Uncategorized

Crypto Market Cap Recovers $200B in a Day as Bitcoin Reclaims $50K (Market Watch)

Following the latest price declines when BTC dumped below $50,000, the cryptocurrency finally bounced off and reclaimed that level. The alternative coins are also well in the green, with impressive increases from Ethereum, Cardano, Solana, Polkadot, Avalanche, and many more.

Bitcoin Above $51K

The past several days didn’t go well for the primary cryptocurrency. As reported on Saturday, the asset plummeted by $16,000 in a matter of hours to a two-month low of $42,000.

It tried to recover on Sunday with a pump towards $50,000, but the bears didn’t allow a price jump over that level. The subsequent rejection drove it south to $47,000 once more.

However, the bulls have stepped up since then. As a result, bitcoin initiated an impressive leg up, reclaimed $50,000, and currently stands even above $51,000. This means that the asset is up by more than $4,000 since yesterday.

Consequently, its market capitalization has neared the coveted $1 trillion mark once more, while the dominance over the alts has further been reduced to just over 40%.

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BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoins in Recovery Mode

The alternative coins also suffered during the crash on Saturday and yesterday. Today, though, most have surged, led by Ethereum’s 10% increase. As such, ETH currently sits above $4,400. Just for reference, the second-largest crypto dumped to $3,500 on Saturday.

Binance Coin has added 5.5% of value in a day and is close to $600. Even more gains are evident from Solana (11%), Cardano (12%), Polkadot (10.5%), Dogecoin (10%), Shiba Inu (11%), and Avalanche (18%).

Ripple (8.5%) and Terra (7.5%) are also in the green, with XRP standing above $0.80 and LUNA close to $70.

BitTorrent is the most significant gainer (55%) on a daily scale after the project announced the date for its mainnet launch. Loopring (32%), Bitcoin SV (30%), Polygon (30%), Oasis Network (26%), Kadena (24%), Nexo (22%), Fantom (22%), and CRO (20%) are next.

The cryptocurrency market cap has added roughly $200 billion in a day and sits at $2.4 trillion now.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto
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Cryptocurrency charts by TradingView.


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Uncategorized

Ripple Price Analysis: Following the Crash to $0.6, is XRP’s Correction Over?

Key Support levels: $0.75, $0.70

Key Resistance level: $0.89

Ever since XRP was rejected by the $1 resistance, the price went through a continuous decline which was exacerbated by the market crash on Saturday. The support at $0.89 was turned into resistance during the crash, and the next key support level is found at $0.75.

Despite this painful downtrend, XRP’s price action seems to indicate that the bulk of this correction may approach the end. Particularly because the downwards momentum is losing strength, and each subsequent red daily candle after the crash was smaller. Today’s candle, even if red, could be interpreted as a bullish hammer, which is a reversal signal.

Chart by TradingView

Technical Indicators

Trading Volume: The volume has decreased after Saturday’s crash. This is a bullish sign for a possible reversal.

RSI: The daily RSI is in oversold territory at 25 points. The last time the daily RSI was this low was in March 2020. For this reason, this downtrend may come to an end soon.

MACD: The MACD continues to be bearish, and both the histogram and moving averages made a lower low. It’s important to be patient as XRP needs more time to start a reversal, and probably a bullish divergence on the RSI and MACD histogram will be needed before this materializes.

Chart by TradingView

Bias

The current XRP bias is bearish. The indicators remain negative, but there are some hints that this crash may come to an end.

Short-Term Prediction for XRP Price

The bulls suffered defeat after defeat this past week and were unable to stop XRP from falling below multiple support levels. However, the current support at $0.75 and $0.70 may stop this downtrend and give bulls hope for a reversal.

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Cryptocurrency charts by TradingView.


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Uncategorized

After the Dump: Crypto Markets Recover $300 Billion, Bitcoin Eyes $50K

After yesterday’s massive crash, bitcoin bounced off and added nearly $8,000. Most altcoins are also well in the green now, with Ethereum reclaiming $4,200 and Terra surging to yet another all-time high.

