Despite the market’s continued fear, the leading cryptocurrency, Bitcoin, rallied above the psychological $16,000 level on November 29. Likewise, Ethereum, the second most valuable cryptocurrency, is rising after gaining support near $1,150.
Major cryptocurrencies were mixed trading early Nov. 29, with the global crypto market cap up almost 1.0% the day before to $822.27 billion.
In the last 24 hours, the total crypto market volume increased by over 12.5% to $46.87 billion. The total volume in DeFi was $2.98 billion, which is 6% of the total 24-hour volume in the crypto market.
The total volume of all stablecoins was $45.05 billion, which is 96% of the crypto market’s total 24-hour volume.
Let’s take a look at the top 24-hour altcoin gainers and losers.
The top altcoin winners and losers
Fantom (FTM), Chainlink (LINK) and Dash (DASH) are three of the top 100 coins that have appreciated in value in the last 24 hours. FTM price is up more than 20% to $0.2196, LINK price is up more than 9% to $7.40 and DASH price is up almost 8%.
Top Altcoin Gainers and Losers – Source: Coin360
Chain (XCN), Huobi Token (HT) and Convex Finance (CVX) are three of the top 100 coins that have lost value in the last 24 hours. While XCN is down over 3.5% and is trading at $0.037, HT is down almost 1% and is trading at $6.45. At the same time, the price of CVX is down over 1% and it is trading at $4.
BlockFi files for bankruptcy
After suffering losses earlier this month from exposure to the dramatic collapse of the FTX exchange, cryptocurrency lender BlockFi announced on Monday that it had filed for Chapter 11 bankruptcy protection.
By the time the filing was filed with a New Jersey court, cryptocurrency prices were already in free fall. More than 70% of Bitcoin’s value has been wiped off its all-time high in 2021.
BlockFi, a New Jersey-based company founded by financial executive-turned-crypto-entrepreneur Zac Prince, has filed for bankruptcy, claiming that its significant exposure to FTX caused a liquidity crisis.
Monsur Hussain, senior director at Fitch Ratings, stated:
“BlockFi’s Chapter 11 restructuring underscores the significant risks of asset contagion associated with the crypto ecosystem.”
This month, FTX, founded by Sam Bankman-Fried, filed for bankruptcy protection in the United States after investors pulled $6 billion from the platform in three days and rival exchange Binance pulled out of a bailout agreement.
Chinese police pursue and deter Zero Covid protesters
After a demonstration of unprecedented civil disobedience since President Xi Jinping took office a decade ago, police in China have been deployed to crack down on zero-Covid protests and at least one person has been arrested, according to social media videos.
There were also allegations that several protesters who attended the street rallies in cities across the country were subjected to telephone interviews with officials.
The arrest is said to have taken place late Monday in Hangzhou city. Social media videos from Monday night allegedly show hundreds of police officers barricading a large public space to prevent a public gathering.
Hence, this keeps the crypto market sentiment bearish. Let’s look at the Bitcoin price prediction.
bitcoin price
The current bitcoin price is $16,479 and the 24-hour trading volume is $25 billion. In the past 24 hours, the BTC/USD pair is up nearly 2.0%, while CoinMarketCap currently ranks first with a live market cap of $316 billion, up from $310 billion yesterday. It has a total inventory of 21,000,000 BTC coins and a circulating inventory of 19,219,543 BTC coins.
Bitcoin Price & Tokenomics – Source: coinmarketcap
On Tuesday, BTC/USD is trading bullish after gaining support at the $16,000 psychological trading level. An uptrendline is extending support around $16,000 on the 4-hour timeframe and candles closing above this level has sparked a bullish recovery in Bitcoin.
On the higher side, Bitcoin’s immediate resistance stands at $16,650, which is supported by a downtrend line.
Bitcoin has also formed a double top level at $16,650 and a break above this level could take BTC to $17,250 or even higher.
Bitcoin price chart – Source: Tradingview
Leading technical indicators like RSI and MACD have entered the buy zone, indicating the start of a buying trend. Bitcoin just broke above the 50-day moving average at $16,250, signaling another uptrend.
Alternatively, if Bitcoin breaks the lower symmetrical triangle pattern and closes the candle below $16,000, it is likely exposed to the $15,650 support zone.
Ethereum price
Ethereum’s current price is $1,207, with a 24-hour trading volume of $7 billion. In the last 24 hours, Ethereum has gained almost 4%. CoinMarketCap is currently #2 with a live market cap of $147 billion. It has 122,373,866 ETH coins in circulation.
Ethereum Price & Tokenomics – Source: Coinmarketcap
Ethereum has rallied in 4 hours after completing a 50% Fibonacci retracement at $1,150. Above it, Ethereum formed a bullish engulfing candle that signaled an uptrend.
Furthermore, the ETH/USD pair has surpassed the 50-day simple moving average (SMA) of around $1,170, suggesting that ETH has a good chance of heading north towards the double resistance level of $1,235.
Increased demand for ETH could allow it to break through this level and reach $1,295 or even higher.
Ethereum price chart – Source: Tradingview
Alternatively, failure to break the $1,235 resistance level may trigger selling down to the $1,150 or $1,135 Fibonacci retracement levels, which mark the 50% and 61.8% Fibonacci retracement levels, respectively.
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Cryptocurrency Price Tracker – Source: crypto news
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