Weekly Cryptocurrency Update (Nov 01 – 05) – Top 5 Cryptocurrency Coins to Watch
Arslan Butt • 4 min read
Weekly Cryptocurrency Summary – Bitcoin (BTC/USD)
The BTC/USD is battling to break through the $62,500 level versus the US dollar. If BTC clears $62,500 and $63,000 in the near term, it might spark a new rally. Bitcoin attempted to break through the resistance at $62,500 and $63,250 once again, but it failed to settle over $62,500, and began a new downtrend. There was a sharp drop below the $62,000 support zone and the 100-hourly simple moving average, which saw the price fall below $61,000. It formed a low close to $60,850, and it is now correcting its losses, and the $62,000 resistance zone and the 100-hourly SMA have been breached. If Bitcoin fails to break over the $62,500 resistance level, it may be headed downwards again.
To the downside, the first major support is now forming near the $62,200 level and the lower triangle trend line. A clear closing below the $62,000 support level might pave the way for a move into the territory below $60,000. The reason for the decline in Bitcoin could be linked to recent comments by US Federal Reserve Chairman Jerome Powell, who confirmed that the central bank would soon begin to taper its monetary policy of easing and bond-buying.
These comments appear to have triggered a wave of price drops across the crypto market, with Bitcoin (BTC) and Ether (ETH) currently under pressure. On the other hand, American leaders have asked the Securities and Exchange Commission (SEC) to allow Bitcoin spot exchange-traded funds (ETFs). The senators said the SEC “should no longer have reservations about Bitcoin spot ETFs and should show a comparable willingness to accept trading in these ETFs,” now that the SEC has allowed the trading of Bitcoin futures ETFs. According to its chief financial officer, Paytm, one of India’s top payment companies, is ready to offer Bitcoin services if the crypto asset becomes legal in the nation. If Bitcoin becomes fully legal in the United States, he says, “clearly there may be services we could launch.” But this positive progress in BTC has failed to have any notable impact on the Bitcoin price, at least for now.
Weekly Cryptocurrency Summary – Ethereum (ETH/USD)
The ETH/USD pair failed to break its losing streak of the previous session, remaining well offered near the 4,500 level. On Friday, Ethereum was trading at $4,519.93, which was down 0.87% on the day. This could be linked to reports claiming that Multi-chain compatible DeFi platforms have had record inflows since October, as investors and developers have sought to avoid the Ethereum network, due to rising gas fees.
Meanwhile, recent BTC price reductions have had a significant bearish impact on the ETH price. Bitcoin also began a downward correction versus the US Dollar when it fell below $62,500.
In contrast, positive developments in the crypto sector, as indicated by US lawmakers urging the SEC to allow Bitcoin spot ETFs, have helped minimize further declines in the ETH prices. Aside from that, the bearish bias in the US dollar could aid ETH prices further, by halting their downward trend. The current price of Ethereum is $4,533.84 USD, with a 24-hour trading volume of $17,784,850,127 USD. Ethereum lost 0.87 percent of its value in the previous 24 hours. With a live market cap of $535,959,983,315, the current market ranking is #2. The maximum supply is not determined, however, it has a circulating supply of 118,213,281 ETH tokens.
The losses in ETH could be temporary or short-lived, as the second-largest cryptocurrency, in terms of market capitalization, continues its hot streak that began in October. So far this year, Ethereum has increased by more than 500%, outpacing Bitcoin by more than 400%. This comes after Bitcoin hit an ATH (all-time high) in October, following the launch of a Bitcoin futures ETF in the United States.
According to an AMB Crypto article, “Ether has been the only coin to constantly notice growth throughout October, particularly throughout the last week, when most of the altcoins, save Bitcoin, consolidated. As a result, it ultimately broke through the $4,200 resistance on October 29, setting a new all-time high.”
Weekly Cryptocurrency Summary – Litecoin (LTC/USD)
Unlike the rest of the altcoins, Litecoin failed to reach new all-time highs during this bull run. The LTC/USD coin failed to halt its losing streak of the previous day, remaining well offered around the 200.457 level.
Litecoin is trading at $201.060, with a 24-hour trading volume of $2,297,528,408. Litecoin has dropped by 0.35% in the last twenty-four hours. With a live market cap of $11,946,790,640, the LTC is ranked #16 in the market. The circulating supply of Litecoin is 66,752,615 LTC coins, with a maximum supply of 84,000,000 LTC coins.
The bearish performance in the crypto market, which tends to weaken LTC, could be the reason for its decline. The recent drops in BTC values are proof of this. When Bitcoin’s price went below $62,500, it began a downward reversal against the US Dollar. The bearish bias of the US dollar, on the other hand, may provide some support for the LTC prices, limiting further losses. The US dollar failed to continue the excellent performance we saw earlier, and turned down on the day, as the positive market mood weakened the safe-haven US dollar.
Weekly Cryptocurrency Summary – Ripple (XRP/USD)
Since the start of the trading day, the crypto market has been flashing red and it has been well offered. On the other side, renowned cryptocurrency analyst, Credible Crypto, has repeated his prognosis for XRP, stating that he believes the cryptocurrency is poised for a massive breakout in the near future, based on its price pattern. According to the Daily Hodl, Credible Crypto released charts on social media, where he has a whopping 250,000+ followers, showing that XRP’s pricing structure is extremely similar to that of TRAC, the native token of the data-sharing platform OriginTrail, which has risen over 200 percent since being listed on Coinbase.
Weekly Cryptocurrency Summary – DOGECOIN (DOGE/USD)
In the last twenty-four hours, Dogecoin has lost 1.65% of its value. With a live market cap of $38,384,210,776, the current market ranking is #8. There are 131,128,539,044 DOGE coins in circulation. The downticks in Dogecoin appeared after the price of Bitcoin started a downside correction below $63,500 against the US Dollar. The losses may be short-lived, as the broad-based US dollar was down in Asia on Friday morning, but it is on track for the second week of gains. Investors are now waiting for the newest US jobs report, which could influence the schedule of interest rate hikes by the US Federal Reserve.