Recovery day for crypto-currencies on November 11, since major currencies are up since the start of the day. The global crypto market has gained more than 7.5% compared to the previous day to represent a capitalization of 869 billion dollars. On the other hand, the trading volume is down to 144.29 billion dollars, or 23% less than the day before, which had been frenetic.
Global DeFi volume reaches $6.88 billion, still around 4% of the market’s total 24-hour volume and stablecoins are valued at a total of $140.42 billion.
As far as Bitcoin is concerned, it is recovering since it is recovering with a up nearly 3.5% ending at $17,138. Ethereum follows a similar trend, with 5% rise to reach a price of $1,248.
The most notable gains and losses in the market
Here are the three tokens that have had the best progress over the past 24 hours:
- FTX Token (FTT): with a 40% rebound to $3.22.
- Chiliz (CHZ): 24% progress with a final price of $0.2166.
- Chain (XCN): 20% rise for a price at $0.047.
On the side of falling cryptocurrencies, we can distinguish:
Quant (QNT): which yields more than 3.5% of its value at $119.
ImmutableX (IMX): which is down more than 3% to $0.4686
Terra Classic: which fell 3% to $0.00019.
FTT improves by 40%
After the heavy losses posted by FTT, the last 24 hours have allowed some optimism to resume with a up 40% to $3.24.
The 24-hour trading volume was $949 million, further underscoring a level of intense activity in the currency.
Coindesk released a report citing demands from the US Department of Justice to Binance to prove the failure of its bailout talks with the exchange. This request is most certainly intended to eliminate the hypothesis that Binance had no real intention of saving its competitor.
Another potential savior also dropped the idea of helping FTX. Indeed, Paolo Ardoino, technical director of Tether confirmed that they did not plan “to invest or lend money to FTX/Alameda”.
Weaker-than-expected US inflation triggers a bullish trend in the cryptocurrency market
Inflation figures announced yesterday turn out to be below forecast many economists. This tends to show that the rate hike introduced by the Fed is bearing fruit.
This could therefore lead to limiting the next rate hikes, or even slowing them down considerably. These data are interpreted very positively by all US markets, whether bond, stock or crypto.
The dollar, a safe haven in times of high inflation, also fell as the yield on 10-year Treasury bills hit a five-week low. We can also consider that the recovery of the cryptocurrency market is largely supported by this inflation below expected values and that this trend could continue for several months if the indicators do the same.
Inflation therefore seems to be stabilizing. In October, the consumer price index rose 7.7% a year, lower than the 7.9% increase forecast by economists and the 8.2% increase seen in course of the previous twelve months until September.
Prices rose 6.3% a year from 6.6% in the previous data, after adjusting for food and fuel expenses. And, this underlying indicator of inflation slowed to its lowest monthly increase in nearly a year last month.
Investors now believe that the Federal Reserve will slow the pace of rate hikes and will issue an economic note announcing a more accommodative policy, which will weaken the US dollar in the future, thus supporting a sustainable upward trend in the crypto market.
Bitcoin Price
With a price this morning of 17,305 dollars and a 24-hour trading volume of $75 billion, Bitcoin is up more than 4% amid falling US inflation numbers.
At the level of the chart analysis, we notice that the Bitcoin has passed the support of $16,000, underlining a bullish trend. However, the next level of $18,240 is likely to be resistance sustainable for now.
On the 4-hour timeframe, Bitcoin made a 38.2% Fibonacci retracement at $18,240 and a break above it could give more buying opportunities up to the $19,370 level which marks a level of 61.8% Fibonacci retracement.
On the other hand, BTC could drop back below $15,965 if it does not break above the 38.2% Fibonacci retracement mark at $18,250.
The MACD indicator, which entered the buy zone, is in opposition with the 50-day moving average and the RSI which are still in the sell zone. These conflicting data show that BTC is at an equilibrium point in a sensitive and uncertain market.
The price of Ethereum
Ethereum is on track to recover from its recent losses with urise more than 7% in the last 24 hours to $1,270 and a live market capitalization of $154 billion.
Chart analysis shows us that Ethereum’s next immediate resistance remains at $1,370, and it is supported by a 50-day moving average. If the price of ETH were to cross this threshold on the rise, it could trigger purchases which would climb the currency towards $1,506 or $1,670.
On the other hand, a drop below the support at $1,170 or $1,095 could lead to a drop to $1,000 or $881, but that seems unlikely at the moment. .
Presale of new crypto with huge potential
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In the meantime, it is still possible to participate in this presale with 1 D2T currently worth 0.0513 USDT. Nevertheless, it will be sold t at $0.0533 in a second stage and then at $0.0662 during the final phase of the presale.
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