Crypto Market Watch: The Bitcoin’s Calm After The Storm

  


Bitcoin went on a wild ride yesterday when news of a COVID-19 vaccine broke out, but has calmed since then and currently trades at around $15,300. The leading alternative coins have also cooled down as Ethereum sits around $450 and Ripple at $0.25.

Bitcoin Calms After Increased Volatility

The primary cryptocurrency demonstrated high fluctuations in the past week. It topped at a new yearly high of about $16,000 on Friday but then nosedived a few days later to below $14,300.

The volatility remained high over the past 24 hours when reports emerged that the American multinational pharmaceutical corporation Pfizer had developed a COVID-19 vaccine that worked successfully in over 90% of the trial cases.

As a result, BTC lost momentum together with the tech stocks, such as ZOOM, PayPal, and DocuSign. As of now, Bitcoin bottomed at $14,800 (on Bistamp) and had since recovered.

From a technical point of view, the next resistance lines lie at $15,400, $15,750, and the psychological $16,000. Alternatively, BTC could rely on support levels at $15,000, $14,900, and $14,600 in case of another breakdown.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoins Take It Easy – YFI Trading Above Bitcoin

The alternative coins were not exempt from the high volatility as of late. However, they have also calmed on a 24-hour scale, similarly to Bitcoin.

Ethereum traded at $370 precisely a week ago on November 3rd. Since then, the second-largest digital asset gained up to $100 at one point. It retraced slightly in the past few days and currently sits at about $450.

Ripple tested $0.27 a few days ago after a 13% increase. XRP couldn’t break above it and has slipped back to $0.25.

Litecoin (-3%) and Bitcoin Cash (-3%) have lost the most value from the top 10. As a result, LTC has dipped below $60, while BCH struggles with $260. Chainlink is the best performer here, with a 2% increase.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

 

Despite the relatively calm large-cap altcoins, some lower and mid-cap ones have seen impressive gains. Civic (67%) leads the way. Moreover, CVC has surged by nearly 500% in the past week, which has found it a place within the top 100.

Golem (40%) and Yearn Finance (17%, trading for more than 1 BTC once again) are next. Interestingly, YFI’s price tag is higher than BTC’s now – $17,100.

Further representatives of the double-digit price increase club include Ocean Protocol (16%), Decentraland (13%), Aave (11%), NEAR Protocol (11%), and Status (10%).

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Cryptocurrency charts by TradingView.



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