Bitcoin’s Recovery Attempts

The cryptocurrency industry is well known for its highly volatile price movements and yesterday was a prime example of that. Bitcoin, for instance, traded around $58,000 after getting rejected at $59,000 a few days in a row when the landscape changed vigorously.

The asset plummeted in the following hours to a daily low of $42,000 (on Bitstamp), prompting many industry experts and analytics to speculate on the possible reasons behind this $16,000 drop.

Nevertheless, bitcoin reacted somewhat positively after touching the $42,000 bottom. It bounced off to around $47,000 initially and another leg up hours later drove it to just shy of $50,000.

So far, BTC is unable to breach that level, but it’s still about 5% up on the day, and its market capitalization has risen well above $900 billion.

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BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoins in Green After the Bloodbath

The altcoins suffered even more than bitcoin yesterday. Ethereum went from nearly $4,700 to around $3,500. Now, though, the second-largest cryptocurrency trades around $4,200 after a 7.5% daily increase.

Binance Coin also fell hard, but a similar increase has driven it to above $570. Solana (3%), Cardano (2%), Polkadot (2%), and Shiba Inu (5%) also see some daily gains.

Even more impressive recoveries come from Ripple (12%), Dogecoin (8.5%), and Terra (30%). Consequently, LUNA even painted a new all-time high earlier at just under $80.

More daily increases are evident from Livepeer (22%), Loopring (20%), Elrond (20%), Quant (18%), Decentraland (18%), Enjin Coin (17%), Holo (16%), THORChain (15%), The Sandbox (12%), Helium (12%), and many more.

As such, the cryptocurrency market capitalization has recovered over $300 billion since yesterday’s low of $2 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto
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Cryptocurrency charts by TradingView.


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Uncategorized

Bloodbath: Bitcoin Crashed to $42K, Altcoins See Double-Digit Slumps (Market Watch)

Bitcoin went through one of its worst crashes as it dumped by $16,000 in a matter of hours to a two-month low of $42,000. Most altcoins are deep in red with double-digit price losses, and the market cap went down by $600 billion at one point.

Bitcoin Dumps to $42K

A lot can change in the cryptocurrency market in a day. Just until 24 hours ago, the most bearish case that was made for bitcoin was that it couldn’t breach $59,000 decisively, despite the three attempts in a week.

However, as the asset was preparing for another leg up towards that particular line, the bears came to play big time. The primary cryptocurrency started dumping in value hard. Firstly, it plummeted to $51,000, which was an $8,000 daily price drop, but that was not the worst.

Hours later, BTC found itself dipping to $42,000 (on Bitstamp), which became the lowest price point since late September.

After this massive $16,000 crash in a day, BTC has reclaimed some ground, but it’s still 17% down on the day as it sits around $47,000.

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Its market capitalization, which was near $1.1 trillion yesterday, is now down to well below $900 billion.
Somewhat expectedly, the 24-hour liquidations have skyrocketed to $2.5 billion following this enhanced volatility, with 400,000 traders liquidated.

BTCUSD_2021-12-04_10-09-08
BTC/USD, Bitstamp. Source: TradingView

Altcoins See Nothing but Red

As it typically happens when BTC dumps hard, so do the altcoins. Ethereum, for example, went from a daily high of $4,670 all the way down to $3,500. After this massive dump, ETH has now stalled below $3,900 and is 15% down on the day.

The situation with the rest of the alts is similar, if not worse, as double-digit price drops are evident left and right.

Some of the examples include Binance Coin (-13%), Solana (-18%), Cardano (-20%), Ripple (-26%), Polkadot (-25%), Avalanche (-15%), Terra (-20%), Dogecoin (-25%), and Shiba Inu (-15%).

With almost all lower- and mid-cap alts also in such an adverse state, the cumulative market cap of all assets dumped from above $2.6 trillion to just over $2 trillion on CoinMarketCap. As of now, it’s around $2.2 trillion, which still means a $400 billion decline in a day.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto
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Cryptocurrency charts by TradingView.


