Bitcoin
During the week from November 17 to November 24, 2023, Bitcoin increased in price by more than 4%. We can talk about the continuation of the bullish trend in the market, since the coin eventually rose above $38,000. There were four positive trading sessions during the week and only in three cases did BTC decrease. This indicates some advantage of buyers over sellers.
Source: tradingview.com
At the beginning of the week, Bitcoin reached $37,500, after dropping to almost $35,500 on November 16. The rally was fueled by the election of populist crypto-anarchist Javier Milei as the new president of Argentina. He is considered an ardent supporter of Bitcoin, calling BTC something that can “give money back to its original creator – private businesses.” However
give Miley has not yet offered BTC legal tender status.
The next round of price movement this week is a drop to $35,758 on Tuesday, November 21. This turn of events was associated with the scandal surrounding the Binance exchange and its now former CEO Changpeng Zhao. However, the fall was only a momentary reflection of panic, and the very next day almost all the losses were won back.
The situation for BTC is developing noticeably positively. According to
data service CryptoQuant, selling pressure from miners is at its lowest level since 2017. The indicator shows how many bitcoins are sent from the wallets of cryptocurrency miners to wallets on exchanges. Now he
amounts to 90 BTC per month.
Interestingly, 82% of Bitcoin holders are in profit and only 15% are losing:
Source: intotheblock.com
This state of affairs is a harbinger of future growth. At least like that
opinions adheres to an analyst under the pseudonym PlanB, known for creating the Bitcoin Stock-To-Flow (S2F) forecasting model. Its meaning is to determine the future price of Bitcoin based on the amount of influx of new coins into the market and the balance of the cryptocurrency that has not yet been mined.
From a technical analysis perspective, BTC is in an uptrend. In the long term, the situation looks favorable as the coin is trading above both the 50-week moving average (denoted in yellow) and the 200-week moving average (denoted in orange):
Source: tradingview.com
Fear and Greed Index
increased compared to last week’s values, up to 66. This still suggests that greed rather than fear prevails among Bitcoin investors.
Ethereum
The dynamics of Ethereum for the week from November 17 to November 24 turned out to be better than that of Bitcoin. ETH gained more than 7.5% and is again trading above $2,100. The picture was largely due to the trading session on Wednesday, November 22, when the coin added 6.73%.
Source: tradingview.com
Ethereum, like Bitcoin, was mainly influenced by news about crypto exchanges. And this applies not only to the Binance scandal, which resulted in a more than 4% drop on November 21. But also
Commission claim Securities and Exchange Commission (SEC) against the Kraken platform, which was made public on November 20. In its statement, the regulator mentioned coins that it considers securities. The list included the so-called Ethereum killers ADA and SOL, as well as 12 other tokens. At the same time, ETH was not mentioned as a security, which is a clear plus for the second largest cryptocurrency by capitalization.
The brainchild of Vitalik Buterin received some support from the growth of network indicators, in particular, the segment of decentralized applications (DApps). In terms of their total number, Ethereum is still in second place, behind BNB Chain. Moreover, over the past week, the number of DApps has increased by 15, the UAV indicator (unique active wallets for decentralized applications) has grown by 12.8%, and TVL (the amount of cryptocurrency locked in smart contracts) has risen by 5.56%.
Source: dappradar.com
According to technical analysis, Ether is sideways. The support level is $1,906, the resistance level is the 2023 annual high of $2,140.8. A “golden cross” formed on the Ether chart: on November 21, the 50-day moving average (indicated in orange) crossed the 200-day moving average (indicated in lilac) from the bottom up. This is a signal in favor of further growth.
Source: tradingview.com
Ripple
The Ripple cryptocurrency gained only 1.44% in price from November 17 to November 24. However, this can be considered a positive development, given that the price of the coin has been falling since November 7th. This week passed without a clear trend: four trading sessions ended in decline, and three in growth.
Source: tradingview.com
Like all other cryptocurrencies, on November 21, Ripple fell by more than 5% due to the Binance case. But, as elsewhere, this was only a one-time event. In general, more positive news happened this week.
While everyone froze in anticipation of the approval of ETFs for Bitcoin and Ethereum, a division of DeFi Technologies announced about the imminent launch of ETP (exchange traded product) on Ripple – on an exchange in Europe. The exact date is not yet known: it is only said that it is the beginning of December 2023. Ripple ETF
will allow investors get easier access to the coin.
Also, over the past seven days, we managed to conclude a partnership with the American exchange Uphold. The main focus will be cross-border transfers. According to Uphold CEO Simon Mcloughlin, project participants
count on for a transaction volume of $5 billion annually.
From the point of view of technical analysis, there has been a slight rebound, but it is still unclear whether it will develop into a bullish trend. Positive aspects include the beginning of growth in the RSI indicator, which has already surpassed the 50 mark, and also that at the time of the decline, the Ripple cryptocurrency did not break through the 50-day moving average (indicated in orange), although it approached the tight one. Further growth can be expected if the resistance level of $0.63 is broken. The support level is $0.574.
Source: tradingview.com
Thus, for the market, the fine of Binance and the departure of Changpeng Zhao from the post of head of the crypto exchange became only an unpleasant moment. Bitcoin, ether and even coins like Ripple have increased in price over the week, albeit slightly. Technical analysis suggests long-term growth.
This material and the information contained herein do not constitute individual or other investment advice. The editors’ opinions may not coincide with the opinions of the author, analytical portals and experts.
Source: Bits
I am an experienced journalist, writer, and editor with a passion for finance and business news. I have been working in the journalism field for over 6 years, covering a variety of topics from finance to technology. As an author at World Stock Market, I specialize in finance business-related topics.
