Crypto market update: 9-15 november.
On November 12th, the BTC price broke through the $16,000 level for the first time since January 2018, breaking this resistance begins a new phase of the upward rally that bitcoin has been carrying out since early October.Source: cryptonetwork.news
BTC Market Performance
This continuous BTC rally, shows a great dominance of buyers over sellers who still estimate that the price will be higher in the future. If the next resistance is broken at $17,200, it will be the prelude to reaching an “all-time high” in BTC history.
The BTC price has had an amazing but long-awaited 40% increase in the last month, climbing from $11,400 to over $16,000
Indeed, as it can be seen in the graph, above since 4th October the price has only increased with minimal corrections at each level, showing determination to reach higher levels. Currently, at the time of writing, we are at a price slightly below $16,000 (15,943 USD), but on 12th November it reached US$16,463, far exceeding the 16,000 mark.
Considering that there has never been more capital in the crypto industry in general and in BTCs in particular, and that with less capital there was a historical price greater than USD 20,000, there is now a greater chance of repeating this historical event this time with greater stability, as there is a FOMO - Fear of Missing the Opportunity experienced by the whales and investment institutions that is behind this upward rally.
In addition to this, there is an extra factor that didn't exist before, which is the increasing blocking of BTC funds on DeFi platforms looking for additional returns, which makes the price more and more supported and stable, and this is just the beginning.
It could be said that we are on the verge of major escalations of BTC prices that will continue until the end of the year, possibly reaching a new all-time high three years after the peak of the wave in December 2017, when the BTC price hit a stratospheric ceiling.
ETH Market Performance
The Ether, on the other hand, continues to have an upward trend which is softer than the Bitcoin’s one. Buyers continue to try breaking the resistance above $488 while sellers try to bring the price below $426 where the 20-day moving average stands.
If the bulls manage to break the resistance above 488, the next level to be beaten would be the $520 level, although moving averages suggest that the bears continue to show a strong opposition.
At the moment of writing this article, the ETH has recovered values since last September, managing to recover after important corrections experienced throughout the same month, and later during whole October and so far November, the first altcoin has been experiencing its own bullish run until now.Source: Mind Capital
As showed in the graph above, this ETH bullish run began in September 24th with a price of $320, reaching at this moment USD 448 price.
The Ether has also experienced a remarkable growth in the last 30 days with an increase in value of more than 25% starting from a price of 364 dollars and currently reaching a price of USD 448
Weekly evolution of crypto values
In the following mosaic from Coin360, it can be showed the cryptoasset performing during this week, being the more significant values: BTC, Ripple (XRP), Nem (XEM), Atom, Decred (DCR) and Waves among many others.Source: Coin360
The BTC dominance over the entire crypto market remains high at over 66%, followed by Ether with 11.22%.
Top 5 weekly cryptocurrencies
In a context where the BTC is showing a powerful performing and strength, on the contrary, the top 15 alcoins in the CoinMarketCap ranking are experiencing certain declines, or moderate increases
These are the most significant performances this week relating to the following altcoins:
In the first place is Decred (DCR) with more than 18% increase, secondly Waves with 16%, following by XEM with 15%, Dash with 14% and Beam with a little more than 13%.Source: criptonoticias
1st ) Decred (DCR): Increase that follows the launch of its new DEX (Decentralized Exchange) called DCRDEX. The platform is offering promotions to encourage its use by inviting people to enter and register in dex.decred.org.
This is boosting the DCR token price for the second week in a row rising by more than 18% and reaching a peak of 19.50 USD on 13th November. They will also soon launch a software update improving mining and deposit codes. Its capitalisation has reached USD 217 million with a still relatively small daily volume of USD 9.8 million.
2nd ) Waves: value that achieved a 16% increase after the launch of the interface between Waves and Binance, being Waves the source chain and Binance the destination chain allowing Waves tokens to be exchanged in Binance so that it is more compatible with the Etherium network and its universe of tools and dApps. The Waves token capitalization rose to 443 million USD with a daily volume of more than 113 million.
3rd ) NEM (XEM): it was announced that the new NEM token, XYM, will be offered on the BitFlyer exchange in December. In the meantime NEM announces a competition between traders to see who has the best performance on the XEM/BTC pair. 50,000 XEMs will be distributed among the finalists, with a first prize of 15,000 XEMs. XEM managed to increase in value by 15%, reaching a capitalisation of over USD 1.2 billion and a daily volume of USD 27.9 million.
4th ) Dash: which launched recently a new software update with an implementation in the 80% of its nodes, to be able to render services for dApp users. If the nodes are not updated they cannot receive the rewards derived from their validation work. The Dash value increases a 14% with a market capitalisation of USD 753 million and a daily volume of 273 million.
5th ) Beam: the “Beam Team” announces their imminent plans to launch its own DeFi to compensate for the lack of privacy of the Etherium network as a purpose of the project and it will be called BeamX, whose beta version will be launched this month offering a DEX, various applications, a loan platform, wrapped assets (such as the Wrapped BTC), stablecoins and NFT tokens among many other products within its ecosystem. BEAM's value managed to rise more than 13%, although its capitalization and daily volume are still very modest.