Bitcoin and Ether Market Update November 5, 2020
Total crypto market cap added 11.4 billion to its value for the period since Monday morning and now stands at $413.6 billion. The top ten coins were all in green for the last 24 hours with ether (ETH) and bitcoin (BTC) being the top performers with 6.8 and 6.5 percent increase respectively. At the time of writing bitcoin is trading at $14,500 on the Bitstamp daily chart, ether moved up to $404. Ripple’s XRP is hovering around $0.239.
Bitcoin closed the month of October with a 28 percent price increase and successfully broke into the $13,700-$13,800 weekly/monthly resistance area on Saturday.
The coin ended the trading session on Sunday, November 1 at $13,730 proving it is still too early for a short to a mid-term trend reversal.
The BTC/USD pair, however, dropped all the way down to $13,250 during intraday on Monday, but found stability at the horizontal support and partially covered in the evening, closing the day with a small loss to $13,555.
The US presidential election day on Tuesday brought some positive vibes to the crypto charts and the leading coin moved up to $14,029, adding 3.3 percent to its value. Bitcoin closed a daily candle above $14k for the first time since January 14, 2018.
BTC continued to surge during the mid-week session on Wednesday and extended its gains up to $14,132 as both crypto and legacy markets were seeing a green wave no matter the uncertainty around the outcome of the US presidential race.
The 24-hour trading volumes remained stable in the $21-$23 billion zone in the first three days of the workweek then rose up to $26 billion on Wednesday evening and Thursday morning.
The Ethereum project token ETH closed the month of October with a 7.2 percent increase. On Sunday, November 1, it climbed above the monthly resistance and closed the day at $396.
The ether fell down to $383 on Monday and erased all gains from the previous session. Still, the coin found stability at the mid-term uptrend line acting as dynamic support for the leading altcoin.
On Tuesday, November 3, the ETH/USD pair was extremely volatile, moving up and down in the $370-$390 zone. Still, bulls were able to form a small green candle to $388 and closed above all major short and long-term EMAs
The Wednesday session was again marked by volatility. The ETH dropped down to $374 in the early hours of trading then jumped all the way up to $409 before closing at $403. This move corresponded to a 3.8 percent increase.
In terms of trading volumes, they jumped from $6 billion on Sunday to $10 billion on Monday evening, hovering around $8.5-$9 billion on Tuesday and Wednesday. These values increased up to $11.5 billion on Thursday morning.