Week 48 – Overview of fundamentals and markets

digital currency, week 48

Welcome to our weekly brief of what is going on on the markets and what are expected events in week 48. It should help you with jumping back on track after weekend. 

Fundamentals and expected events: week 48

  • Cryptocurrencies: Bitcoin and its volatility continued over the weekend with several movements around $ 1,000, with its price ranging from a maximum of $ 18,800 to $ 17,700 and back. However, Altcoins maintained their recent momentum and reduced BTC’s dominance over the market to approximately 63%. The community is speculating about a new altcoin season as assets such as Ethereum, Ripple and Cardano grow rapidly, while BTC appears to be stuck below $ 19,000.
  • Stock and commodity markets: European stock markets are entering a new week with slight growth. Investors are particularly pleased with the new reports on covid vaccines. According to the latest reports, the Pfizer vaccine should be approved in Britain this week, which would pave the way for real use in the USA, Britain and Germany as early as December. The market also welcomes AstraZeneca’s comments on the efficacy of its product at 70%, with its product being well tolerated by patients and significantly lower demands on storage and transport conditions. The reports offset the negative impact of a further deterioration in many European countries, as well as the adverse impact of today’s report on the euro area’s leading PMI decline back to the contraction zone in November. US stock index futures rose slightly during the morning. Today, oil is strengthening relatively strongly in response to the above reports of covid vaccines. Gold weakens slightly in the same context.
  • Important events: In the US, this week will be Thanksgiving and the subsequent Friday will be a shopping day. Wall Street will experience a shorter business week thanks to Thursday’s holiday. Markets continue to monitor the situation surrounding the coronavirus pandemic and the preparation of vaccines. Information on the continuation of economic measures in the USA and EU countries is also expected.

Cryptomarkets and marketcap: week 48

The total crypto market cap added $94 billion to its value for the last seven days and now stands at $544 billion. The top 10 currencies showed mixed results for the same time period with Litecoin (LTC) adding 20,7 percent to its value while Bitcoin Cash (BCH) adding 32 percent. By the time of writing bitcoin (BTC) (+10%) is trading at $18 200, ether (ETH) stabilized around $606 (+30%) Ripple (XRP) skyrocketed to $0.69 (+130%).

  • Today, we reached a marketcap value of $ 544 billion.
  • Last week we were recording a low of 467 billion and a high of 449 billion. Bitcoin is low at $18 290 over the same period. High on Bitcoin at $18 990, now $18 200 .
  • Bitcoin dominance is now 60 %.
  • Market sentiment is still at 90 points, meaning extreme greed, while last week it was at 90 points.

 

BTC/USD

The most actual price for one Bitcoin [BTC] is $18 310.06. Bitcoin is listed on 83 exchanges with a sum of 400 active markets. The 24h volume of [BTC] is $28 522 685 961, while the Bitcoin market cap is $339 700 128 748 which ranks it as #1 of all cryptocurrencies.

As BTC/USD prepares to cross $18,500, bears are also getting ready to initiate a selling spree. However, whale clusters near the $17,000 level will prove a tough nut to crack in case of an extended sell-off. Technically, there is not much resistance beyond $18,500, and BTC/USD can quickly scale mount $20K with some heavy volume underneath the pair.

Bitcoin price must stabilize or remain stagnant near $17,000 for it to attract buying volumes. The chances are that after a day or two’s stagnation, Bitcoin will jump towards higher levels. Exchange order books paint a similar picture showing how the $17K level is a strong defence. Bears will have to trigger massive liquidations to break the whale clusters or support points.

Chart, histogram

 

ETH/USD

The most actual price for one Ethereum [ETH] is $607.35. Ethereum is listed on 95 exchanges with a sum of 400 active markets. The 24h volume of [ETH] is $44 672 151 222, while the Ethereum market cap is $68 965 758 942 which ranks it as #2 of all cryptocurrencies.

There was a steady increase in Ethereum above the $580 resistance, while ripple rallied over 50%. ETH price climbed above the $600 resistance level and it settled well above the 100 hourly simple moving average.

The price traded to a new multi-month high at $621 and it is currently consolidating gains. An initial support on the downside is near the $612 level. It is close to the 23.6% Fib retracement level of the recent rise from the $582 swing low to $621 high.

Chart

 

XRP/USD

Ripple’s XRP, currently the world’s third-biggest cryptocurrency by market value behind bitcoin and ethereum, has soared over the last week—adding around 150% to its price.

The XRP price has risen almost four-fold since the beginning of 2020, climbing alongside bitcoin and most other major cryptocurrencies in the wake of the coronavirus pandemic.

Now, after a few positive developments for Ripple’s XRP, it has broken out of a near three-year downward trend though remains far from its 2017 all-time high.

The most actual price for one XRP [XRP] is $0.689310. XRP is listed on 115 exchanges with a sum of 400 active markets. The 24h volume of [XRP] is $17 535 277 008, while the XRP market cap is $31 258 992 318 which ranks it as #3 of all cryptocurrencies.

Chart

 

If you would like to know more about our charts and what they mean, we are preparing a series of webinars for beginner traders. Follow us to learn more. 

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