Bitcoin and Ether Market Update December 03, 2020
Total crypto market cap added $17.1 billion to its value for the period since Monday morning and now stands at $570.5 billion. The top ten coins are mostly flat for the last 24 hours with Polkadot (DOT) being the biggest gainer with a 4.1 percent price increase respectively At the time of writing bitcoin (BTC) is trading at $19,400 on the Bitstamp daily chart, ether (ETH) moved up to $603. Ripple’s XRP recaptured $0.629.
Bitcoin formed its second consecutive green candle on the daily chart on Sunday, November 29, and confirmed the continuation of the uptrend after a three-day-long correction. The leading cryptocurrency climbed up to $18,208 and ended the seven-day period with a 1.2 percent loss.
Monday marked the end of the Thanksgiving holidays and with it the buying enthusiasm returned to the cryptocurrency markets. Bulls pushed the price of the BTC/USD pair up to $19,699 or 8.2 percent higher. It is worth noting that the coin reached a new all-time high during intraday trading surpassing its previous record of $19,674 registered in December 2017. What’s more – Bitcoin drew its highest monthly candle ever and added 42 percent to its value for the period.
On Tuesday, December 1, Bitcoin News – The coin experienced a flash crash, losing $1,843 after failing to break above the psychological level of $20,000 in the early hours of trading. It managed to compensate for some of the losses in the evening, but could not avoid closing with a loss to $18,762 also dropping below the weekly/daily resistance.
On the lower timeframe charts (1,4 hours) we could see a bullish cup and handle pattern in the making since November 25. The pattern was finalized during the mid-week session on Wednesday when BTC moved out of the “handle” and climbed to $19,234.
The Ethereum Project token ETH ended its four-day long correction on November 27 and moved up to $577 during the weekend. It closed the week with a 2.8 percent price increase as bulls were once again targeting the psychological level of $600.
On Monday, November 30, the ether climbed to $617 and almost hit the next weekly resistance at $618. The move resulted in another 6.9 percent increase, as the coin was building momentum prior to the long-awaited Ethereum 2.0 launch on Tuesday.
The leading altcoin finished the month of November 60 percent higher compared to the previous 30-day period.
On Tuesday, the Ethereum community celebrated the important milestone and moved to a proof-of-stake consensus mechanism. The ETH/USD pair was extremely volatile, jumping up and down in the wide range between $637 and $562 before closing with a loss to $586.
The Wednesday session brought some positive vibes to the charts as bulls pushed the price up to $597 or just a step away from the resistance line.