Saturday Market Watch: Bitcoin Faces Crucial Support, Altcoins Bleeding
The last couple of days saw the entire cryptocurrency market bleeding as Bitcoin and altcoins all marked notable decreases.
Bitcoin lost around 5% of its USD value at one point, as it dropped from a daily high of $8,800 to about $8,360 in just a few hours. The cryptocurrency managed to recover ever so slightly as it’s currently trading at around $8,470, still down about 2 percent on the day.
As CryptoPotato reported, the support at $8,500 also represents the Golden Fibonacci level of 61.8% since the significant 42% surge a few weeks ago. As such, it’s essential to see how the price will perform here and whether bears will keep on dominating the market momentum. For the current trend to reverse, Bitcoin’s price would have to break above $8,700 and $8,800 and then face the psychological resistance at $9,000.
The situation with altcoins isn’t any better either. While some cryptocurrencies managed to increase during Bitcoin’s consolidation period earlier this week, a lot of them are currently trading in the red. Ethereum, for instance, spiked to $187 but pulled back since then and is currently trading at $183, down 2%. XRP’s also dropped from $0.27 to $0.263 to record a loss of around 1.5%. While they might seem insignificant, these losses add up, and the entire market’s capitalization lost about $3 billion over the past 24 hours.
Total Market Capitazalition: $233 Billion | Bitcoin Market Capitalization: $154 Billion | Bitcoin Dominance: 65.9%
Major Crypto Headlines
Anonymous Donating $75 Million in Bitcoin to Startups Protecting Online Anonymity. The evolution of technology has caused a blow to people’s privacy, but the popular international hacktivist group Anonymous is reportedly taking a stand against it. The group will launch the so-called Unknown Fund and will donate $75 million in Bitcoin to startups that contribute to anonymity, in general.
Crypto Leaders Push PornHub To Bitcoin Following Paypal’s Ban. PayPal recently stopped processing payments for the popular adult website, PornHub, and some of the leaders within the cryptocurrency community reacted swiftly. According to proponents such as Justin Sun and Changpeng Zhao, among many others, this might be crypto’s moment to receive further attention by being introduced as an alternative to PayPal.
Russia, China, And Other BRICS Members Consider Launching Cryptocurrency For Payments. BRICS, the international group of emerging nations including Brazil, Russia, India, China, and South Africa, is reportedly considering the creation of a cryptocurrency. It would be part of a single payment system for operations among the members of the group.
Significant Daily Gainers and Losers
Luna (17.31%)
Despite the unfavorable market conditions, LUNA is the most notable gainer among the top 100 cryptocurrencies by market cap. The price has increased by over 17% against the dollar and is now at $0.43. The surge against BTC is even more impressive, with almost 20%, reaching 5056 Sat. The company behind Luna, Terra Network, recently announced its new protocol, which will supposedly provide higher rewards.
EDUcare (7.25%)
EKT is next with over 7% increases in the last 24 hours, reaching a price of $0.10 against the dollar. With Bitcoin’s recent decrease, EKT is over 9% up against it, and it’s at 1220 SAT at the time of this writing. As per EDUcare’s weekly report, its main network block increased by 300000 blocks in the last few weeks.
DxChain Token (-20.54%)
With several days of notable increases, DX’s price is taking a beating with a 20% decrease over the last 24 hours. DxChain recorded its all-time high on November 11th at $0.0029 and is now trading at $0.0015, which is a total plunge of almost 50%. Interestingly enough, the price firstly surged when the company announced the launch of its mainnet but is now retracing.
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