From cryptocurrency The market fell sharply last week. Total market capitalization was around $3 trillion early this week, briefly reaching $2.55 trillion Friday morning, a $450 billion loss. Still, it seems for now that the low point of this dip was reached on Friday.
Calm seems to be returning and the market is starting to turn green. Many prices started to recover on Friday and that will continue this weekend for the time being. The total market cap briefly reached 2.8 trillion last night, but falls to $2.77 trillion this morning. Nevertheless, several altcoins all new all-time highs (ATHs) this morning.
Bitcoin
Bitcoin (BTC) dropped all the way to $55,600 on Friday morning, causing quite a bit of panic in the market. Yet bitcoin seems to be around those 50 days moving average to have found a bottom for now. Bitcoin has been recovering nicely since that dip and the price reached $59,000 yesterday. However, it doesn’t look very stable yet and bitcoin made another big dip towards $57,500 in the late afternoon yesterday.
Bitcoin then made a very strong bounce and the price shot up to $60,260, up 4.8% in an hour. However, bitcoin was not yet able to hold on to this $60,000 and the price dropped towards $59,000 overnight. Bitcoin has fluctuated between $58,900 and $59,450 in the past few hours. The range seems to be getting smaller and smaller, so maybe the price is about to break out again, but is that up or down? The on-chain data still shows a bullish image, the offer on cryptocurrency-exchanges still decreasing:
Crypto supply on exchanges is decreasing
Over the last 30 days #Bitcoin and #Ether have seen net outflows from exchanges of $6.4B and $4.7B respectively
Less supply available to be sold can potentially decrease selling pressure, depending on where crypto is being transferred to pic.twitter.com/a4UiGf27PY
— IntoTheBlock (@intotheblock) November 20, 2021
Altcoins
Ethereum (ETH) still correlates strongly with bitcoin. Ether dipped as low as $3,950 on Friday and was able to recover as much as $4,300 yesterday. Ether also dipped late yesterday afternoon, reaching as low as $4,200 and then skyrocketing to $4,450. The resistance for ether there was also a bit too great for now. The price has fallen slightly again and is currently fluctuating between USD 4,350 and USD 4,400. There is a good chance that if bitcoin breaks out, ether will follow again.
However, the rest of the top 10 lags slightly behind today. Solana (SOL), ripple (XRP), polkadot (DOT) and dogecoin (DOGE) are all about 1% in the red. Just outside the top 10 we still see shiba inu (SHIB) falling. The SHIB price also jumped a bit last night, but then corrected harder down. SHIB comes in at $0.000046 this morning after falling 5% in 24 hours, the price is now 46% below the ATH of three weeks ago.
New ATHs
In contrast, avalanche (AVAX) continues to rise. Avalance now even has the 11e place on the list of largest crypto from shiba inu taken away. AVAX is up 14% again today, almost 40% this week and even 120% this month. The price set a new ATH of $138.23 this morning. AVAX’s market cap now tops $30 billion for the first time, very close to dogecoin (DOGE) while shiba inu drops to $25 billion.
Avalanche doesn’t stop during the weekends:
– $12 billion TVL on @uniwhalesio
– $6 billion bridged on Avalanche Bridge
– 2:1 inflows via Avalanche Bridge since Nov. 6
– 750k unique wallets on Avalanche (Contract Chain)????Only pic.twitter.com/9nnCUUh1Xc
— Jay Kurahashi-Sofue ???? (@ jayks17) November 20, 2021
Then we have a handful of notable risers. Crypto.com (CRO) is up 11% again, 60% this week and just hit a new ATH of $0.629226. Harmony (ONE) is also up 11%. Elrond (EGLD) is up close to 13% this morning and just hit a new ATH of $399. Can EGLD break through $400? Arweave (AR) is up 15% and comes in at $72, which is still 20% below ATH from 2 weeks ago.
???? $CRO has seen a major breakout this weekend, as higher highs were made on strong trade volume support. The $700 million purchase of the naming rights to the home of the #Lakers may have put #Cryptocom on the mainstream map. Read our metric analysis! https://t.co/Tl8birXDeI pic.twitter.com/gNIbgvWuR5
– Santiment (@santimentfeed) November 21, 2021
By far the fastest riser on the market today and this week is gala (GALA). This “metaverse” token is up 26% today and almost 400% (!) this week. GALA just hit a new ATH of $0.476253.
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