As a seasoned cryptocurrency investor with over a decade of experience under my belt, I must say that this market analysis paints a fascinating picture of the current state of play in the digital currency landscape. The ebb and flow of prices, the strategic maneuvers of buyers and sellers, and the unpredictable nature of these assets all make for an exhilarating ride.
Despite a minor dip over the weekend, Bitcoin (BTC) managed to hold its value above $95,000, experiencing a decline of approximately 1%. The momentum towards reaching $100,000 has been temporarily halted as Spot Bitcoin ETFs have shown significant weekly withdrawals.
The drop over the weekend partially reversed an increase of almost 2% from Friday. However, BTC’s close above $95,000 indicates positive demand demand. While major issuers reported inflows, spot Bitcoin ETFs ended a seven-week inflow streak with net outflows of $153 million for the week ending November 29.
As an analyst, I’m observing a significant jump – approximately 31% in the last 24 hours – for Ripple (XRP), propelling it past Solana (SOL) and Tether (USDT) to claim the title of the third-largest cryptocurrency globally. This remarkable rise can be attributed to legal clarity and a positive regulatory outlook, fueling renewed enthusiasm among XRP investors. Over the past week, XRP has seen a staggering increase of around 67%. The total crypto market cap is currently on an uptrend, reporting a 1.45% growth, now standing at a whopping $3.45 trillion.
Ripple (XRP) Flips Solana (SOL) and Tether (USDT) to Become Third Largest Cryptocurrency
As a crypto investor, I’ve witnessed an astonishing rise for Ripple (XRP), propelling it past Solana (SOL) and Tether (USDT) to claim the third-largest spot by market cap. Currently, XRP boasts a market cap of approximately $139 billion, outstripping SOL and USDT significantly. This upward trend has allowed XRP to reclaim ground it lost following legal action by the U.S. Securities and Exchange Commission, who claimed XRP was a security. The lawsuit caused uncertainty and chaos among investors, leading to its delisting on major exchanges and causing a dramatic drop in XRP’s value. This decline saw XRP slide down to seventh place in market capitalization.
2023 witnessed a significant development that alleviated some regulatory doubts, classifying XRP as not a security in certain aspects. This decision ignited a surge and increased the digital asset’s market value. The recent growth spurt can be partially attributed to Donald Trump’s potential re-election and Gary Gensler’s impending departure from his role as SEC Chair. Investors are optimistic about a pro-crypto regulatory climate under a new administration, fueling speculation that Trump might appoint a crypto-friendly successor for Gensler.
Even though it has risen, XRP remains significantly below its peak of $3.40, a level it reached back in January 2018.
Russia Approves Crypto Tax
The Russian government has given its green light to a new law that introduces taxes on cryptocurrency transactions. This bill was passed by Russia’s top legislative body on November 27, requiring a tax of between 13% and 15% for crypto sales. Mining activities are now exempt from Value-Added Tax (VAT), but mining operators must share essential information about their cryptocurrency mining operations with local authorities or face a fine of 40,000 rubles.
DMM Bitcoin Preparing To Liquidate
Japanese virtual currency platform DMM Bitcoin is planning to shut down following a $320 million theft in a private key hack. The exchange has been unable to recover from the loss and is no longer attempting to restart its operations. Customer funds will be moved to SBI VC Trade, an exchange managed by the SBI Group. The platform was compromised in May due to a server breach and private key hack, which DMM Bitcoin referred to as an “unauthorized discharge.” This incident resulted in the theft of more than 4,500 Bitcoins from a single wallet. At that time, DMM Bitcoin assured all deposits would be fully protected as it halted withdrawals, trading, and new account registrations.
To make up for every user, the platform vowed to obtain an equal value of Bitcoin. The DMM breach, following the Coincheck breach in 2018, saw hackers pilfer a breathtaking $530 million worth of digital assets.
Robert Kiyosaki Predicts Major BTC Correction
Robert Kiyosaki, the writer of “Rich Dad Poor Dad”, anticipates that Bitcoin (BTC) might plummet to around $60,000 since it’s finding difficulty in reaching $100,000. In a recent post on X, he expressed his viewpoint, suggesting that any dip would offer a chance to purchase rather than something to worry about, as it could be seen as an opportunity instead of a concern.
Bitcoin has halted just shy of reaching $100k, which suggests it might plummet to $60k. Regardless, when that happens, I won’t be selling; instead, I’ll take advantage of the price drop and buy more. In fact, I foresee Bitcoin stabilizing around $250 by 2025. At this point in the Bitcoin game, it’s not so much about the price as it is about amassing more BTC. So, I’m eager to acquire more BTC. Stay safe.
Bitcoin (BTC) Price Analysis
Currently, Bitcoin (BTC) is staying steady near the $95,000 to $96,000 range, finding it tough to gather speed and surpass the $100,000 threshold. The advance towards $100,000 has been hindered by a halt in withdrawals from Bitcoin ETFs, leading to a minor setback for BTC over the weekend. Nevertheless, despite the dip on Saturday, Bitcoin’s ability to stay above $95,000 suggests optimism among investors, according to analysts.
