Bitcoin, Ether, Major Altcoins – Weekly Market Update November 22, 2021
The total crypto market cap lost $295 billion from its valuation for the last seven days and now stands at $2,576 billion. The top 10 coins are all in red for the same time period with the only exception being Avalanche (AVAX) which grew by 42 percent. Bitcoin (BTC) is currently trading at $57,500 while ether (ETH) is at $4,210.
Bitcoin closed the trading day on Sunday, November 14 at $65,526. It was its second session in green after a four-day period marked with high volatility and during which the biggest cryptocurrency erased 5.5 percent from its valuation. It could not extend the rally after peaking at $69,000 on November 10.
Still, BTC was 3.3 percent up on a weekly basis.
The new seven-day period started with a 3 percent drop to $63,500 on Monday. The price action was very much repeating the one from September 7 when BTC experienced a significant correction.
Bears pushed the price below the 21-day EMA on the daily timeframe on November 16 and managed to “steal” yet another 5.5 percent from it. The leading cryptocurrency fell as low as $58,700 during intraday and now traders were starting to look at the weekly support at $60,000 and the monthly one – at $58,900 to provide the needed stability.
The mid-week session on Wednesday brought yet another short-term low for BTC. It touched $58,375 but quickly recovered to the zone above $60,000 in the evening.
On Thursday, November 18, the BTC/USDT pair broke below the weekly horizontal support and the 50-day EMA on the daily chart. It lost 6 percent of its value, reaching the $57,000 area for the first time since mid-October.
The Friday session was when BTC hit a low of $55,501 then started trading in the opposite direction. Buyers pushed the price up to $57,795 to close in green.
The weekend of November 20-21 started with a second consecutive day in green on Saturday. The biggest digital asset regained its positions above the mentioned short-term EMA but was rejected at the former weekly support line.
On Sunday, the coin once again fell, this time to $58,500.
What we are seeing early on Monday is a continuation of the selloff.
The Ethereum Project token ETH closed the trading session on Sunday, November 14 at $4,621 in its third consecutive day in red and fifth since hitting an all-time high at $4,869 a few days earlier.
The ether was following closely the price movement of bitcoin and it was already showing signs of exhaustion. Many traders were using the opportunity to take profits and wait for a correction to re-enter the market.
The coin ended the seven-day period flat, but still above its last highest high.
On Monday, the ETH/USDT pair dropped down to $4,558 as the selloff continued. The daily chart of bitcoin was showing clear similarities to the trading patterns we had back in the February- May 2021 period with it making three consecutive higher highs followed by a significant correction.
The Tuesday session was no different and the coin moved further down to $4,204, breaking below the 21-day EMA. It found support at the 50-day EMA and the previous horizontal resistance area.
The mid-week trading day on Wednesday came with a new short-term low as ETH tested the $4,000 mark. Still, bulls managed to absorb the selling activity and the leading altcoin closed in green.
What we saw on Thursday, was a sharp drop down to the zone below the 50-day EMA as the ether tested the weekly support near $3,960. It lost 6.6 percent of its value.
The trading day on Friday was a good one for bulls. The ETH/USDT pair formed the exact same candle on the daily chart, but in the opposite direction. It completely erased all losses from the previous session and closed the day at $4,287 with a 7.2 percent increase.
The first day of the weekend was again a green one. The biggest altcoin moved up to $4,412 to hit the 21-day EMA and the old horizontal support.
Then on Sunday it suffered rejection at the mentioned zone around $4,450 and fell all the way down to $4,264.
It is currently trading at $4,198 on Monday, November,22.
- Crypto.com Coin
Not exactly a major altcoin, but a former such, Crypto.com Coin (CRO) is once again on the move. It added 65 percent to its valuation for the last seven days and moved up to #13 on the CoinGecko Top 100 list with a total market cap of approximately $16.8 billion as of the time of writing.
The CRO/USDT pair is 219 percent up on a monthly basis thanks to a series of marketing campaigns that include hiring the Hollywood star Matt Damon as the face of its new ad campaign and culminating with the recently announced deal to buy the naming rights to the Staples Center Arena in Los Angeles. In a $700 million deal, the sporting venue will be renamed Crypto.com Arena.
CRO peaked at $0.74 on November, 21 just two weeks after surpassing its previous all-time high of $0.27. It is currently trading at $0.667 on a price discovery territory.
Altcoin of the Week
Our Altcoin of the week is Gala (GALA). This cryptocurrency stormed into the Top 100 list by adding 303 percent to its market cap in just one week. Not only that, but the coin peaked at $0.48 on Sunday, November 21 which is 425 percent higher compared to its trading price just a few days ago.
GALA is the native token of the Gala Gaming ecosystem, which focuses on the gaming and NFT experiences, providing its users with a lot more control over what they do including using their in-game NFTs to influence the governance and funding of games within the Gala Games ecosystem.
Naturally, this project is flying on the wings of the gaming and metaverse mania where projects like SAND and MANA are the current leaders.
The GALA token is currently placed at #69 on CoinGecko with a total market cap of $2.8 billion. It currently trades at $0.377.