Despite the persistent climate of fear about the health of the market, the Bitcoin breaks above the psychological threshold of $16,000 November 29. Similarly, Ethereum is progressing to have come close to its closest support at the $1,150 level.
The market for major cryptocurrencies shows a overall increase of 1% this morning on 24 hours and its capitalization amounts to 822.27 billion dollars.
Daily trading volume reached $46.87 billion, up 12% from yesterday. It is broken down into $2.98 billion in DeFi (6% of total volume) and $45.05 billion in stablecoins (96% of total volume).
The most notable gains and losses in the market
Notable increases are to be distinguished among other crypto-currencies:
- Fantom (FTM): gaining more than 20% to $0.2196.
- Chainlink (LINK): With a rise of more than 9% to $7.40.
- Dash (DASH): up nearly 8% to $42.35.
Among the currencies that lose value, we can distinguish:
- Chain (XCN): eroding over 3.5% to trade at $0.037.
- Huobi Token (HT): Down nearly 1% to trade at $6.45.
- Convex Finance (CVX): Down more than 1% to trade at $4.
BlockFi files for bankruptcy
The cryptocurrency lending company BlockFi has been shown to be highly exposed in its accounts with FTX. The resulting losses lead BlockFi to make a petition for bankruptcy under Chapter 11 of the United States Bankruptcy Act.
BlockFi, a New Jersey-based company created by crypto entrepreneur Zac Prince, is experiencing a major liquidity crisis and its accounts are suffering from a Bitcoin that has lost nearly 70% of its value against its price more high of 2021.
This failure leads some specialists to think that the contagion can be important towards authors companies. Thus, Monsur Hussain, Senior Director at Fitch Ratings, said:
“BlockFi’s bankruptcy underscores the major asset contagion risks associated with the cryptocurrency ecosystem.”
This month, FTX, created by Sam Bankman-Fried, filed for bankruptcy protection in the United States after investors withdrew $6 billion from the platform in three days and rival platform Binance , pulled out of a bailout deal.
Chinese police track down and deter zero-Covid protesters
After a display of civil disobedience not seen since President Xi Jinping took office a decade ago, Chinese police moved in force to crush zero Covid protests and at least one person was arrested, according to videos on social networks.
There have also been allegations that several protesters who participated in street meetings in cities across the country were subjected to telephone interviews with officials.
Social media videos from Monday night allegedly show hundreds of police barricading a large public space to prevent a public gathering.
The fragility of the Chinese economy and the current unrest that makes the outlook unclear keeps the bearish cryptocurrency market sentimentor at least in uncertainty.
The price of bitcoin
The current Bitcoin price is $16,479 and the 24-hour trading volume is $25 billion. In the past 24 hours, he has won nearly 2.0%while its market capitalization reaches $316 billion.
BTC is trading higher today after taking advantage of its support at $16,000. A rising trend line is emergingas the close of the candlesticks above this level is a strong sign of a bullish resumption in the price.
The nearest resistance is now at $16,650: if it were to be crossed on the upside, BTC could then easily find a course at $17,250 or even more.
Technical indicators like the RSI and MACD are now in a buy zone. Bitcoin just broke above its 50-day moving average at $16,250. These elements tend to show that an uptrend is not only likely, but also sustainable.
On the other hand, if Bitcoin breaks out from the bottom of a symmetrical triangle below $16,000, then it would only have support at the $15,650 threshold.
The price of Ethereum
Ethereum’s current price is at $1,207for a increase of almost 4% over the last 24 hours. The transaction volume of ETH is over the same period of $7 billion and its capitalization peaks at $147 billion with 122,373,866 tokens in circulation.
ETH price made a 50% Fibonacci retracement at $1,150 and formed a bullish engulfing candle, a sign of a uptrend.
Breaking above its 50-day simple moving average, ETH is showing a good chance of climb towards the next resistance at $1,235.
And, if this trend were to continue above this threshold, we can think that ETH could reach $1,295 or even a higher price.
Conversely, if the price were not to break above the resistance level of $1,235, a downward trend could appear and lead Ethereum towards the 50% and 61.8% Fibonacci retracement levels of 1,150. $ or $1,135.
Presale of cryptocurrency with huge potential gains
Dash 2 Trade (D2T)
Dash 2 Trade is an Ethereum-based trade intelligence platform that provides real-time analytics and social data to traders of all skill levels, enabling them to make more informed decisions.
The platform will be open in the first quarter of 2023, and will make it easier for glowing investors to offer information to help them trade.
Dash 2 Trade has sparked investor interest after raising $7 million in just over a month. As a result, D2T decided to halt the project at Stage 4 and lower the pre-sale target to $13.4 million.
Additionally, Dash 2 Trade already has two exchanges (LBank and BitMart) promising to list the D2T token after the presale ends. 1 D2T is currently worth 0.0513 USDT, but at the end of the sale it will drop to $0.0533.
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