Bitcoin and Ether Market Update November 19, 2020
Total crypto market cap added 32 billion to its value for the period since Monday morning and now stands at $492 billion. Top ten coins are all in red for the last 24 hours with Chainlink (LINK) and bitcoin (BTC) posting the biggest losses by erasing 3.3 and 3.1 percent of their values respectively At the time of writing bitcoin is trading at $17,536 on the Bitstamp daily chart, ether (ETH) fell to $469. Ripple’s XRP is hovering around $0.287.
Bitcoin closed the trading session on Sunday, November 15 at $15,980. The leading cryptocurrency formed a second consecutive red candle on the daily chart as the horizontal resistance level around $16,150 was becoming a serious obstacle on the way to new highs. Still, it closed the seven-day period with a 4.3 percent price increase.
Things drastically changed on Monday. The market was hit by a wave of buy orders, which resulted in BTC skyrocketing all the way up to $16,713, also smashing through the next resistance on our chart – $16,650.
The BTC/USD pair continued to surge during the trading session on Tuesday, November 17, and climbed to $17,694. It grew by 10.3 percent in just two days of trading. What’s more – BTC closed above $17,150 for the first time since December 2017 and registered a new all-time high in market capitalization -surpassing the 2017 values of $316 billion. Open market interest and BTC options markets were also seeing record values.
The mid-week session on Wednesday was marked by extreme volatility. The biggest cryptocurrency was trading in the wide range between $18,500 (hitting a new high) and $17,000 before closing with a short green candle to $17,774.
The 24-hour trading volumes exploded in the first three working days of the new week and grew by 120 percent to $40 billion on Wednesday evening.
The Ethereum Project token ETH was lagging behind Bitcoin in the recent rally but was still posting some serious returns for its buyers. It closed the Sunday session at $447 after failing to break above the next resistance zone around $465 but kept its price floating above the weekly/month horizontal support.
The ether remained flat for the seven-day period.
On Monday, November 16, it followed the example of Bitcoin and started to move upwards, once again reaching the already-mentioned area thus ending the day at $460.
The ETH/USD pair continued to surge on Tuesday and broke above the resistance line up to $482, also climbing above the September 2020 high. The last two sessions of trading corresponded to a 7.8 percent price increase.
On Wednesday, November 18, the ether was again highly volatile, hitting a new local high at $497 in the early hours of trading, but also dropping as low as $458 at some point before closing at $478 at the end of the day.
The Ethereum token trading volumes doubled from $8 billion on Monday to $16.2 billion on Wednesday evening.