Weekly Cryptocurrency Summary – Bitcoin (BTC/USD)
The price of Bitcoin failed to remian over $60,000 and began a new downward trend against the US dollar. The losses in BTC could be extended below $55,000 in the near future. Bitcoin tried to resurge above the $60,000 mark. On the other hand, BTC was unable to gain traction beyond $60,500 and began a new downward trend. There was a strong drop below $60,000 and the 100-hourly simple moving average. The bears gained traction and pushed the price below the $58,000 support level, and the price even dropped below $56,500. A low was set near $55,858, and the price continues to trade bearishly. If Bitcoin fails to break above the $58,000 barrier, it may continue to fall. On the downside, the $55,500 level provides immediate support. The first significant support has formed at around $55,200. The next significant support level is around $55,000, below which the bears may try to push the price even lower. There is reason to believe that the price could potentially fall to the $53,500 support zone in the near future.
Bitcoin plummeted to a one-month low on Friday, putting it on track for its worst week in six months, as traders booked profits, following a protracted rise. Some of them were frightened by the prospect of creditors of the defunct crypto exchange, Mt Gox, liquidating their payments. On the other hand, Bitcoin’s fall could also be linked to recent reports claiming that the correction in the crypto market was intensifying as the week drew to a close. Over the last 24 hours, the entire market capitalization has fallen by 6%, to $2.6 trillion. As usual, the rest of the cryptocurrencies are following suit and suffering as well, with Ethereum losing 5% of its value in a drop to a little over $4,000 and the Bitcoin prices have plummeted to a new low for the month. On October 13, BTC dipped below $56,000, but it quickly returned to a new all-time high of $69,500 on November 10.
Weekly Cryptocurrency Summary – Ethereum (ETH/USD)
Ethereum has continued to fall, coming under the $4,200 support level. The price of Ethereum dropped below $4,000 this week, though it could potentially correct higher in the short term. Before falling sharply, ETH produced a peak of near $4,350. But the bears gained strength for a move below the $4,200 support and the 100-hourly simple moving average. The drop continued below the $4,100 mark before the price of Ether dropped even further, to under $4,000, forming a low of around $3,958. It is now consolidating near the $4,000 level. Immediate resistance to the upside is near the $4,050 level. If Ethereum does not break through the $4,150 and $4,200 resistance levels, it may continue to fall. To the downside, $4,000 serves as an initial support level. It’s worth noting that the first major support is located at around $3,950. Additional losses might be triggered if a clear break below the $3,950 support level occurs. The next key support is near the $3,850 level, below which the price might fall abruptly to the $3,500 level.
The selling bias surrounding the world’s largest cryptocurrency, Bitcoin, was considered a major factor in keeping the value of ETH/USD low. The Bitcoin lost its grip on prices over $60,000, and it began a new downward trend against the US dollar. The losses in BTC could even descend below $55,000 in the near future. On the other hand, the market capitalization has fallen by 6%, to $2.6 trillion in the last 24 hours. As is customary in the crypto world, other cryptocurrencies are also feeling the pinch, with Ethereum falling by 5% to slightly over $4,000. Furthermore, the recent buying bias in the greenback further aided the depreciation of the ETH/USD coin. The dollar was higher in Asia on Friday morning, and it appears to be on track for the second week of gains against the Euro. The question now is when central banks will start raising interest rates to combat growing inflation. The US Dollar Index, which measures the value of the dollar against a basket of other currencies, has risen by 0.12%, to 95.657.
Weekly Cryptocurrency Summary – Litecoin (LTC/USD)
The LTC/USD coin pair failed to stop its losing streak of earlier in the day, remaining well offered around the 200.00 level. According to the latest report, LTC/USD has been losing ground over the last few days. At the time of writing, LTC/USD had begun to follow a negative pattern, with the cryptocurrency focusing on the downturn. With the price approaching the lower edge of the channel, the Litecoin price is currently trading below the 9-day and 21-day moving averages. The coin is failing to recover from its present trading levels, and the price of Litecoin is expected to break additional downtrends. The greater the likelihood of a decline, the more likely it is that we will see the cryptocurrency fall to a new trading low. If the price drops below the $200 support level, it may continue to descend until it reaches the lower edges. According to a short-term technical analysis, if the coin breaks below the channel, it is likely to find support at $165, $155 and $145.
The poor performance of the crypto market overall, which undermines LTC, along with all the others, could be the reason for its downward trend. The recent decrease in BTC prices provides evidence of this. With Bitcoin unable to hang onto levels over $60,000, starting a fresh decline against the US dollar instead, we could see BTC extending its losses below $55,000 in the near term. The poor performance of the crypto market in general, which has harmed LTC too, could cause a downward trajectory for this crypto. The recent drop in the prices of the great BTC demonstrates this – Bitcoin has lost valuable ground against the US dollar, and we might even see the leading crypto dropping below $55,000 in the near future.
Weekly Cryptocurrency Summary – Ripple (XRP/USD)
The XRP/USD coin failed to halt its overnight decline, taking offers around the 1.01839 level. The price of XRP in US dollars is currently at $1.05936, with a 24-hour trading volume of USD 4,353,296,838. Ripple XRP has lost 4.08 percent of its value in the last 24 hours. This happened after Bitcoin fell another 4% in the last 24 hours, lowering the capitalization of the entire global crypto market in the process. As BTC is the world’s largest cryptocurrency, it is no surprise that its decline has resulted in a 5% drop in the crypto market capitalization worldwide. Bitcoin reached an all-time high price of $69,044 on Nov 10, and its current price below $58,000 reflects its lowest position in more than a month. As a result, the rest of the cryptocurrencies have taken a beating, with Ethereum falling by 5%, to slightly over $4,000.
XRP/USD
Weekly Cryptocurrency Summary – DOGECOIN (DOGE/USD)
From the start of the day, the DOGE/USD currency pair flashed red on Friday, indicating that it could not halt its decline of the previous session. The current price of Dogecoin is $0.227304, with a trading volume of $1,927,996,653 in the last 24 hours. Dogecoin has lost 2.37 percent of its value in the last 24 hours, with a live market cap of $30,045,353,714. Positive headlines suggest that searches for Dogecoin (DOGE) have been dwarfing searches for other cryptocurrencies, such as Bitcoin (BTC) or its competitor, the meme-inspired cryptocurrency Shiba Inu (SHIB), at least in the United States; however, this did not affect the fall of the coin. According to research, DOGE is the most popular cryptocurrency in 23 states.
The losses could be long-lasting, as a broad-based buying tendency in the US dollar was considered another primary driver that pushed the prices of Dogecoin lower. In Asia, the dollar was higher on Friday morning, and it looks like it will continue to rise versus the Euro for the second week in a row. In reaction to rising inflation, the focus is now on when the central banks will begin raising interest rates. As inflation continues to climb, and the economy recovers from the effects of COVID-19, the Federal Reserve in the United States is considering raising interest rates earlier. According to data from the prior week, inflation also reached its highest level in 30 years in October.
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