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Digital asset markets have resumed some of the losses they took three days ago as the vast majority of the crypto economy started to rebound after the market fell. Bitcoin has once again climbed above the $ 18k level and a myriad of crypto assets have risen between 1 and 6% over the past 24 hours.
After falling to a low of $ 16,300 per coin, bitcoin (BTC) rebounded 11.3% to reach its current price of $ 18,138 per unit. BTC is still up 33% over the past 30 days, 54% over the past 90 days, and 139% against the USD over the past 12 months. Bitcoin’s dominance index, compared to over 7,500 cryptocurrency market caps, is currently just above 63%.
The entire crypto economy on Sunday November 29, 2020 is hovering around $ 526.5 billion, and there is around $ 30.50 billion in global trading volume today. The biggest cryptocurrency gains today were captured by zap (ZAP), which rose 71% in 24 hours. The biggest losses today come from carvertical (CV), which fell more than 59% on Sunday morning (EST).
The second largest market cap held by Ethereum (ETH) rose 5.17% today, but ETH is still down a touch of less than 1% over the past seven days. ETH is trading for $ 555 per ether and holds a market valuation of $ 63 billion.
XRP is trading at $ 0.61 per coin and was up 0.39% on Sunday morning. However, XRP has a market capitalization of $ 28 billion and has increased 39% over the past seven days.
Bitcoin cash (BCH) holds the fifth largest market cap under the stablecoin tether (USDT) and is currently trading for $ 281 per unit. BCH is still down for the past 24 hours, but is up 7.5% for the week. The crypto asset bitcoin cash (BCH) has a market valuation of around $ 5.23 billion on November 29, 2020.
As BTC returns to the levels it gained last week, some analysts believe altcoins will catch up as well.
“BTC has returned to its all-time highs, but what is worth noting is the valuation of the altcoins which are still on average 50% below their all-time highs,” said Nicholas Pelecanos, Head of Trading at NEM. “Some altcoins represent projects that no longer work, but other projects have seen tremendous development in both adoption and technology. For me, capturing these undervalued altcoins is now the trade to do, “added Pelecanos.
Other analysts speculate that the demand for bitcoin (BTC) and other crypto assets comes from the Millennials and Generation Z.
“Bitcoin’s steady rise in 2020 has not only continued, but has accelerated during times of political and economic uncertainty. Overall, the world is looking outside the traditional rules for how and where they manage their finances. This demand comes from Millennials and Gen Z’er and their progressive view of their financial needs, present and future, and moves away from traditional financial institutions as their store of value with near-zero interest rates “, Derek Muhney, Director of sales at Coinsource explained.
Some traders think that the current upside could be a “bull trap” which is basically a false signal in a downtrend. For example, the cryptocurrency trader nicknamed ‘@Lomahcrypto’ told his 65,000 Twitter followers that he wants to be bullish, but is still uncertain.
“I want to be so optimistic,” Lomahcrypto tweeted. “Please BTC just close above $ 17,400 or dump at $ 15,800. Also… Binance Futures ALTs that have performed well (market leaders) look pretty heavy,” he added. “I [have] Okay, it looks like garbage, ”another trader replied.
Popular trader @Cryptocapo_ told his 25k Twitter followers he is ready to short BTC. “Ready to short (cover) $ 17.5k- $ 18k,” he tweeted.
Meanwhile, even though BTC lost 15% in value the other day, many expected the crypto asset to drop much more, as it has traditionally seen much larger slides in the past (-30% or more). This has caused uncertainty among traders and analysts, as some believe the price will drop again, but many enthusiasts still believe wholeheartedly that BTC is once again targeting the all-time high of 2017.
What do you think of the recent gains of the crypto economy? Let us know what you think about this topic in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons, Markets.bitcoin.com, Bitcoin Wisdom,
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