Bitcoin Price and Ethereum Rebound; Litecoin Pumps 30%

Please fol­low and like us:
Pin Share

On Novem­ber 24, the lead­ing cryp­tocur­ren­cy, Bit­coin, showed signs of a new recov­ery, trad­ing at $16,673, despite the release of dovish FOMC meet­ing min­utes dur­ing the US ses­sion yes­ter­day. Sim­i­lar­ly, Ethereum, the sec­ond most valu­able cryp­tocur­ren­cy, has fol­lowed Bit­coin’s lead and increased by more than 3% to $1,200.

Major cryp­tocur­ren­cies were trad­ing in the green ear­ly on Novem­ber 24, as the glob­al cryp­to mar­ket cap increased around 2% in the pre­vi­ous day to $83 bil­lion. In con­trast, the total cryp­to mar­ket vol­ume fell over 4% in the last 24 hours to $61.23 billion.

The over­all vol­ume in DeFi was $3.57 bil­lion, account­ing for 5% of the total 24-hour vol­ume in the cryp­to mar­ket. The over­all vol­ume of all sta­ble coins was $58.36 bil­lion, account­ing for 95% of the total cryp­to mar­ket 24-hour volume.

Let’s take a look at the top 24-hour alt­coin gain­ers and losers.

Top Altcoin Gainers and Losers

Klaytn (KLAY), Solana (SOL), and BNB (BNB) are three of the top 100 coins that have gained val­ue in the last 24 hours. The KLAY price has soared by more than 12% to $0.18, the SOL price has grown by more than 10% to $14, and the BNB price has increased by near­ly 9%.

Top Alt­coin Gain­ers and Losers — Source: Coin360 

WEMIX (WEMIX), Bit­coin Cash (BCH), and Lite­coin (LTC) are three of the top 100 coins that have lost val­ue in the last 24 hours.

Where­as Bit­coin Cash and WEMIX have lost over 2% to trade at $113 and $1.50, respectively.

How­ev­er, Lite­coin’s 3% loss in the last 24 hours came after a 30% surge in the pre­vi­ous sev­en days and could sim­ply be a bear­ish correction.

LTC will be dis­cussed fur­ther in the fol­low­ing update.

FOMC Minutes: FED Officials See Smaller Rate Hikes 

Min­utes from a meet­ing held by the Fed­er­al Reserve ear­li­er this month were made pub­lic on Wednes­day, and they revealed that par­tic­i­pants agreed that future inter­est rate hikes should be small­er as they assess the pol­i­cy’s effect on the economy.

The meet­ing sum­ma­ry echoed state­ments made by numer­ous offi­cials dur­ing the past few weeks, which all point­ed to more mod­er­ate upcom­ing rate increases.

After four con­sec­u­tive 0.75 per­cent­age point rais­es, the mar­ket gen­er­al­ly antic­i­pates the Fed­er­al Open Mar­ket Com­mit­tee, which sets inter­est rates, to decrease to a 0.5 per­cent­age point increase in December.

Offi­cials have indi­cat­ed that less dras­tic mea­sures are on the hori­zon, but they main­tain that they see no evi­dence of infla­tion slow­ing down.

Some com­mit­tee mem­bers, though, have voiced con­cern about poten­tial finan­cial sys­tem vul­ner­a­bil­i­ties should the Fed main­tain its cur­rent aggres­sive course of action.

As a result of the dovish sen­ti­ment, the US dol­lar’s demand fad­ed, caus­ing a price drop and a surge in cryp­to demand.

Bitcoin Price 

The cur­rent Bit­coin price is $16,659, and the 24-hour trad­ing vol­ume is $32 bil­lion. Bit­coin has increased by more than 1% in the last 24 hours. Coin­Mar­ket­Cap cur­rent­ly ranks first, with a live mar­ket cap of $350 bil­lion up from $310 bil­lion yes­ter­day. It has a total sup­ply of 21,000,000 BTC coins and a cir­cu­lat­ing sup­ply of 19,215,637 BTC coins.

Bit­coin Price & Toke­nomics — Source: coinmarketcap

Bit­coin is cur­rent­ly gath­er­ing momen­tum near the $16,600 mark. Can­dles clos­ing above this lev­el indi­cate the prob­a­bil­i­ty of a bull­ish turn­around. A bull­ish engulf­ing slic­ing through the $16,350 bar­ri­er and clos­ing above it sug­gests that the bull­ish trend may continue.

