bitcoin graph

Bitcoin keeps unstoppable

Crypto market update: 2-8 november.

Bitcoin continues its bullish run and has broken the $15,000 level that is unprecedented since the BTC reached over $20,000 on December 17th, 2017. We are therefore looking at the second largest value in BTC history.
bitcoin graph

BTC market performance

It seems that BTC rally is finished and it’s going directly towards higher levels in light of the last month when the BTC price started to climb from $10,600 on October 4th until now. 

The BTC showed a peak of almost USD 16,000 (15,956) on 6th November, setting up a higher resistance to the 16,000 mark. This represents a new high value for the first time since December 2017, though corrections can occur at any time, short term positions are not as important as long term ones, and furthermore any correction can be taken advantage of to make new purchases and to make the price raise again forming a clear ascending ladder in the BTC chart.

BTC graph
Source: MCExchange de Mind Capital.

If this bullish run continues, the next resistance level can be positioned beyond 17,000 USD, being this mark the previous step to being able to achieve greater historical highs above the "all time high level".

This whole outlook will be neutralized if the price falls below the support line again, which is around 14,000 USD.

In the Coin360 mosaic we see the large weekly increase in the traditional cryptoassets, with the BTC dominance ratio over the total crypto market rising to 66.58%.

coin 360
Source: Coin360.

ETH Market performance

From its part ETH, following the BTC, took a new upward momentum to $450 climbing from $384 at the beginning of the week representing a value increase of over 17%.

There is positive sentiment and the ETH market is now dominated by the bulls because of the USD 450 resistance breakout which can be now between 480 and 500. If the price persists around this resistance it is very likely that the ETH will also continue its upward run at historical values comparing past years.

Symptoms of weakness would be at values below the 50-days moving averages which is below USD 374.

After a low performance of ETH against BTC in October, now the chances of a great recovery for Etherium are increasing given the performance at the beginning of November and also because the BTC capital can move towards ETH when the Etherium 2.0 update comes into operation.

It is expected that great funds in BTC can be deposited and blocked in the Etherium ecosystem thanks to protocols such as wBTC (see wBTC article), which would increase the value of the ETH while withholding funds in BTC that would help to further maintain its value as this way the BTC funds cannot be sold.

The BTC/ETH correlation becomes stronger given the interrelationships of their blockchains, their exchanges and the ability to transfer their assets from one platform to another. The ERC20 tokens and the Decentralised Finance (DeFi) is an example of interconnection and interoperability that makes the crypto market more integrated

The most outstanding altcoins of this week

The 5 most remarkable altcoins this week are: Gnosis (GNO) with an incredible 44% increase, Nem (XEM) with 23.88%, Decred (DCR) with more than 24%, Stratis (STRAT) with 18.47% and Chainlink (LINK) with 17.75%.

1st) Gnosis (GNO): with its outstanding 44% increase, it is at the top of this list, possibly due to the launch of a service to transmit Etherium transactions avoiding blockages, as well as being able to send related information, which is widely used by dApps users. The price of the GNO led to a peak of 66 USD on 6th November, and is currently at 57.83 USD on 8th November.

top 5 cryptocurrencies
Source: Criptonoticias.

2nd) Nem (XEM): with another interesting increase of 23.88%, due to the launch of a new token, XYM, within its platform and the distribution of as many XYM as XEM each user has, this is an extension of the ecosystem rather than a soft fork. At the time of this article XEM reached a price of 0.124737 USD with a peak of 0.131993 on 6th November, a value that had not been achieved in the last 3 months.

3rd) Decred (DCR): which also had a remarkable performance with an increase of more than 20%. Decred launched a DEX, a decentralized exchange platform after some time of development that has received the name of DCRDEX which offers a better way to exchange classic cryptocurrencies without friction such as BTC, LTC and of course DCR among others. DCRDEX can be downloaded in Windows, Linux and Mac environments. This cryptocurrency reached a peak of 18 USD, which has reached a current value of about 17 USD at the moment of writing this article, growing almost constantly throughout the week.

4th) Stratis (STRAT): with an increase of more than 18% it has had a remarkable performance, after the announcement that Bithumb exchange has listed this crypto and that it will support its airdrop of its new STRAX tokens to support this launch and awards of up to 100 STRATs within its platform. During the week the price started from around 0.35 USD passing through a peak of 0.48 and now has reached 0.4645 USD.

5th) Chainlink (LINK): which had an increase of 17.75% this week after the Chainlink team announced that their Oracle solution was installed and operated in Etherium's DAI sidechain as an integration to ensure compatibility between link and DAI, giving Etherium developers more independence from the Etherium ecosystem being able to operate in Chainlink as well. This cryptoasset achieved a peak of 13.3 USD this weekend and has now corrected to a value of 12.46 USD.

As a significant data of this week, we know that during this week more than 90% of cryptocurrencies have registered increases, being the most remarkable ones Gnosis and XEM, apart from significant increases in the two cryptocurrencies leaders of the market, BTC and ETH