Tracking the cryptocurrency market
Leading cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH), blazed past their prior all-time-highs this week, with a weekly gain of nearly 8% each. Majority of the top 20 list marched forward today with moderate gains as the total cryptocurrency market cap nears $3 trillion for the first time. BTC’s market cap currently stands at $1.28 trillion and is just behind the global silver market cap at $1.37 trillion. In this article, we will analyze bullish sentiments in the crypto market and the associated price action of major cryptocurrencies.
Bitcoin registers new all-time high
BTC broke through last week’s resistance at $63,000 yesterday and gained 8% in the last 24 hours to trade at a new all-time high of $68,000. BTC is currently in a price discovery mode as there is no overhead resistance level on the uptrend. However, in case of a pullback, BTC enjoys strong support near the $63,000 region. BTC dominance has increased by 2.9% in the past three days after a week of consolidation that began at the start of November.
Ethereum records new high, pulls other altcoins up
ETH witnessed moderate growth this week as speculations of Discord integration with Ethereum were rife. Widely used among gamers and non-fungible tokens (NFT) communities, the chat platform Discord’s CEO teased the integration of Ethereum with Discord on Twitter. ETH is currently trading at $4,800 and looks to extend the rally to $5,000 in the near future.
Binance coin (BNB) held on to its third position firmly, with a gain of over 23% in the past week. There was something to cheer for Cardano (ADA) supporters as the coin reclaimed its fourth position post a 12% daily rally today.
This week’s breakout story among the top 50 list belonged to Helium (HNT) and Crypto.com Coin (CRO). HNT token which is behind the Helium network, often touted as the decentralized blockchain-powered network for Internet of Things (IOT), surged by 73% as NASDAQ-listed TV provider DISH corporation announced a partnership with the Helium network to support open-source and low cost wireless connectivity systems.
CRO, which is built on top of the Ethereum network, has rallied more than 55% after NASDAQ listed exchange Coinbase Pro enrolled the cryptocurrency on its trading platform. CRO is the native token Crypto.com, an crypto exchange that is also one of US’ most downloaded apps. Its advertisement starring actor Matt Damon may have also aided in creating demand.
November outlook
Data platform Glassnode reported that more than 5,000 BTC have been withdrawn from centralized exchanges in the last week suggesting no imminent threat of a sell-off. The share of BTC’s supply that has remained inactive for the past three months has spiked to a record high of 85%. BTC investors are more likely to continue accumulating in the upcoming days. Analysts expect BTC to claim $70,000 soon if the bulls keep the momentum up this week.
Major altcoins are expected to gain against the US dollar as well though BTC may outdo them in growth over the next few weeks.
Disclaimer: This article was authored by Giottus Cryptocurrency Exchange as a part of a paid partnership with The News Minute. Crypto-asset or cryptocurrency investments are subject to market risks such as volatility and have no guaranteed returns. Please do your own research before investing and seek independent legal/financial advice if you are unsure about the investments.