Since reaching over $99,600 on November 22, Bitcoin’s price has shown limited movement towards the $100,000 milestone. After a significant drop last Sunday, the price fell below $95,000 to reach a low of $94,838. However, buyers managed to push the price up to $97,891. The following day, Bitcoin experienced another substantial decline of 5.16%, dropping back below $95,000 and settling at $92,845. Attempts at recovery were made on Tuesday, but sellers prevented any significant increase, causing Bitcoin to dip as low as $90,707. Despite this, Bitcoin managed to climb above $91,000 and settle at $91,913 after a 1% decline.
Over the past few days, the 20-day Simple Moving Average (SMA) has served as a significant support level for Bitcoin. On Wednesday, Bitcoin surged by 4.32%, breaking through the $95,000 barrier and closing at $95,883. The battle between buyers and sellers continued on Thursday, but neither side managed to gain control, resulting in a minimal decline for Bitcoin. The buying momentum picked up on Friday, causing Bitcoin to rise by 1.76% to $97,374. However, the cryptocurrency fell again on Saturday, experiencing a slight dip of 1.14%, landing at $96,263. Bitcoin rebounded slightly on Sunday, climbing 0.79% to $97,026. The current day’s trading has seen Bitcoin drop by more than 1%, with the price currently standing at $95,955.
What lies ahead for Bitcoin? The digital currency has found it challenging to break through the $100,000 barrier, with some experts forecasting a possible correction that might drive its price down to around $80,000 before it recovers. Best-selling author Robert Kiyosaki even suggests it could dip as low as $60,000, but he views such a significant drop as an attractive buying opportunity, given the anticipated rebound. Analysts remain optimistic about Bitcoin’s future value, predicting that it will surpass $100,000 by year-end. Kiyosaki is even more enthusiastic and anticipates Bitcoin reaching $250,000 by 2025.
Ethereum (ETH) Price Analysis
Over the past day, Ethereum (ETH) experienced a slight dip as it found it difficult to surpass $3,700. However, even with its recent setbacks, ETH has seen a nearly 50% increase over the last month due to Donald Trump’s election win. Last weekend saw significant fluctuations in ETH as both buyers and sellers fought for control. This volatility resulted in ETH ending the weekend in the negative, losing just over 1%, finishing at $3,362. Buying activity resumed on Monday, pushing ETH to reach an intraday high of $3,547. Yet, buyers failed to maintain above $3,500, causing the price to drop and finish the day at $3,415, marking a 1.60% increase. Despite a strong beginning to the week, ETH saw a decline on Tuesday, almost dropping 3%, settling at $3,325.
On Wednesday, ETH experienced a notable rise of nearly 10%, soaring beyond $3,500 and reaching $3,657. Yet, the upward momentum faltered after this peak, causing ETH to dip slightly more than 2% and settle at $3,580. The following day was marked by a stalemate between buyers and sellers, resulting in a minimal increase for ETH, which closed at $3,594. On Saturday, the coin displayed bullish tendencies, climbing over 3% to surpass $3,700 and settle at $3,708. However, resistance was strong at this level, leading to a modest gain on Sunday, with ETH closing at $3,710. As of now, the session shows ETH in the negative territory as it fell below $3,700, currently trading at $3,664, representing a decrease of 1.25%.
If sellers continue to lead the market, Ethereum (ETH) might drop below $3,500, potentially causing it to fall further to $3,000. Conversely, if buyers regain control and push ETH above $3,700, there’s a possibility that ETH could rise to $4,000.
Solana (SOL) Price Analysis
Over the past few days, Solana (SOL) has witnessed a significant drop as it dipped beneath its 20-day Simple Moving Average (SMA), indicating that sellers are dominating the market. After peaking at $264 last weekend, sellers have been in charge, causing the price to decrease significantly. Initially, SOL started the previous week with a fall of more than 7%, dropping below $250 and ending the day at $234. On Tuesday, there was considerable fluctuation in the price as buyers tried unsuccessfully to push it below the 20-day SMA. Consequently, the price plummeted to an intraday low of $222 before rebounding slightly and ending the day at $230. However, on Wednesday, SOL managed a strong comeback, bouncing off the 20-day SMA to record a rise of 4.99% and conclude at $242.
Initially, Solana (SOL) faced a significant loss on Thursday, dropping nearly 2% due to market volatility and settling at $237. However, it rebounded on Friday as buyers stepped in, causing an increase of 2.41%, pushing the price above $240 to settle at $243. The positive trend was short-lived, as SOL slipped back into the red over the weekend, falling by 2.33% on Saturday and settling at $237 again. The selling pressure persisted on Sunday, causing a minor decline, and ending the weekend with a negative trend for SOL. During the current session, the selling pressure has intensified substantially, pushing SOL down almost 6%, slipping below its 20-day Simple Moving Average (SMA) to trade at $223.
