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The digital asset markets have recouped some of the losses suffered three days ago as a large majority of the crypto-economy began to rebound from the market rout. Bitcoin has climbed above the $ 18,000 grip once again, and a myriad of crypto assets have risen 1-6% in the past 24 hours.
After dropping to $ 16,300 per coin, bitcoin (BTC) rebounded 11.3% to its current price of $ 18,138 per unit. BTC is still up 33% in the last 30 days, 54% in the last 90 days, and 139% against the USD in the last 12 months. Bitcoin’s dominance index, relative to the more than 7,500 market caps of crypto assets, is currently just above the 63% handle.
The entire crypto-economy on Sunday, November 29, 2020 is hovering around $ 526.5 billion and there is around $ 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 biggest losses today come from the carvertical (CV), which is down more than 59% on Sunday morning (EST).
The second largest market cap owned by ethereum (ETH) is up 5.17% today, but ETH is still down just under 1% over the past seven days. ETH trades $ 555 per ether and has a market valuation of $ 63 billion.
XRP is trading at $ 0.61 per coin and is up 0.39% on Sunday morning. Still, XRP has a market cap of $ 28 billion and is up 39% in the past seven days.
Bitcoin Cash (BCH) holds the fifth largest market cap below stablecoin tether (USDT) and is currently trading at $ 281 per unit. BCH is still down over the past 24 hours, but is up 7.5% for the week. The Bitcoin Cash (BCH) crypto asset has a market valuation of approximately $ 5.23 billion on November 29, 2020.
As BTC will return to levels gained last week, a few analysts believe altcoins will also catch up.
“BTC is back to its all-time high, but it should be noted the valuation of altcoins which are on average still 50% below their all-time high,” said Nicholas Pelecanos, head of trading at NEM. “Some altcoins represent projects that no longer work, but other projects have seen tremendous development in terms of adoption and technology. For me, catching those dumped altcoins is now the right thing to do, ”Pelecanos added.
Other analysts speculate that the demand for bitcoin (BTC) and other crypto assets is from millennials and millennials.
“Bitcoin’s steady rise in 2020 has not only continued, but accelerated, in times of political and economic uncertainty. Overall, the world is looking outside of traditional norms for how and where they manage their finances. This demand is coming from millennials and millennials and their progressive view of their financial needs, present and future, and moving away from traditional financial institutions as a store of value with near zero interest rates, ”Derek Muhney, sales manager at Coinsource explained.
Some traders believe that the current rise could be a “bull trap,” which is essentially a false signal in a downtrend. For example, the crypto trader nicknamed “ @Lomahcrypto ” told his 65,000 Twitter followers that he wants to be bullish, but he’s still uncertain.
“I so want to be optimistic,” Lomahcrypto tweeted. “Please BTC just close above $ 17,400 or dump at $ 15,800. Also… Binance Futures’ ALTs that were performing well (market leaders) look pretty heavy, ”he added. “I [have] to agree that it looks like a garbage can, ”replied another trader.
Popular trader @Cryptocapo_ has told his 25,000 Twitter followers that he is ready to sell BTC. “Ready to sell (cover) $ 17.5k to $ 18k,” he tweeted.
Meanwhile, even though BTC’s value slipped 15% the other day, many expected the crypto asset to slip a lot more than that, as it has traditionally seen much bigger 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 wholeheartedly believe that BTC is again aiming for the all-time high of 2017.
What do you think of the recent gains in the crypto economy? Let us know what you think of this topic in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons, Markets.bitcoin.com, Bitcoin Wisdom,
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