As a result, addi­tion­al bull­ish pres­sure may dri­ve an advance to the $17,180 bar­ri­er lev­el. If the $17,180 lev­el is breached again, more buy­ing pos­si­bil­i­ties may exist until the $18,650 lev­el, which is extend­ed by the 38.2% Fibonac­ci retrace­ment level.

Bit­coin Price Chart — Source: Tradingview

Because the RSI and MACD are both in a pur­chas­ing zone, we may expect the ral­ly to con­tin­ue. If the $17,000 mark is breached, BTC might fall to the $17,600 level. 

On the down­side, Bit­coin’s sup­port remains at $16,000, and a break of this lev­el may drop the cur­ren­cy as low as $15,670.

Ethereum Price 

The cur­rent price of Ethereum is $1,201, with a 24-hour trad­ing vol­ume of $11 bil­lion. In the last 24 hours, Ethereum has gained over 3.5%. Coin­Mar­ket­Cap cur­rent­ly ranks #2, with a live mar­ket cap of $147 bil­lion. It has a cir­cu­lat­ing sup­ply of 122,373,866 ETH coins.

Ethereum Price & Toke­nomics — Source: coinmarketcap

On the 4‑hour chart, Ethereum has bro­ken through a $1,190 down­ward trend­line and reclaimed the $1,200 level.

ETH is now head­ing towards the next resis­tance area of $1,240, where a dou­ble top pat­tern and bull­ish break­out above this lev­el could take the price of ETH to $1,290.

Ethereum Price Chart — Source: Tradingview

On the down­side, the ETH/USD pair is like­ly to find imme­di­ate sup­port at $1,190, and a break below this lev­el has the poten­tial to drop as low as $1,160. Because the RSI and MACD indi­ca­tors are in a buy­ing zone, we may see an uptrend continue.

Litecoin Pumps 30%

Lite­coin’s cur­rent price is $76, with a 24-hour trad­ing vol­ume of $1.6 bil­lion. In the last 24 hours, Lite­coin has dropped over 3% but at the same time, its week­ly gain is over 30%.

With a live mar­ket cap of $5.4 bil­lion, Coin­Mar­ket­Cap cur­rent­ly ranks 13th. It has a max­i­mum sup­ply of 84,000,000 LTC coins and a cir­cu­lat­ing sup­ply of 71,680,906 LTC coins.

On the tech­ni­cal front, Lite­coin was reject­ed below the $83.65 resis­tance lev­el, and can­dle clos­ings below this lev­el trig­gered a bear­ish correction.

Lite­coin Price Chart — Source: Tradingview

Lite­coin has already com­plet­ed a 23.6% Fibonac­ci retrace­ment and is now head­ing low­er toward the next sup­port lev­el of $74, which is extend­ed by a 38.2% Fibonac­ci retracement.

The LTC/USD pair is like­ly to show a bull­ish rever­sal above the $74 or $68.75 (61.8% Fibo lev­el) sup­port levels.

Presale Cryptocurrency With Enormous Potential Gains

Dash 2 Trade (D2T)

Dash 2 Trade is an Ethereum-based trad­ing intel­li­gence plat­form that pro­vides real-time ana­lyt­ics and social data to traders of all skill lev­els, allow­ing them to make more informed decisions.

D2T, devel­oped by the Learn 2 Trade ser­vice, offers mar­ket-dri­ven insights, trad­ing sig­nals, and pre­dic­tion ser­vices to investors. The cryp­tocur­ren­cy ini­tia­tive promis­es to pro­vide cus­tomers with enough infor­ma­tion to make informed decisions.

D2T start­ed sell­ing tokens three weeks ago and has already raised over $6.9 mil­lion. Fol­low­ing the pre­sale, D2T will be list­ed on LBank and Bit­Mart, with a sig­nif­i­cant asset price increase anticipated.

1 D2T is cur­rent­ly worth 0.0513 USDT, but this is expect­ed to rise to $0.0533 in the next stage of sales and $0.0662 in the final stage.

Vis­it Dash 2 Trade now

Find The Best Price to Buy/Sell Cryptocurrency

Cryp­tocur­ren­cy Price Track­er — Source: Cryp­tonews



Source link

Please fol­low and like us:
Pin Share

Leave a Reply

Your email address will not be published.