Algorand (ALGO) Price Analysis
Over the weekend, Algorand (ALGO) experienced a remarkable spike in value, attracting attention from investors. After breaking free from a lengthy period of sideways movement, analysts predict a powerful upward trend for ALGO, a prediction that now seems validated. Given the lack of substantial resistance, ALGO may climb towards $0.60 before encountering sellers. The breakout for ALGO was prompted by the US elections, as markets rejoiced over the outcome. Despite a dip last weekend and a negative start to the previous week, ALGO recovered on Tuesday, skyrocketing by 14.49% to reach $0.297. It dropped slightly on Wednesday but quickly picked up momentum again on Thursday, jumping over 10% to $0.323.
On Friday, bullish feelings grew significantly, jumping an astonishing 37% to reach $0.441. The weekend started off with high market turbulence on Saturday, as both buyers and sellers fought for dominance. In the end, ALGO experienced a minor increase, closing at $0.443. Bullish sentiments resurfaced on Sunday, pushing ALGO up nearly 10% to $0.496 amidst significant volatility. However, during the current trading session, the price has slipped back into the negative, holding sellers back from pushing it above $0.50.
Dogwifhat (WIF) Price Analysis
During the current trading period, Dogwifhat (WIF) has seen a significant drop in value following a notable rebound over the weekend. Initially, WIF began the previous week with high volatility, reaching an intraday peak of $3.65 only to slide back down to $3.17. On Tuesday, sellers took control as WIF dipped below its 20-day Simple Moving Average (SMA) after a near 5% decrease and closed at $3.02. However, on Wednesday, WIF regained some ground due to robust support at that level, rising slightly more than 3% to close at $3.11. Yet, it experienced another decline on Thursday, dropping by approximately 1.25% to $3.07.
On Friday, the market saw a resurgence of buyers when WIF surged nearly 7%. Yet, this surge failed to surpass the 20-day Simple Moving Average (SMA) and ended at $3.28. The 20-day SMA serving as resistance caused WIF to retreat on Saturday, dipping by 3.25% to $3.18. On Sunday, sellers made an effort to drive WIF below the $3 mark as it dropped to a low of $3.05. However, WIF managed to recover from this level and soared by 8.05%, crossing above the 20-day SMA and settling at $3.43. Currently, WIF is experiencing a downturn, slipping below the 20-day SMA during this session, with its price dropping over 10% as sellers aim to force it beneath $3.
Tron (TRX) Price Analysis
On Tuesday, Tron (TRX) dipped to a low of $0.185 amidst a bearish market trend from the previous week, with selling pressure prevailing. However, it rebounded from this point, surging past $0.190 and closing at $0.195. On Wednesday, TRX continued its recovery, gaining nearly 3% to end the day at $0.200. Sellers tried to push down the price on Thursday but were unable, causing TRX to increase by 1.62% to reach $0.203. Friday was marked by increased volatility as both buyers and sellers vied for control, but neither could establish dominance, leaving TRX at $0.203.
Buyers returned to the market over the weekend as TRX registered an increase of 0.81% on Saturday and 0.85% on Sunday to settle at $0.207. The current session sees TRX marginally down as buyers and sellers struggle to assume control.
Bittensor (TAO) Price Analysis
Last week, Bittensor (TAO) experienced a significant upward trend, climbing beyond the 50-day Simple Moving Average to reach $546. However, over the past few trading sessions, its progress has slowed as sellers have pushed the price below $600. Initially, TAO began the previous week with a 3.35% rise, reaching above the 50-day SMA. On Tuesday, it experienced heavy selling pressure and plummeted to an intraday low of $503. TAO managed to rebound from this point, rising nearly 3% to reach $560. On Wednesday, it peaked at an intraday high of $721 but soon fell back below $600, closing the day at $561 with minimal growth.
On Thursday, optimism resurfaced, causing TAO to surge by 6.05%, reaching $595. A further 3.79% boost on Friday pushed TAO over the $600 mark and settled at $618. Buyers maintained their grip on Saturday, propelling TAO up nearly 10% to $678. However, their push towards $700 faltered, and the anticipated rise to this level did not materialize. Consequently, TAO plummeted over 6% on Sunday, settling at $636. In the current trading session, sellers are aggressively trying to push TAO below the $600 mark.
Read More
- PYTH PREDICTION. PYTH cryptocurrency
- 15 Charged for converting Drug Cartels’ Cash into Cryptocurrency in U.S.
- As Lindsay Lohan And Lacey Chabert Headline Christmas Movies, These Comments Have Me Convinced A Mean Girls Holiday Movie Reunion Needs To Be Next
- Niels Arestrup Dies at 75, Iconic Actor Was a Force of Cinema
- EXCLUSIVE: Alia Bhatt in talks with Dinesh Vijan for a supernatural horror thriller; Tentatively titled Chamunda
- Ben Affleck And Matt Damon Are Back To Work Together, And An Insider Weighed In On Their Longtime Connection
- Taylor Swift Calls Eras Tour “Most Challenging Thing I’ve Ever Done” at Final Show
- ‘I Pitched Stargate’s Take On Black Panther’: Christopher Judge Opens Up About His Teal’c Spinoff And Why It Hasn’t Happened
- Suriname presidential candidate eyes on Bitcoin as currency
- Apple Lands Anya Taylor-Joy Led Drama ‘Lucky,’ Based on Bestseller
2024-12-02 16:06