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Uncategorized

Ripple Price Analysis: XRP Fails to Climb Back Above $1 as Bears Intervene

Key Support levels: $0.89

Key Resistance level: $1

The bulls did not have enough strength to keep XRP above $1 despite a worthy attempt two days ago. Price only spent a day above $1 before losing this level. Since then, the cryptocurrency has been falling towards the support at $0.89, and $1 remains the key resistance.

This shows that bears continue to control the price action. Until bulls reclaim and hold prices above $1, XRP is unlikely to draw much attention from the market.

Chart by TradingView

Technical Indicators

Trading Volume: The daily volume continues to decrease. This is not particularly good for bulls but also shows bears lack the conviction to push the price much lower.

RSI: The daily RSI is curving back down after the failed attempt to stay above $1. This is bearish and indicates price may retest the support level before a new rally is attempted.

MACD: The MACD continues to be bearish. It is best to wait for a bullish cross on the MACD moving averages before any sustained uptrend in price.

Chart by TradingView

Bias

The current XRP bias is bearish. The indicators continue to stay bearish, and the most recent failure to hold price above $1 does not give any confidence that XRP can rally at this time.

Short-Term Prediction for XRP Price

It seems likely for that price to fall back on the support level at $0.89 before it can gather enough strength to attempt another break above $1.

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Cryptocurrency charts by TradingView.


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Uncategorized

Market Watch: ETH Got 1% From New ATH, BTC Struggles to Break $58K

Bitcoin continues to struggle below $58,000 as the last attempts to conquer that level failed. At the same time, some altcoins have produced more significant gains, including ETH, which came just inches away from a new ATH.

ETH’s ATH Push and Alts on the Rise

The second-largest cryptocurrency dipped beneath $4,000 less than a week ago. However, the landscape around it has changed dramatically since then, and ETH now stands over $4,700.

Moreover, ETH touched $4,800 hours ago, which means that it came less than $80 away from painting a new all-time high.

Most other larger-cap alts are also in the green now. Binance Coin is nearly 5% up on the day and has increased to $640. Solana is among the best performers as a 9% surge has driven SOL to $220.

Cardano (2%), Ripple (3%), Polkadot (5%), Avalanche (6.5%), Terra (5%), CRO (7%), Litecoin (6%), Polygon (13%), and Chainlink (6%) have all marked substantial daily gains.

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In contrast, the two largest memecoins are in red. Dogecoin is down by 1.2%, while Shiba Inu, which skyrocketed following a listing on Kraken yesterday, is down by 8% now.

Further gains come from Voyager Token (33%), Stacks (27%), Curve DAO Token (19%), KuCoin Token (11%), and Nexo (11%).

The crypto market cap is up by $80 billion in a day and is close to $2.8 trillion on CoinGecko.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Bitcoin Failed at $58K

While most alts charted impressive gains, bitcoin couldn’t do the same. The cryptocurrency had dipped below $54,000 during the weekend but surged by over $4,000 on Monday.

It continued in the following hours upwards and even touched $59,000. After a brief retracement, BTC did it again and exceeded $59,000 yesterday once again.

However, it failed to keep rising, and the subsequent rejection drove it south by $2,000. Following a few more fluctuations, BTC has now stalled around $57,000.

As bitcoin’s market cap has remained beneath $1.1 trillion, the dominance over the alts continues to fade away. The metric was above 44% just a few weeks ago, but it’s down beneath 41% now.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView
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Cryptocurrency charts by TradingView.


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Uncategorized

Bitcoin Rejected at $59K as Shiba Inu Explodes 27% (Market Watch)

After another unsuccessful attempt to overcome $59,000, bitcoin slumped by a few thousand dollars to $56,000. Most alts have stalled on a daily scale, aside from Shiba Inu, which has surged by double-digits following a listing on Kraken.

