VeChain And XRP Rise and Tech “Triopoly” Owns Covid Ad Spending

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Last Updated on 21 March 2021 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / jeroen@cryptotips.eu
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The whole crypto top 10 sees red with a decline over 5%, with an exception for XRP. Within the top twenty, only VeChain and XRP are notable risers at the time of writing.

According to the Wall Street Journal, Google, Facebook and Amazon, the so-called three biggest tech monopolies or the Triopoly now owns 50% of all advertising revenue spent in the US.

Advertentie.

Crypto market decline

Bitcoin is trading at $56,000 at the time of writing while Ethereum holds the line near $1,770, both respectively down 5% and 4%, but this is in terms of crypto volatility pretty much no move at all.

According to Chad Steinglass, who directs trading at crypto company CrossTower, the most important thing to note this week were the rising Treasury Yields in the US, which could cause investors to flee into crypto as they seek a hedge against deflation. Steinglass said: 

The relationship between the dollar and treasuries has flipped 180 degrees as the story has quickly become risk-off and flight to quality instead of growth and inflation, so treasuries and dollar are both ticking higher as all risk assets are selling off.

Furthermore, the analyst noted that for Bitcoin:

It will take a bit of chipping away to break through $60,000 with any kind of authority.

In the broader top 20 of CoinMarketCap there are only a few risers at this moment, most notably XRP (up 3%) and VeChain (up 9%).

Ad spending during Covid

The Wall Street Journal noted in its long weekend read that Covid-19 has really shifted the advertising world away from TV and classic media commercials and into the digital world.

The Big Three of digital advertising, known as the tech monopolies or the tech “Triopoly” (Google, Facebook and Amazon) have since the COVID pandemic really taken over ad spending in a more decisive manner. Because people spend more time online, ads have followed them onto the internet and away from TV.

Advertising agency GroupM calculated that 50% of all advertising revenue spent now goes to either of those three companies. That number has never been reached before.