The major cryptocurrencies on the market rallied on Tuesday evening, while global cryptocurrency market capitalization was up 3.11% to $ 2.620 billion at the time of publication.
The leading cryptocurrency in the world, Bitcoin (CRYPTO: BTC), in the last 24 hours it has risen by 2.12% to 57,681.17 dollars; in the last seven days BTC has lost 3.28%.
Ethereum (CRYPTO: ETH) had a daily increase of 5.78% to $ 4,360.73; over the past seven days, ETH has gained 4.38%.
Dogecoin (CRYPTO: DOGE) grew 2.94% to $ 0.23; in the last seven days DOGE has lost 3.34%.
Shiba Inu, a rival of DOGE, lost 2.76% to $ 0.00004211 in the last 24 hours; in the last seven days Shiba Inu left 12.89% on the ground.
The three cryptocurrencies that saw the greatest daily gains were Audius, Amp and Loopring.
In the past 24 hours, Audius surged 43.49% to $ 2.98, Amp jumped 39.8% to $ 0.07102, and Loopring gained 32.59% to $ 3.46.
Because it is important
CryptoQuant, a community-driven analytics platform, has urged caution on BTC ahead of Thanksgiving weekend in the United States.
“For the past 3 years we have had downside volatility every time during this holiday. This could be due to factors such as: month-end rotations, options / futs expirations and rebalancing, ”according to a CryptoQuant blog.
Another CryptoQuant blog talked about the “very high” level of ‘Coinbase Premium’: this is an indicator that US institutional investors are supporting current price levels. Coinbase is an exchange used by large investors in the United States.
BTC Coinbase Premium Gap – Courtesy of CryptoQuant
Marcus Sotiriou, a sales trader at UK digital asset brokerage firm GlobalBlock, noted that two banks – LHV in Estonia e Commonwealth Bank of Australia (OTC: CMWAY) – they plan to allow their clients to trade cryptocurrencies such as BTC and ETH: this is relevant as it indicates that cryptocurrencies are a “global movement”.
Sotiriou noted that the news fueled a “rebound in the price of Bitcoin,” but the cryptocurrency is still in a downtrend on lower time frames.
“If Bitcoin manages to break above the $ 60,000 level, this would confirm a double bottom pattern, which is a bullish sign and could cause Bitcoin to resume its short-term uptrend towards new all-time highs,” said Sotiriou. .
Craig Erlam, a senior market analyst at OANDA, noted that Bitcoin has found support around the $ 55,000 mark, which may offer “some encouragement.”
“Only a return above $ 60,000 would really bring us back into bullish territory,” wrote Erlam.
The cryptocurrency analyst Kaleo noted that it is only “a matter of time” before the ETH / BTC pair breaches its current range.
“Once it passes 0.8, it should have a clear path to extend to 0.12 – 0.15,” Kaleo tweeted, noting that 0.16 represents the flippening, or the overtaking of ETH over BTC in terms of market capitalization.
It’s only a matter of time before $ ETH / $ BTC breaks out of its current range. Once it clears 0.8, it should have a clear path to extend to 0.12 – 0.15. 0.16 is the flippening. I don’t think it happens, but we’ll get close enough for everyone to be consumed by the idea. pic.twitter.com/PPc6Za2kWI
– KALEO (@CryptoKaleo) November 23, 2021