Bitcoin Rejected at $59K

During the weekend, bitcoin kept suffering as it had failed to conquer $55,000. The bears had complete control over the market and pushed the asset to a low of $53,500.

However, the situation changed rapidly on Monday morning when the cryptocurrency surged by over $4,000 and exceeded $58,000 briefly. A few hours later, it initiated another leg up, this time resulting in touching $59,000.

As it happened in the past few attempts to challenge that particular level, though, BTC failed, and the subsequent rejection drove it south to an intraday low of $56,000.

BTC’s market cap has remained beneath $1.1 trillion while the dominance over the altcoins is well below 42%.

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BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Alts Stall: SHIB Explodes

Most altcoins have remained relatively calm on a daily scale. Ethereum is less than 2% up in a day, but it stands above $4,400. Just a few days ago, ETH had dipped below $4,000.

Binance Coin, Solana, Cardano, Ripple, and Polkadot have marked minor losses. CRO has dumped the most in a day. An 8% decline has driven the recent high-flyer to below $0.70.

In contrast, Dogecoin (5%), Avalanche (5%), and Terra (9%) are well in the green. Nevertheless, Shiba Inu has skyrocketed the most (24%) in a day. This comes following news that the veteran crypto exchange Kraken has decided to list the popular memecoin.

More fluctuations come from Stacks (15%), Tezos (11%), and OMG Network (8%), while Gala (-11%), The Sandbox (-10%), and Siacoin (-9%) have lost the most value in a day.

The cryptocurrency market cap stands above $2.7 trillion, but it’s still a long way away from the record of over $3 trillion charted a few weeks ago.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto
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Cryptocurrency charts by TradingView.


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Uncategorized

Crypto Markets Gain $130B in a Day as Bitcoin Reclaimed $57K (Market Watch)

Following a few consecutive days of price slides, bitcoin finally bounced off by adding $4,000 of value. Most alternative coins are well in the green as well, with impressive daily increases from Ethereum, Solana, Polkadot, Terra, The Sandbox, and more.

Bitcoin Touched $58K

Ever since last Friday, when news broke about a new variant of the COVID-19 virus, the price of the primary cryptocurrency has been suffering. It went from a daily high of over $59,000 to a low of $53,500 in a matter of hours, resulting in nearly $1 billion in liquidations on a daily scale for leveraged traders.

The weekend saw a brief recovery attempt, in which BTC exceeded $55,000, but it was short-lived as the bears intercepted the move. As a result, they pushed bitcoin south again, and the asset found itself around $53,500 once more just hours ago.

However, this is where the landscape changed. Instead of going further south, BTC started to reclaim ground and jumped by more than $4,000. Consequently, it touched $58,000, but it has retraced slightly now to just over $57,000.

Its market capitalization, which was close to breaking below $1 trillion yesterday, is now up to almost $1.1 trillion.

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BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoins in Recovery Mode

The altcoins also went down hard as bitcoin was dumping. Ethereum dipped below $4,000, and even though it tried to surpass $4,100 during the weekend, it stayed below it for the most time. Now, though, a 7% daily increase has driven the second-largest cryptocurrency well above $4,300.

Binance Coin has reclaimed $610 after a 5% daily surge. Solana (8.5%), Cardano (6%), Ripple (6%), Polkadot (8.5%), Dogecoin (3.5%), Avalanche (4.5%), Shiba Inu (4.5%), and Terra (6.5%) are all well in the green as well.

More gains come from The Sandbox (22%), Zilliqa (17%), Gala (17%), Stacks (14%), KuCoin Token (14%), WAX (14%), PancakeSwap (13%), Enjin Coin (12%), and more.

The cryptocurrency market cap is up by more than $130 billion in a day and has exceeded $2.7 trillion on CoinGecko.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto
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Cryptocurrency charts by TradingView.


