Bitcoin and Ether Market Update November 26, 2020
Total crypto market cap erased $8 billion of its value for the period since Monday morning and now stands at $530.4 billion. The top ten coins are all in red for the last 24 hours with Chainlink (LINK) and Bitcoin Cash (BCH) being the worst performers with 16.6 and 14.8 percent of losses respectively At the time of writing bitcoin (BTC) is trading at $17,929 on the Bitstamp daily chart, ether (ETH) fell to $530. Ripple’s XRP is hovering around $0.56.
BTC/USD
Bitcoin closed the trading day on Sunday, November 22 at $18,432 or 15 percent higher compared to the previous seven-day period. The coin made a slight pullback after almost hitting $19,000 during the previous session and temporarily dropped below the daily support at $17,700.
The leading cryptocurrency fell for a second consecutive day at the start of the new week forming a short red candle to $18,375. Still, buyers managed to keep the price floating above the $18,000 line and the overall uptrend remained intact.
On Tuesday, November 24, the BTC/USD pair climbed up to $19,160 and surpassed the next major resistance on the weekly and daily timeframes – $19,000. From a weekly chart perspective, this level is the highest ever reached by BTC. The move resulted in another 4.2 percent added to its value.
The mid-week session on Wednesday was a bad one for bulls. Bitcoin fell down to $18,730 and lost the horizontal support. The selloff was most probably triggered by the upcoming Thanksgiving holidays in the United States and was preceded by a double-top formation on the 1-hour chart.
The 24-hour trading volumes remained flat at $32 billion on Monday then started to pick up the pace on Tuesday and reached $51 billion on the third day of the workweek.
ETH/USD
The Ethereum Project token ETH is on its way up ever since it found support at the 100-day EMA on the daily timeframe on September 23. Since then, the coin has added approximately 85 percent to its value.
It ended the previous seven-day period at $561 or 25 higher. One of the driving forces behind the recent surge was without a doubt the upcoming launch of the Ethereum 2.0 protocol and the preceding network staking.
On Monday, November 23, the ether surpassed the psychological resistance line at $600 and closed at $608, adding yet another 8.5 percent.
Buyers, however, were unpleasantly surprised on the next day when they were rejected at the next major horizontal level on a weekly – $620. The ETH corrected its price down to $606.
What we saw on Wednesday, November 25 was ETH mirroring the selloff in the BTC/USD pair. The whole crypto market started bleeding and the biggest altcoin was no exception. It fell down to $570 losing 6.3 percent.
The Ethereum trading volumes were on the rise since Thursday, November 19, and continued the march into the new week. By Tuesday evening they were already at $23 billion, but then suddenly started to fade and hit $14 billion on Wednesday.
