The digital asset market has recovered some of the losses suffered three days ago, because most of the cryptocurrency economy started to rebound after the market collapsed. Bitcoin once again climbed above $18,000, and countless crypto assets have risen 1-6% in the past 24 hours.
After falling to a low of $16,300 per coin, Bitcoin (BTC) rebounded by 11.3% to today’s price of $18,138 per unit. BTC is still up 33% in the past 30 days, 54% in the past 90 days, and 139% against the US dollar in the past 12 months. Compared with the market value of more than 7,500 crypto assets, Bitcoin’s dominance index is currently slightly higher than the 63% level.
The entire cryptocurrency economy on November 29, 2020 (Sunday) hovered at around 526.5 billion U.S. dollars, and today the global trade volume is about 30.5 billion U.S. dollars. The largest cryptocurrency gains today are captured by zap (ZAP), which has grown 71% in 24 hours. The biggest loss today was verticality (CV), which fell by more than 59% on Sunday morning (EST).
The second largest market value held by Ethereum (ETH) rose by 5.17% today, but in the past 7 days, ETH has still fallen by less than 1%. The ETH exchange price is $555 per ether and has a market valuation of $63 billion.
XRP is trading at $0.61 per coin, up 0.39% on Sunday morning. Despite this, XRP still has a market value of $28 billion and has risen 39% in the past 7 days.
Bitcoin Cash (BCH) has the fifth largest market capitalization after the stablecoin tether (USDT), with a current transaction price of US$281. In the past 24 hours, BCH has still fallen a bit, but it has risen by 7.5% this week. On November 29, 2020, the market valuation of the crypto asset Bitcoin Cash (BCH) was approximately US$5.23 billion.
As BTC jumps back to the levels obtained last week, some analysts believe that altcoins will also catch up.
Nicholas Pelecanos, head of NEM trading, said: “BTC has returned to its highest level in history, but it is worth noting that the average price is still 50% lower than the historical high of altcoins.” “Some of the projects represented by altcoins are no longer running, but others have achieved tremendous development in adoption and technology. For me, capturing these undervalued altcoins is now a transaction to be made,” Pelecanos added.
Other analysts believe that the demand for Bitcoin (BTC) and other crypto assets stems from millennials and Gen Z.
“During political and economic turmoil, Bitcoin’s steady growth in 2020 has not only continued but accelerated. Generally speaking, the world is outside of traditional norms in how to manage finances and how to manage finances. This demand comes from millennials. And Generation Z, and their gradual outlook on current and future financial needs, and no longer use traditional financial institutions as a store of value, and almost no interest rates.” Director Derek Muhney Coinsource’s sales representative explained.
Some traders believe that the current rise may be a “bull trap”, which is basically a false signal in a downtrend. For example, a cryptocurrency trader known as “@Lomahcrypto” told his 65,000 Twitter followers that he wanted to be bullish, but he was still not sure.
“I want to be so bullish,” Lomahcrypto tweeted. “Please close the BTC price just above US$17,400, or fall to US$15,800. In addition…Binance Futures ALT (the market leader), which performs well, looks a bit heavy,” he added. “I [have] Agree that this looks like rubbish. “Another trader responded.
The popular trader @Cryptocapo_ told his 25,000 Twitter followers that he is ready to short BTC. “Prepare to short (hedge) between $175,000 and $18,000,” he wrote on Twitter.
At the same time, although BTC has fallen by 15% in the previous few days, many people expect the decline of crypto assets to be even greater because it has traditionally fallen more (-30% or more). This creates uncertainty between traders and analysts, as some people believe that prices will fall again, but many enthusiasts still firmly believe that BTC is once again aiming at the historical high of 2017.
What do you think of the latest achievements in the cryptocurrency economy? Let us know your thoughts on this topic in the comments section below.
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