From bitcoin (BTC) rate has been rising nicely since early this morning, slowly moving closer to $60,000. Is the correction over, or is this another short-lived rebound? With the altcoins we see the biggest risers. There, a number of coins even manage to achieve a double-digit increase. You can read which cryptocurrencies these are in this market update.
Bitcoin (BTC) Revives at $56,000
Ever since bitcoin a new all-time high (ATH) managed to sit down, is correcting the course. Since this ATH, the price has fallen at its lowest point by more than 18% in value. So a big correction. Traders and analysts are now trying to determine when the bottom has been reached and we may now see some first opportunities appearing.
So, while bitcoin revived a few days ago, BTC subsequently fell one step lower. But early this morning at $56,000, quite a few buyers were ready to stock up on some bitcoins. Since this morning, bitcoin is almost 4% in the green, with the trading volume also appearing to be picking up in favor of the bulls. Also the on-chain data continues to develop in favor of the bulls. For example, no less than 77% of the total bitcoin stock is said to be ‘illiquid’. This means that the bitcoins are in the hands of wallets that intended:
Bitcoin’s 30-day net change of supply liquidity is at its lowest point over this entire bull market, reaching levels not seen since August 2017.
An estimated 77% of Bitcoin’s supply is currently illiquid. pic.twitter.com/EAOgxX7Em8
— Yassine Elmandgra (@yassineARK) November 19, 2021
Solana (SOL) and shiba inu (SHIB) rise sharply
However, it is the altcoins that are currently recovering the fastest. Ethereum (ETH) rises 5.3% in value and Binance coin (BNB) +8.9%. Solana (SOL) is even in double digits and is 10.3% in the green. Another hard climber can be found just outside the top 10. There, shiba inu (SHIB) is up 14% after a period of significant declines.
Other hard climbers within the top 100 are enjin coin (ENJ) at 18%, fantom (FTM) at 16.4% and decentraland (MANA) at 13.7%. In short, the altcoins are showing good things that have reduced bitcoin dominance by 1.2%. Bitcoin’s total value now makes up 42.3% of the total crypto market.
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