During our latest market outlook, crypto-currency prices had found new ground after the massive rally on Friday 25 October. Since then, prices of digital currencies have been about the same in the same positions after coins like BTC failed to outperform several times.
Read also: China removes Bitcoin mining from list of undesirable industries
Crypto prices retain fundamental support but fail to break the superior resistance
At the time of publication, the market capitalization of more than 3,000 digital assets was around $ 260 billion on Thursday, November 7. At the moment, the top 15 largest cap stocks are down 1% to 5%. BTC is currently trading at $ 9,240 per piece and the market is worth $ 166 billion today. The digital asset is down 1.44% in the last 24 hours but is up + 0.16% for the week.
BTC now trades nearly $ 22.7 billion in global trade with 76% of these pairwise traded (USDT) trades. The ETH is trading 187 dollars a piece and is down 1.74% today, but the ETH is up 2.3% over the last seven days. The market value of the ETH is about $ 20.3 billion and the volume of trade in the world is about $ 9.1 billion. The XRP lost more than 3% Thursday and 1.11% for the week, with each coin trading at $ 0.29. Finally, the USDT (Stablecoin Tether) currently holds the fifth largest market capitalization and captures about two-thirds of all cryptocurrency transactions.
Bitcoin Cash Market Action (BCH)
The fourth largest market valuation is held by Bitcoin Cash (BCH) on November 7 and each BCH exchanges $ 291 per coin. BCH is down 3.3% today but up 2.7% over the last seven days. BCH's global trade accounts for about $ 2.28 billion and cryptocurrency has a market capitalization of about $ 5.28 billion. Yesterday, the analyst of the digital currency, John Isige, pointed out that BCH's prices were again in the range of $ 300 and that, having overcome this price factor, "Bitcoin liquidity is $ 400. "
"In the meantime, (BCH) is trading at $ 304 after a 4% gain over the day. On November 6, Isige wrote: "The divergence of the moving average (MACD) also puts the emphasis on bullish action." On November 7th, 62% of BCH trades are traded with Tether (USDT). Next are BTC (16.8%), USD (13.8%), ETH (3%) and KRW (2.6%).
Over the past two weeks, there has been a lot of uncertainty about fear and doubt (FUD) around the subject of whales. First, there was a study that was widely criticized regarding a single CTB whale that would have manipulated the market in 2017. Then, many others have observed giant whale portfolios and chain movements that present transactions massive with BTC. The last discussion about the bitcoin whales is centered around the Twitter account. @whale_alert who noticed a dormant BTC address hosting 80,000 BTCs.
"This address alone – it's actually a whale who's been holding her pieces for so long without doing anything with them – if she decided 'ok, let's go selling them would completely crush the market, "says Whale Alert in a recent interview. "But it's really hard to say anything about the status of this address: are these keys lost? Is this person still alive? … We are just waiting to see if anything happens with these addresses, "added the Twitter account. At the same time, according to data from the Coin Metrics cryptographic site, the enhanced list of Bitcoins (BTC holders with at least 1,000 people) has increased by 30% over the last year.
China Embracing Blockchain could be bearish or bullish
As reported by Lubomir Tassev of news.Bitcoin.com on November 6, the new edition of China's catalog of guidelines on industrial structure adjustment removed bitcoin from the list of unwanted industries. Since Communist Party Secretary-General Xi Jinping praised the blockchain in a recent speech, the digital currency markets have grown tremendously and many people believe that the new Chinese perspective is optimistic. There was one huge change Chinese residents moving from the Localbitcoins over-the-counter market to Paxful after localbitcoins.com issued strict KYC / AML policies.
In addition, Chinese traders also use other routes like Localethereum and local.Bitcoin.com. However, several experts believe that China will build a digital currency that will affect public cryptos such as bitcoin in the future. According to Peter Schiff, a gold economist and economist, a China-backed digital currency will be "bearish for bitcoin". Schiff tweeted his opinion on November 1st. saying:
According to Max Keizer, I am an idiot because I think gold is better than bitcoin. He also claims that China is about to launch a cryptocurrency backed up with gold. It's bullish for gold and bearish for bitcoin. A crypto backed up with gold is far better than a cryptography for nothing.
Crypto Boss Facebook: "The BTC is not a great way to exchange"
On November 6, David Marcus, head of Facebook's cryptocurrency subsidiary, on Facebook, told attendees at the New York Times Dealbook conference that the BTC is an investment and not a currency.
"I do not think bitcoin is a currency – it's actually not a great medium for trading because of its volatility – I see it as digital gold." In addition, Marcus pointed out that BTC was fundamentally consistent with the traditional investment environment of the status quo. not considered a means of exchange. Marcus said that one of the main reasons why Bitcoin has not been regulated is because it is not seen as a means of exchange. "It's an investment class decorrelated from the rest of the market – Why feel threatened?"
Will the bull markets continue or will we see a fake?
Overall, fans and cryptocurrency observers are watching the market movements, but the situation has remained calm with respect to large price movements. Some people think that the crypto markets will break the resistance and continue the uptrend that started on October 25th.
I'm asked a question about a false head over six hours $ btcusd graphic. The configuration is almost perfect, it lacks only completion, a hard bar. https://t.co/6GmgDiy3yz I'll be talking to Milan for Swissquote this Friday. @Swissquote_it
– John Bollinger (@bbands) November 5, 2019
Others believe that the current rise could be a pretense and after a few attempts, the market value of BTC could again show the price range of $ 7 to $ 8,000. The digital currency markets are again seemingly in a pivotal position as traders hope and pray to play their positions correctly.
Where do you see the cryptocurrency markets? Tell us what you think about this topic in the comments section below.
Warning: Price articles and market updates are for informational purposes only and should not be considered trading advice. Neither Bitcoin.com nor the author are responsible for any losses or winnings because the ultimate decision to make a transaction is taken by the reader. Always remember that only private key holders control "money". The prices of the cryptocurrencies referenced in this article were recorded at 9:15 am EST.
Images via Shutterstock, the Trading view, the Bitcoin.com, Getty, Coinlib.io, Wiki Commons, bitcoinblockhalf.com and Pixabay markets.
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