Bitcoin, Ethereum, Dogecoin Subdued: Analyst Says Apex Coin Still Can’t Crack ‘Crucial Resistance’ — Bitcoin (BTC/USD), Ethereum (ETH/USD), Dogecoin (DOGE/USD)

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Bit­coin trad­ed in the red on Thanks­giv­ing evening as the glob­al cryp­tocur­ren­cy mar­ket cap inched up 0.2% to $832.4 bil­lion at 8:54 p.m. EST.

Price Per­for­mance Of Major Coins
Coin 24-hour 7‑day Price
Bit­coin BTC/USD -1% -2.1% $16,545.16
Ethereum ETH/USD 0.2% -1.4% $1,195.26
Doge­coin DOGE/USD -0.3% -3.9% $0.08

Top 24-Hour Gain­ers (Data via CoinMarketCap)
Cryp­tocur­ren­cy 24-Hour % Change (+/-) Price
Bina­ryX (BNX) +8.4% $170.22
GMX (GMX) +7% $45.80
XRP (XRP) +2.55% ​​$0.40

See Also: Gem­i­ni Vs. eToro — Pros, Cons and Use Cases 

Why It Mat­ters: While Bit­coin was in the neg­a­tive ter­ri­to­ry, Ethereum trad­ed large­ly flat on Thurs­day evening. U.S. stock futures were seen trad­ing high­er at the time of writing.

OANDA Senior Mar­ket Ana­lyst Craig Erlam termed the col­lapse of FTX an “unsur­pris­ing­ly a huge set­back for the whole indus­try” in a note, seen by Ben­zin­ga, on Thursday.

“In such an unreg­u­lat­ed world, these fears are very real and could under­mine faith in the cryp­to space for some time, fur­ther weigh­ing on prices in the process.”

Michaël van de Poppe said Bit­coin is still fac­ing “cru­cial resis­tance, which it can’t crack yet.”

“Slight con­sol­i­da­tion tak­ing place. Anoth­er test at $16.9K and most like­ly accel­er­a­tion hap­pens with all the stops going to be taken.” 

The cryp­tocur­ren­cy trad­er said that Bit­coin is aim­ing for $18,400 but it must hold lev­els between $16,250 and $16,400.

Chartist Ali Mar­tinez said that in the last two bear trends Bit­coin reached a mar­ket bot­tom when the total sup­ply of the apex coin in loss rose over 10,400,000 BTC. He said it stood at 10,272,000 BTC currently.

On the Ethereum side, the sec­ond-largest coin’s mar­ket cap fell below the aggre­gate sta­ble­coin cap once again, said Glassnode.

“The Top 4 sta­ble­coins USDT, USDC, BUSD and DAI make up over $138B in total, with the $ETH mar­ket cap just 2.8% high­er at $142B,” said the on-chain analy­sis company.

When the met­ric was intro­duced by Glassnode, first in July 2022, the com­pa­ny point­ed it as a sym­bol of how severe the flight to sta­bil­i­ty had become.

Read Next: Cryp­to Trad­er Explains How BUSD Can Be Redeemed For USD If Binance Collapses

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