Bitcoin
The price of Bitcoin from November 29 to December 6, 2024 remained virtually unchanged. However, on the week of December 5, a long-awaited event occurred – BTC was able to overcome the $100,000 barrier for the first time in history, setting a new all-time high. Now the benchmark for all crypto investors is $103,647.
Source: tradingview.com
The main reason why Bitcoin fell from a new all-time high to almost $92,000 was the significant number of liquidations (forced closure of margin positions). This especially affected the long segment. On December 5, trading positions worth $564.47 million were liquidated. Of these, $419.25 million were longs.
Source: coinglass.com
However, a correction failed to develop. One of the reasons was spot Bitcoin ETFs. For six days in a row they have seen an influx of funds. Moreover, in the last week alone this figure exceeded $2 billion.
Source: sosovalue.com
Bitcoin itself will undergo a soft fork in 2025, which is called UASF (user-activated soft fork, which can be translated into Russian as “user-activated soft fork”). The main innovation will be the introduction of the concept of covenants – structures that will set conditions for BTC stored in a specific wallet. Information about UASF
told in his account on X (formerly Twitter), Cobra is the owner of the bitcoin.org domain:
“Some Bitcoin enthusiasts are going to try out a soft fork to CTV through UASF sometime in 2025. Developers (outside of Core) are working on the code and activation options right now. Not enough people paid attention to this.”
CTV (Check Template Verify) is a series of improvements through which covenants will be introduced.
From a technical analysis point of view, Bitcoin continues its bullish trend. The price is still above the 50-day moving average (in blue). At the same time, BTC volatility has also increased. This is evidenced by the rise of the ATR indicator. Support and resistance levels: $90,742 and $103,647, respectively.
Source: tradingview.com
Index
fear and greed dropped by six points compared to last week. The current value is 72. This suggests that extreme greed in the mood of crypto investors has given way to normal.
Ethereum
From November 29 to December 6, ether increased in price by 8.4%. During the week, ETH again approached $4,000. However, it cannot be said that the movement was exclusively progressive: out of four positive trading sessions there were three negative ones.
Source: tradingview.com
Activity in the Ethereum network is being restored, according to data from The Block portal. In November, the on-chain volume of Ethereum amounted to $183.74 billion. This is the best figure since December 2021, when it was $241.74 billion. However, it is still quite far from the all-time high of May 2021 ($404.93 billion). The reasons for the increase in activity were the redirection of capital from centralized exchanges (CEX) to the Ethereum network, as well as some recovery in the NFT market. Average weekly trading volume nearly doubled in the last three weeks of November
exceeded figures for the previous few months.
Source: theblock.co
Open interest in ether continues to break records—the number of open derivatives. Last week it reached $25.86 billion. The rapid growth phase of open interest began after the end of the US elections on November 6 and the victory of the Republican candidate Donald Trump.
Source: coinglass.com
The second largest cryptocurrency by capitalization is also supported by spot ETFs. There has been an influx of funds into exchange-traded funds for the last nine days. It is worth noting that December 5 was a record day. The influx of money amounted to $428.44 million. The previous record was set on November 29, 2024 and amounted to $332.92 million.
Source: sosovalue.com
From a technical analysis point of view, Ethereum continues its upward trend. Last week, another signal was received that confirmed this – the “golden cross” – a situation when the fast 50-day moving average (indicated in blue) crossed the slow 200-day (indicated in purple) from the bottom up. The next target and resistance level for ether will be the 2024 high – $4,095.4. The nearest support level is $3,562.6.
Source: tradingview.com
Cardano
Cardano gained more than 11% in price over the week. Moreover, during trading on Tuesday, December 3, the coin was even higher, exceeding $1.3. Cardano hasn’t climbed this high since January 2022. In general, over the past month, the ADA token has quadrupled in price.
Source: tradingview.com
One of the reasons for this dynamics was the increase in activity in the Cardano network. The number of transactions in November increased to 840,000, and fees to 279,000 ADA. Last time indicators
were so tall more than 2.5 years ago – in March 2022.
Another signal in favor of Cardano’s growth was renewed talk about the possibility of launching spot cryptocurrency ETFs in the United States. A number of analysts, such as Dan Gambardello,
thinkthat this could lead to a continuation of the rally:
“Cardano has a long way to go. But the tip of the iceberg is the news about the Cardano ETF. As was the case with XRP. Please watch how quickly ADA breaks $3.”
The Cardano developers presented Plan 529, which precedes the Plomin hard fork, also known as Chang 2. The main idea is that all stake holders will be ready for upgrades, in particular technical changes.
The 529 plan is more about preventing mistakes in network management. The hard fork is scheduled to begin on January 4, 2025. Plomin must end by January 29th. It is worth noting that the plan received this name, since the hard fork will be carried out in era 529. The update itself
called in honor of Matthew Plomin, an active member of the Cardano community and co-founder of the USDM stablecoin.
From a technical analysis perspective, the cryptocurrency is showing a strong bullish trend. Indicator data supports this. The price is well above the 50-day moving average (in blue). The ADX indicator exceeds 60, which indicates the strength of the current trend. The support and resistance levels are the minimum and maximum of the past week: $1.10149 and $1.32408, respectively.
Source: tradingview.com
BNB
BNB increased by 9.53% from November 29 to December 5. Over the course of these seven days, the Binance exchange cryptocurrency updated its all-time high. Now it is equal to $794.3. Interestingly, the coins of other major exchanges, BGB (Bitget) and GT (Gate.io), also updated their all-time highs.
Source: tradingview.com
In positive news for BNB, there is a plan to make BNB Chain one of the main sponsors of the ETH India hackathon – a huge gathering of Web3 solution developers, which
will pass in India from December 6 to 8.
The rest of the news background is rather neutral. December 4 Binance
announced about the delisting of the NOT/BNB trading pair from its platform. This event will take place on December 6th. The RDNT/BTC pair will also be excluded.
And also analysts of the Dune portal
calculatedthat about 35.5% of all BNB Smart Chain blocks are subject to sandwich attacks – market manipulation, where attackers sandwich the victim’s transaction between two of their own. This affects about $1.5 billion in trading volume in 43,400 transactions per day.
According to technical analysis, there is no clear picture for BNB. On the one hand, the cryptocurrency is quite strongly above the 50-day moving average (indicated in blue) – a bullish signal. On the other hand, the stochastic, having reached the overbought zone, began to decline. In addition, it gave a signal of bearish divergence – a situation when the new price maximum did not coincide with the new extreme of the indicator. Further growth is expected if BNB rises above the resistance level of $794.3. If the coin falls below the support level of $688.3, then a correction is likely.
Source: tradingview.com
Conclusion
The bullish rally in the crypto market continues. At the same time, we can note some change in the growth leaders. Bitcoin has slowed down its forward movement, although it has updated its historical maximum. But altcoins are quite vigorously winning back the losses of the crypto winter.
This material and the information contained herein do not constitute individual or other investment advice. The opinion of the editors may not coincide with the opinions of 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.
