Monday Crypto Market Watch: Bitcoin Records Its Lowest Price In 14-Days
The recent days weren’t calm, even for Bitcoin. Following yesterday’s decent price surge to almost $9150, Bitcoin is now trading under $8700 after a sell-off over the past hours.
Yesterday, Bitcoin made another bullish weekend move as the price gained over 4% in just an hour. The price surged from $8,780 to around $9,150 but quickly lost momentum, and as of writing these lines, Bitcoin retraced all the way to mark $8590 as the current daily low.
This is the lowest price for Bitcoin since October 25, the day Bitcoin recorded a price increase of 42%, which was its third-highest daily gain in its short history.
Looking forward, the most significant support lies at the 50-days MA at $8,600 (current daily low), and if broken, $8,400 might serve as the next support level. In order for the bulls to come back, Bitcoin price will look to break out the resistance zone around $9100 – $9200, which also contains the significant 200-days moving average line.
Total Market Capitalization: $241 billion
Bitcoin Market Capitalization: $159 billion
Bitcoin Dominance: 66.1%
* Data by CoinGecko
Major Crypto Headlines
The Writing Was On The Wall? Friday’s Cash Inflow Bit BitMEX Could Predict The Bitcoin Drop. The popular Bitcoin margin trading exchange – BitMEX – showed a serious inflow before the $800 price crash last week. Apparently, something similar happened last time when Bitcoin’s price plunged, and it brings the question if this one could have been predicted by noting BitMEX’s inflow.
Not a Surprise: Tron (TRX) To Be Added To Poloniex Exchange. One of the most popular altcoins, Tron (TRX), will be added to Poloniex on November 12th. The news comes shortly after the cryptocurrency exchange spun out of Circle into an Asian investment group. Justin Sun, anyone?
Bakkt Bitcoin Futures Daily Trading Volume Hits New Record – $15M. Reportedly, Bakkt’s Bitcoin trading volume is increasing rapidly after the slow start. On Friday, the total volume reached over $15 million (or 1,741 bitcoins) in one day, which is a new all-time high.
Significant Daily Gainers and Losers
DxChain Token (50.57%)
During Friday’s Crypto Market Watch, DX was the most significant gainer among all the top 100 cryptocurrencies by market cap. The same is valid for today as well as this time; the increase is even more notable at over 50%. The price has now reached $0.0025, which is more than double compared to its Friday price. This was followed by a daily volume of over $8 million.
DX has climbed to the 48th place, and its total market cap is $126 million. Interestingly enough, just hours ago, DxChainToken recorded its all-time high at $0.0029. The project mainnet is close to its launch, and apparently, it may be bringing some investors’ attention.
ODEM (19.59%)
ODE has returned into the top 100 coins by market cap with an increase of almost 20% over the last 24 hours. The price is now $0.19 against the dollar or 2155 Satoshi. The company recently launched a new product that educates users about cryptocurrency safety and security, which might be the reason behind the price surge.
Despite the price increase, the volume was relatively low – $700,000 were traded.
Synthetix Network Token (-10%)
SNX is today’s most significant loser among the top 100 coins by market cap. The price has dropped by 10% over the last 24 hours to $0.76, and the total market capitalization is slightly below $110 million. This may come as “sell the news”, following a recent release of the second version of Mintr.
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