- Bitcoin price jumped above $66,000 and Ethereum reached new ATH
- Ethereum gas fees fell sharply in November
- Global crypto market crosses 3 trillion dollars for the first time!
The past week was a positive one for most of the top cryptocurrencies and upbeat moods can be spotted during today's session. Bitcoin rose sharply on Monday, ending an almost three-week-long consolidation phase that saw persistent demand around $60,000. Ethereum price also broke its previous record early Monday and is currently trading above $4,700. There is a chance that this upward trend may translate to other altcoins in the market soon. According to CoinGecko, the total crypto capitalization has increased by a further 14.5% in less than three weeks and broke into a new record of $3.0 trillion. Despite Bitcoin’s impressive price gains during the past two years, BTC’s market dominance has fallen by 42.8% since tagging a top of 70.8% on Sep. 6, 2019.
Bitcoin:
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Open account Try demo Download mobile app Download mobile app- Bitcoin price broke above $66,000 level and some analysts believe that drop of the real or inflation-adjusted bond yield provided fuel for the rally. MeanwhileBitcoin balances across exchanges hit a new low, creating a shortage in supply. Supply shortages are associated with a rise in the price of the asset.
- Another bullish sign for the market came from BTC miners, who are not willing to sell their holdings. Recent data showed outflows from miner wallets, with few exceptions, have stayed flat in recent weeks and months
Bitcoin miners continue to show solid resolve and hold their positions. Source: CryptoQuant
- Hash rate continues to recover from the upheaval caused by China’s ban in May which additionally supports bullish sentiment.
Hash rate is a measure of the computing power of the network. Historically, a high hash rate is correlated with a spike in Bitcoin price. Source: Blockchain
- The fear and greed index is considered an indicator of trader sentiment across the cryptocurrency market. ndex currently reads "Greed," indicating that BTC price still has room to grow.
Fear and Greed index. Source: alternative.me
- On the other hand, funding rates across exchanges, which is the cost of holding long positions in the perpetual futures listed on major exchanges, are heading back toward unsustainable territory which often results in a price correction.
Although a positive funding rate represents an upbeat market mood, a very high reading indicates that the leverage is heavily skewed on the bullish side and often paves the way for price pullbacks. Source: Coinglass.com
BITCOIN price rose over 4% on Monday and is approaching its all-time high at $67,000. However, if price fails to break above this barrier, it will likely slide into consolidation. The bearish scenario becomes relevant if the main crypto breaks the support at $60,000. In this case price could fall to the liquidity area ranging from $53,600 to $56,860. Source: xStation5
Ethereum:
Since the beginning of the month, gas fees on the Ethereum network have been on a steady decline. This has propelled the altcoin's price higher, hitting a new all-time high of $4,760
The average transaction fee dropped over 30% last week which triggered a spike in the Ethereum network's hash rate. Source: ycharts.com.
Polkadot:
- Altcoin price reached a new all-time high following the upgrade to v9122 which will allow the DOT developers to register on the parachains that will open the path to seek crowdloans. Now developers can seek loans via auction from DOT holders.
- At the moment, 12 projects have already completed the crowdloan process, with nine yet to receive the funding.
POLKADOT price rose sharply last week, however buyers failed to break above the upper limit of the wedge formation and price pulled back to major support at $49.80. If buyers manage to regain control, and break above the aforementioned pattern, then the next target for bulls is located at $60.25 and is marked with 127.2% Fibonacci external retracement of the last downward correction. Source: xStation5
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