After a few red days, the cryptocurrency market seems to be finding some peace. Total market capitalization initially fell further yesterday morning, hitting $2.69 trillion, recovering last night to $2.8 trillion, before falling back to $2.75 trillion this morning. That’s still $250 billion down from $3 trillion on Monday. However, the fear and panic in the market seems to be easing somewhat.
Bitcoin (BTC) fell to $59,000 for the first time yesterday morning. At noon, the price made a big bounce at $61,000, but was turned down there and later dropped to $59,700. There too, bitcoin made another bounce, but this time the price was already rejected at $60,800. Still, Bitcoin now seemed to hold above $60,000 and briefly hit a high of $61,250 last night.
However, bitcoin is back below $60,000 this morning, falling to $59,600 at the time of writing. The price does not look very stable yet and Bitcoin is not out of the danger zone yet. If Bitcoin continues to follow roughly the same pattern as it did three weeks ago, we may see a small recovery in the next few days and then a consolidation phase somewhere between $61,000 and $65,000. It is possible that the price could reach new highs again. However, Bitcoin must first hold out above $58,000 or we may see a trend reversal.
High latency = High spending of old coins.
Idle Flow is annualized market capitalization / Idle (measured in USD)
Seeing the idling stream currently so low means that older coins remain relatively dormant. This Bitcoin bull market still has a ways to go based on the metric. pic.twitter.com/C9c05m4fqo
— Will Clemente (@WClementeIII) November 17, 2021
Anyway, the on-chain data still shows a very bullish image; most investors are still holding on to their bitcoin, supply on exchanges continues to decline and, Whales buy the dip and the derivatives market shows a very positive picture.
#BTC is 15% below recent highs, while Spot Exchange Reserves fell by 9719 BTC to new multi-year lows.
Supply depletion continues as LTHs and miners only distribute lightly.
—Daniel Joe (@DanielJoe916) November 18, 2021
Top 10 Altcoins
Ethereum (ETH) already appears to be recovering slightly faster than bitcoin. Price dipped to $4100 yesterday morning, making a noon bounce at $4,260 and generally held here, albeit with a small dip. Last night ether made a high of $4,365 but is correcting to $4,200 this morning.
Solana (SOL) is today the only race in the top 10 that actually turns red. SOL also had a significant bounce after yesterday’s drop, reaching $221. However, SOL immediately fell back to $211. The price was then able to rally steadily and touched $223 last night but corrected to $209 this morning.
Polkadot (DOT), on the other hand, is the greenest of the top 10 cryptos. The DOT price rose yesterday from $39.3 to $43.5. DOT also corrected lower this morning but still looks to hold above $40 with DOT trading 4% today.
Top 100 altcoins
Just outside the top 10 colors both meme coins, dogecoin (DOGE) and shiba inu (SHIB), red. DOGE is down to $0.232 this morning and SHIB is down to $0.0000465. Just below that, we see the avalanche (AVAX) continuing to rise. AVAX reached for a new one last night its highest point (ATH) off $110 and is up 7% today. AVAX market cap is slowly approaching shiba inu.
Just below that, we see the price of Crypto.com (CRO) continuing to rise sharply. CRO is up a whopping 26% after yesterday’s news, hitting another ATH of $0.588 this morning. Then we have gala (GALA) breaking into the top 100 and moving up 24%. GALA hit a new ATH of $0.265 last night and is up 160% this week. Then we have sandbox (SAND) which is back up 19% and just hit a new ATH of $3.97 and algorand (ALGO) made a big price move this morning but then corrected down almost as much. However, ALGO is still 16% higher this morning.