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Uncategorized

Crypto Correction Deepens: Market Cap Below $2.5 Trillion, Ethereum Amid $4K Again (Market Watch)

The landscape in the cryptocurrency market continues to look dim, with bitcoin falling to overcome $55,000. The altcoins also struggle as Ethereum is close to breaking below $4,000, while Polkadot dumped by another 6% in a day.

Bitcoin Suffers Below $55K

It’s safe to say that bitcoin has seen better days, which weren’t all that long ago. The cryptocurrency challenged the coveted $60,000 mark on Friday before a sudden price dump, perhaps prompted by fears of a new COVID-19 variant, drove it south hard.

In just a matter of minutes, the asset lost more than $6,000 of value and bottomed at $53,500, causing nearly $400 million of liquidations in an hour.

This became the most severe price crash since September. Since then, BTC has attempted to recover some ground and even exceeded $55,000 on a few occasions but was stopped in its tracks.

As of now, bitcoin trades just over $54,000, and its market capitalization is close to dropping below $1 trillion.

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BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Alts See Red Again

Similarly to bitcoin, most alternative coins have suffered severely in the past few days. Ethereum, for example, traded above $4,500 before the correction drove it south to under $4,000.

After an unsuccessful attempt to challenge $4,200, the second-largest crypto is now slightly over $4,000.

The rest of the larger-cap alts are in a similar condition. Binance Coin (-3%), Solana (-4.5%), Cardano (-4%), Ripple (-4%), Dogecoin (-3.5%), Avalanche (-4%), and CRO (-4.5%) are all in red.

Polkadot has lost the most value in a day. Another 6% dump has driven DOT to $33.

The cryptocurrency market capitalization is just over $2.5 trillion on CoinGecko. This means that it’s down by more than $500 billion in a few weeks since it exceeded $3 trillion for the first time.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto
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Cryptocurrency charts by TradingView.


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Uncategorized

Crypto Market Down $200B as Wall Street Futures Tumble on Renewed COVID-19 Concerns

The new COVID-19 variant coming from South Africa has brought more pain to all financial markets. As the futures contracts of the world’s most prominent stock indexes have slumped, the cryptocurrency space experienced a massive correction. Bitcoin dumped to a six-week low, while some altcoins saw double-digit price drops.

Bitcoin and Global Markets Tumble

The primary cryptocurrency was on its way towards $60,000 yesterday after recovering from the previous drop below $56,000. It came roughly $500 away from challenging that coveted level, but it failed, and the landscape changed vigorously hours later.

Bitcoin dumped by $5,000 in a few hours to an intraday low of $54,300, which became the lowest price point since October 13th. As reported earlier, this enhanced volatility caused mass pain for leveraged traders as the liquidations skyrocketed to over $700 million on a daily scale.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

This price crash coincides with similar developments in the global stock markets. Prompted by fears of a new COVID-19 variant coming from some African nations, the futures contracts of Dow Jones, the S&P 500, Nasdaq, and other popular indexes plummeted.

The Dow’s futures are down by more than 2%, those for the S&P 500 by nearly 1.7%, while oil prices dropped even harder. US crude oil futures declined by over 5.5%.

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The situation in Asia is identical, with Japan’s Nikkei and the Hong Kong Hang Seng losing around 2% each.

Altcoins Have it Worse

As it usually happens when bitcoin heads south, so do the alternative coins. Ethereum exceeded $4,500 yesterday at one point, but a substantial correction of over $400 has driven it south below $4,100 as of now.

Binance Coin traded north of $610 but it’s down to $580 now. Solana (-6.5%), Cardano (-5%), Ripple (-7%), Polkadot (-8.5%), Dogecoin (-7%), Shiba Inu (-2%), and Litecoin (-9%) are deep in red as well.

Avalanche and CryptoCom’s token have lost the most from the larger cap alts. AVAX has dumped by 12% to below $110, while the recent high-flyer CRO has plummeted by more than 20% and sits beneath $0.7.

The crypto market cap is down by nearly $200 billion in a day to below $2.5 trillion on CoinMarketCap.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto
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