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Cryptocurrencies, Thanksgiving does not bode well

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.

What happened

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.

Kim Lee

Kim is a Chinese girl and has studied in England. Kim loves playing video games, she likes Fortnite games. Kim likes Hollywood movies. Kim's English is very good, so she became a writer. Email : kim@d1softballnews.com

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