financial space, more than the bond market, more than the stock market, i mean this is volatile on a level that we've never seen before, there's no parallel in the world.
So if you want peace of mind – and just you know, this is kind of my own personal experience – buy low, sell high to the best of your ability, but also hotel. Don'T worry so much about the fluctuations day to day week to week, month to month or even year to year. For that matter, i think hodling is good advice for somebody that is insistent that's going to get in, regardless of what you have to say and there's good reason for those people to feel compelled to get into the space. The fomo exists for a reason here: katsuwa research, 21 of u.s dollars were printed in 2020, so far or 4.5 trillion dollars. Let me read that again of the dollars that exist today in 2020, 21 were printed this year. This is more than the amount of money created in the previous five years, yet only five percent of it is new cash in circulation. Going back to this tweet here, it's the reason that the chase banks of the world are no longer competitive, they're dealing with. Ultimately, what is becoming a major inflation problem and point five percent apy is just about the best that they have to offer and again guys. This is the reason why the now deutsche banks and why the city banks of the world are talking up bitcoin investments with their private bigwig institutional clients. The writing is on the wall and now a short message for my fellow canucks out there in the altcoin buzz army.
As you guys know, i've promoted i've been a user of crypto.com of the cro token of that entire ecosystem i've not yet been able to get a credit card effectively and now i'm happy to announce that, as of this morning, at cryptocom on twitter are announcing that The crypto.com visa card is indeed coming to canada and you can apply for yours and be among the first to get one. The cards are shipping in just a couple of months in january. If you have the the depending on the the card, the tier that you're going for, if you have your cro staked, you can then click this link to apply for the card again guys if you're going ahead with this process, you may as well avail yourself of Our exclusive code, a b, which you can find in the comments and the description below if you're, going to go ahead and sign up for a cro visa card, you can get 25 added onto it for free and it's a two way thing. You get 25 bucks. We get 21 25 bucks, rather so it's a win win situation. All you have to do is apply the exclusive altcoin buzz code which you'll find below again. It is simply a b that gets you 25 bucks on your new cro visa card. Okay, let's discuss now this so called ethereum killer. All of the projects out there have been ethereum killers, but does polka dot perhaps provide the best case uh to live up to that moniker to live up to its name? It is up twelve point, three percent on the day: five dollars and thirty cents right now, we're discussing it here on altcoinbuzz.
io ethereum killer, polkadot about to showcase its potential. This article by deepika as defy, continues to grow polka dot is expected to be the next ethereum. As many are saying, and to top that many investors believe polka dot is poised to offer brand new scalability finality and governance features, and all of this will be talked about in detail at the upcoming polka dot decoded conference. So the polka dot decoded conference is where the network is going to hold its first official event, it's happening on the 3rd of december 2020, so that's coming up very soon, and this is all courtesy of an official announcement, it's going to be a one day. Virtual event and it's going to feature blockchain innovators like ample fourth and others, and it's a no fee event, which might continue to be a mainstay event in the calendar years ahead. It is very likely that interoperability will be a main theme of the event. That is because interoperability continues to be the most discussed topic in the blockchain space and therefore it stands to reason that at polka dot decoded, yes, interoperability will take center stage. Some of the notable discussions will be number one snow fork, developed, polka dot, ethereum bridge number. Two polka btc bringing wrapped btc to the platform and number three polka dot in multi chain future and according to some recent reporting by the block, research, dot's native platform is the most popular staking network and the report reveals that dot worth about three billion dollars are Staked and holders are earning passive income on that sum.
Three billion dollars: okay, let's set the record straight. Do i agree that polka dot is gon na overtake ethereum? Bluntly? No, i think dot's got a great future it's sitting at a market cap right now of just below five billion dollars, and every indication seems to be that's going to increase with time that interoperability factor is a major one and i think polka dots got a great Future, but it would have to swell to more than tenfold of its current value, just to catch up to ethereum, currently sitting at above 57 billion dollars, and i don't think ethereum is sitting still. I think ethereum is a juggernaut whose best days and whose all time highs are still ahead of it, i think defy, shows no sign of slowing down that's a space that is only going to continue to expand. Ethereum 2.0 is coming up very shortly at the beginning of december and add to that all of the smart contracts, all of the network value that will be placed on ethereum, i don't think ethereum is slowing down anytime soon, so i don't think actually to be candid. Polka dots gon na catch up. What i do think, however, is that there's gon na be space enough in in this sector, for both polka dot and ethereum to exist simultaneously, ethereum, i think, will always be the east killer, it'll be its own ethereum killer. Personally, i don't think anybody's catching up. I think ethereum has all of the agility and flexibility to kind of adapt as needed going forward.
It'S got a first mover advantage. I think it's got everything going for it in that sense, including increasingly the corporate and the institutional interest now that's, starting to find you know real estate on that network that's starting to occupy it and populate it more and more and more just my opinion guys. Let me know your thoughts about that in the comments below and be sure to sound off, especially if you feel i'm incorrect about this i'd love to hear your point of view and that about wraps it up. For this friday, everybody to be sure you're following us on all the regular social media channels and keep checking back into altcoinbuzz.io for all the latest. Go ahead like subscribe, share and hit the bell, of course, to receive notifications. If you guys enjoyed today's video best of luck, if you choose to invest, have a great tail end to your week, a great start to your weekend, stay safe out there, everybody, and, as always, we do hope to see you again soon in our next video.