Bitcoin and Ether Market Update November 12, 2020
Total crypto market cap added 12 billion to its value for the period since Monday morning and now stands at $454.7 billion. Top ten coins were mostly flat for the last 24 hours with bitcoin (BTC) adding 2.6 percent to its value for the period. At the time of writing bitcoin (BTC) is trading at $15,830 on the Bitstamp daily chart, ether (ETH) moved up to $463. Ripple’s XRP is hovering around $0.255.
Bitcoin moved up to $15,507 on Sunday, November 8 after correcting its price down to $14,832 the day before. The leading cryptocurrency added 12.7 percent to its value and successfully resumed the uptrend.
On Monday, we saw the BTC/USD pair moving in the $15,840 -$14,830 range before closing with a short red candle to $15,330. The zone around $15,850 was hit for the second time in the last few days and bulls seem to struggle surpassing it.
The trading day on Tuesday, November 10 was a relatively calm one. BTC continued to hover around the above-mentioned zone and closed flat at the end of the session.
The mid-week session on Wednesday, however, was marked by a new wave of buy orders hitting the market. Bitcoin extended its gains and climbed further to $15,720 and gaining yet another 2.7 percent.
What we are seeing in the early hours of trading on Thursday is buyers pushing the price further to $15,850.
The 24-hour trading volumes surged during the US elections then fell down to $28 billion during the weekend and to $23 billion on Monday. The values increased back to $28 billion on Tuesday and again dropped to $21 billion on Wednesday.
The Ethereum project token ETH moved above the next weekly resistance zone on November 7 and hit $470, but as not able to keep up with the momentum. Still, it closed the week at $454 on Sunday and added 15 percent to its value for the period.
On Monday, the ETH/USD pair made a short pullback to $443 and fell as low as $434 during intraday trading. The coin found support at the weekly/monthly horizontal line.
The ether followed the example of BTC and revived the uptrend on Tuesday, November 10 climbing to $450.
The third day of the workweek came with a continuation of the trend and a sudden jump to $477 in the early hours of trading Buyers, however, only managed to ensure a presence in the next weekly resistance zone around $460 (closing at $463).
In terms of trading volumes, they fell to $10 billion on Monday then moved back up to $12 billion for the next three sessions.