The cryptocurrency market lost $187 billion from its market cap during the last seven days and now stands at $841 billion. The top 10 coins were all in red for the same period with Ripple (XRP) and Dogecoin (DOGE) being the worst performers with 25 and 23 percent of losses respectively. Bitcoin (BTC) is currently trading at $16,760 while ether is at 1,255.
Bitcoin closed the trading day on Sunday, November 6 in red at $20,876 after failing to surpass the mid-term resistance at $21,500. The trading volumes decreased significantly and the coin ended the week of October 31- November 6 with a small 1.8 percent increase.
On Monday, November 7, the BTC/USDT pair erased another 1.7 percent and dropped further down to $20,580, next to the mid-October highs and the 21-day EMA. Buyers were starting to lose momentum.
The Tuesday session brought a lot of pain to all market participants triggered by the new developments in the ongoing Binance vs FTX social media debate. Sam Bankman-Fried, CEO of FTX announced the exchange turned to CZ, CEO of Binance for help to resolve its ongoing liquidity problems which resulted in an offer of acquisition by the latter.
The markets turned red and BTC alone lost 9.6 percent while altcoins bled violently.
Bitcoin closed the session at $18,534, at the long-standing horizontal support, but not before touching $17,200 intraday.
The mid-week trading on Wednesday came with a fresh new low as the biggest cryptocurrency hit $15,680 for the first time since November 2020 and ended the trading day at $15,908.
Binance supposedly pulled out of the acquisition deal due to significant issues discovered during the assets review.
On Thursday, November 10, BTC rallied 10 percent to close the day at $17,600 thanks to the lower-than-expected CPI data numbers. Some altcoins posted double-digit gains.
The Friday session was not that good for bulls and the coin corrected its price down to $17,000.
The weekend of November 12-13 started with a drop to $16,800 on Saturday, which was followed by a third consecutive day of losses on Sunday and a further decline to $16,350.
What we are seeing midday on Monday is a slight increase in the price of BTC as it moved up to $16,750.
The Ethereum Project token ETH peaked at $1,686 on Friday, November 4 and during the weekend started moving in the opposite direction. It ended the week of October 31- November 6 with a 1.5 percent loss after hitting a strong resistance in the 21-period EMA on the 1W chart.
The coin hit $1,566 on Monday, November 7, and remained flat at the beginning of the new trading period, close to the range mid-point.
On Tuesday it followed the example of Bitcoin and printed a huge red candle on the daily chart breaking below the fast EMA and the important S/R line near $1,440. The ether erased 14 percent of its market cap and fell as low as $1,240 before ending the day at $1,337.
The FTX crisis hit altcoins particularly hard and its native token FTT lost 75 percent in just one day.
The mid-week session on Wednesday came with a renewed selling activity as the ETH/USDT pair touched $1,082 before stopping at $1,100 at the daily candle close, which resulted in a 17 percent correction.
On Thursday, November 10 the ether jumped by 17.8 percent up to $1,300 as the fresh CPI inflation data from the United States turned out to be better than expected. The coin successfully filled the gap between the two most actively traded areas in the region.
The last day of the workweek came with a relatively flat session after bears tried to push the price below $1,200 in the early hours of trading.
The first day of the weekend was marked by a drop to $1,250 while on Sunday, the ETH token corrected its price further down to $1,216.
As of the time of writing this market update, bulls have managed to avoid more losses and the price is hovering once again near the $1,250 mark.
- Polkadot (DOT)
It is hard to choose the best-performing asset in the Top 20, so we had to select the least impacted by the recent market crash.
And this happens to be Polkadot’s DOT. It managed to limit the losses to “just” 14.5 percent during the last seven days and also kept its price floating near the high timeframe horizontal support zone between $5.5 and $6.
The $7 mark remains the next big resistance in front of buyers right with the long-term diagonal resistance line.
The nearly announced roadmap update combined with the strong trust in the ecosystem and the fact it avoided having a direct impact or any involvement in the FTX/Alameda drama are among the leading reasons for DOT to remain relatively stable although it fell out of the Top 10 list.
Below is the 1W chart.
Altcoin of the week
Our Altcoin of the week is Trust Wallet (TWT). This cryptocurrency project’s main product is a decentralized hot wallet that enables users to store their coins in a private and secure way by fully holding the wallet keys. The platform was acquired by Binance in 2018 and was promoted heavily in the last week in the aftermath of the FTX crash and the declining trust in central exchange custody.
TWT, the native token of Trust Wallet added 62 percent to its valuation during last week’s trading and continues to surge on Monday (already up by 26 percent as of the time of writing).
The TWT/USDT pair surpassed its all-time high and is now in a price discovery mode. We can expect support around the previous high in the $1.5-$1.6 area while the Fibonacci extension levels show it has already extended its rally from the May 2022 lows to the 161.80% level, which usually marks a local top.
TrustWallet is currently ranked at #44 on CoinGecko with a market cap of approximately $1.03 billion.
Below is the 1W chart.