Market Update: Bull Trap Warnings After Bitcoin Shoots Above $18k Handle

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[NEWS BLOG]: Market Update: Bull Trap Warnings After Bitcoin Shoots Above $18k Handle

Digital asset markets have recaptured some of the losses taken three days ago, as a great majority of the crypto economy has started to rebound after the market rout. Bitcoin has climbed above the $18k handle once again and a myriad of crypto assets are up between 1-6% during the last 24 hours.

After dropping to a low of $16,300 per coin, bitcoin (BTC) has rebounded 11.3% to where the price stands today at $18,138 per unit. BTC is still up 33% for the last 30 days, 54% for the last 90 days, and 139% against USD for the last 12 months. Bitcoin’s dominance index, in comparison with the 7,500+ crypto assets’ market caps, is currently just above the 63% handle.

The entire crypto-economy on Sunday, November 29, 2020, is hovering around $526.5 billion and there’s roughly $30.50 billion in global trade volume today. The biggest cryptocurrency gains today were captured by zap (ZAP), which is up 71% in 24 hours. The largest losses today stem from carvertical (CV), which is down over 59% on Sunday morning (EST).

The second-largest market cap held by ethereum (ETH) is up 5.17% today, but ETH is still down a touch less than 1% for the last seven days. ETH is swapping for $555 per ether and holds a $63 billion market valuation.

XRP is trading for $0.61 per coin and is up 0.39% on Sunday morning. Still, XRP commands a $28 billion market capitalization and is up 39% during the last seven days.

Bitcoin cash (BCH) holds the fifth-largest market cap below the stablecoin tether (USDT) and is currently trading for $281 per unit. BCH is still down some during 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 jumps back to the levels gained last week, a few analysts believe that altcoins will catch up as well.

“BTC is back at its all-time high levels, but what is worth noting is the valuation of the altcoins which are on average still 50% below their all-time highs,” the Head of Trading at NEM, Nicholas Pelecanos said. “Some altcoins represent projects that are no longer functioning, yet other projects have seen tremendous development on both adoption and tech. For me, catching these undervalued altcoins is now the trade to be made,” Pelecanos added.

Other analysts assume that the demand for bitcoin (BTC) and other crypto assets stem from Millennials and the Gen Z generation.

“The steady rise of Bitcoin in 2020 has not only continued, but accelerated, during times of political and economic uncertainty. As a whole, the world is looking outside the traditional norms for how and where they manage their finances. This demand comes from Millennials and Gen Z’ers and their progressive outlook on their financial needs, both present and future, and pivoting away from traditional financial institutions as their store of value with next-to-nothing interest rates,” Derek Muhney, Director of Sales at Coinsource explained.

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Ethereum Price Fell 43% Yesterday — That Was Its Worst Day… Ever

Ethereum Falls Off a Cliff

According to data from Nic Carter, a Bitcoin/industry startup investor and the co-founder of CoinMetrics, yesterday was Ethereum’s worst day in history; while BTC closed down 40%, the second-largest cryptocurrency lost 43% on the day, clearly marking its worst performance ever.

The last time it dropped even remotely close to this hard was amid 2017’s tumultuous uptrend, which was marked by large bouts of volatility due to global news and technical developments regarding cryptocurrencies.

Ethereum’s dramatic crash has had some serious effects on users of the ecosystem, not just investors.

As a result of Thursday’s volatility, - read more.

Crypto and Blockchain Jobs Have Increased By 26% Since 2018: Research

Those seeking employment in the blockchain and cryptocurrency industry have reason to be positive, says employment search company Indeed.

The number of bitcoin, blockchain and crypto-related employment ads in shares per million on the popular job listing site rose by 26 percent from 2018–2019, following a four-year trend of 1,457 percent growth in the sector, according to a “Seen by Indeed” study released Thursday.

On the other hand, sector-specific job searches dropped 53 percent over the same period, following a longer downward trend, the firm found. Enthusiasm among job hunters peaked during the height of the crypto bull market in late 2017, - read more.

Bitcoin Surges 40% In Minutes After Briefly Breaking $3,900

At long last, Bitcoin has bounced after Thursday’s brutal performance. Just recently, the price of the leading cryptocurrency hit $5,800 on Coinbase, rallying from the $3,850 low seen just minutes ago. This marks an 18% rally.

It isn’t clear why this has rallied so hard, though the surge in the price of the cryptocurrency coincided with a short outage in the service of BitMEX, which briefly crashed after a record day. It may also have been related to an investor longing Bitcoin.

Regardless of what exactly happened, one thing is for certain: there will continue to be mass volatility in - read more.

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