Weekly Cryptocurrency Update (Nov 6-12) – Top 5 Cryptocurrency Coins to Watch - Forex News by FX Leaders
Crypto Assets Under Management to Near $10 Billion by 2030

Weekly Cryptocurrency Update (Nov 6-12) – Top 5 Cryptocurrency Coins to Watch

Posted Saturday, November 13, 2021 by
Arslan Butt • 4 min read

Weekly Cryptocurrency Summary – Bitcoin (BTC/USD)

The BTC/USD pair continued its previous session’s rising trend and remained well bid around the $65,000 mark. Bitcoin’s price has surpassed $65,000 against the US dollar. BTC even broke through the $65,500 support level and the 100 hourly simple moving average to enter the bullish zone. Bitcoin broke through the critical 23.6 percent Fib retracement level of the pivotal drop from the swing high of $68,990 to the low of $62,700.On the upside, the $65,200 level serves as immediate resistance. On the hourly chart of the BTC/USD pair, a significant contracting triangle is emerging with resistance near $65,200.

Bitcoin’s downside slump could be extended if it fails to clear the $66,500 barrier zone. Immediate support on the downside is near the $64,200 level. The first-major support is now forming near the $63,500 level. The next major support is near the $62,850 level, below which the price could even dip below the $62,000 support position. At this time, the BTC/USD is currently trading near the 65,332 level.

BTC/USD

The reason for Bitcoin’s rise, on the other hand, could be tied to recent rumors stating that residents of Miami could soon be receiving a wallet with some free Bitcoin thanks to the success of mayor Francis Suarez’s Miami Coin. Due to the positive results produced by his city’s crypto initiative, Miami Coin, Francis Suarez, the cryptocurrency-loving mayor of Miami, stated that he was working on a program to offer free Bitcoin to citizens of his city.

As stated in an interview with CoinDesk TV, a portion of Miami Coin’s yield was shared with the citizens of Miami. While some criteria need to be established, the concept has already been developed. These positive developments have a beneficial impact on BTC prices. This positive development has good effects on BTC pricing.

The National Ulema Council (MUI), on the other hand, has purportedly prohibited the use of cryptocurrency, using Shariya law as a reason. Even though the Indonesian government has recognized cryptocurrency as a commodity, it is still illegal under Islamic law. As a result, this news had no noticeable impact on BTC prices, at least for the time being.

Weekly Cryptocurrency Summary – Ethereum (ETH/USD)

Ethereum was trading at $4,807.16 on Friday, up 3.12% on the day. The ETH/USD pair has risen beyond the $4,800 resistance level in the US dollar. As a result of the latest upward movement, Ethereum’s market cap increased to $565,799,684,845 billion, or 1 percent of the overall cryptocurrency market cap. In the previous twenty-four hours, Ethereum had traded in a range of $4,692.86 to $4,807.16. The buying bias surrounding the world’s largest crypto, bitcoin, was a significant element that maintained the ETH/USD prices higher. Bitcoin’s value has surpassed $66,000 against the US dollar.

On the other hand, Kenneth Griffin, the billionaire CEO of American hedge fund Citadel, believes that a cryptocurrency based on the Ethereum (ETH) network will overtake Bitcoin (BTC) as the cryptocurrency’s top dog. Citadel oversees about $40 billion in assets, accounting for roughly a quarter of all stock market trading volume in the United States. He further said that Ethereum-based cryptocurrencies had “better transaction speeds [and] reduced transaction costs”.

ETH/USD

The recent buying bias in the greenback, on the other hand, seems to limit the ETH/USD pair’s upside potential. On Friday morning, the dollar was higher in Asia, and it was on track for its best week in five months. Investors are betting that higher-than-anticipated inflation will push central banks to raise interest rates sooner than predicted. According to data released on Wednesday, the consumer price index (CPI) jumped 6.2 percent year over year and 0.9 percent month over month in October, according to data released on Wednesday, while the core CPI rose 4.6 percent year over year and 0.6 percent month over month. The US Dollar Index, which measures the value of the US currency against a basket of other currencies, increased 0.07 percent to 95.237, just shy of the 16-month high of 95.267.

Weekly Cryptocurrency Summary – Litecoin (LTC/USD)

The LTC/USD pair managed to extend its early-day winning streak and remained well bid around the 280.00 level. Litecoin was trading at $282.000 on Friday, up 10.63 percent on the day. It was the biggest percentage surge in a single day since November 9. This rise boosted Litecoin’s market capitalization to $19.322 billion, or 0.67 percent of the global cryptocurrency market value. Litecoin’s market capitalization peaked at $25.609 billion. Litecoin has traded in a range of $261.500 to $282.600 in the preceding twenty-four hours. Litecoin’s price has increased by 38.74 percent in the last seven days. Litecoin traded for $4.264 billion in the twenty-four hours preceding this writing, accounting for 3.38 percent of total cryptocurrency volume. In the last week, it has moved in a range of $191.2000 to $295.1000.

LTC/USD

The crypto market’s good performance, which favors LTC coins, could be the reason for its upward trend. The recent increases in BTC prices are evidence of this. The bitcoin price in US dollars is presently trading at over $66,000 and above the 100 hourly simple moving average.

Weekly Cryptocurrency Summary – Ripple (XRP/USD)

The XRP/USD crypto coin has failed to extend its overnight upward rally and has drawn modest offers around the 1.19831 level. The XRP/USD price is currently trading at $1.21420 with a 24-hour trading volume of $4,802,359,187. Ripple XRP dropped by 0.11% in the last 24 hours. The declines came even after an announcement about the Liquidity Hub, a new Ripple product that intends to be a “one-stop-shop for corporations to source any tokenized asset.” According to the company, the product “will enable consumers to seamlessly access crypto assets through a range of global venues, including market makers, exchanges, OTC desks, and, in the future, decentralized venues”.

XRP/USD

Meanwhile, the positive mood in the cryptocurrency market helps Ripple’s XRP limit further losses. Since the start of the day, the crypto market has been flashing green and has been strongly supported by recent movements in the world’s largest cryptocurrency.

Weekly Cryptocurrency Summary – Dogecoin (DOGE/USD)

The DOGE/USD pair has been flashing green since the start of the day, signaling that it could prolong its previous session’s upward advance. With a 24-hour trading volume of $1,513,832,969, the Dogecoin price is currently $0.262938. In the previous twenty-four hours, Dogecoin has increased by 0.06 percent. The current market position is #8, with a live market cap of $38,384,210,776.

DOGE/USD

There are 131,128,539,044 DOGE coins in circulation, with a maximum supply of 131,128,539,044 DOGE coins still available. The Dogecoin price has risen as Elon Musk announced that the Dogecoin-funded mission will now begin in the first quarter of 2022. The debut was announced in May of this year via a tweet by the billionaire. The mission is funded in Doge, making it the first crypto in space and the first meme coin. The gains could be temporary, as a broad-based US dollar buying tendency was considered one of the primary drivers that pushed Dogecoin prices lower.

On Friday morning, the dollar was higher in Asia, and it was on track for its best week in five months. Investors are betting that higher-than-anticipated inflation will push central banks to raise interest rates sooner than predicted.

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