Crypto Price Analysis 12-3 BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, RIPPLE: XRP, DOGECOIN: DOGE, FILECOIN: FIL, FANTOM: FTM

As a seasoned cryptocurrency analyst with years of experience under my belt, I must say that the current market trends are nothing short of intriguing. The past week has been a rollercoaster ride for many coins, and it seems like this week is following suit.

Over the last ten days, I’ve found myself riding the waves of Bitcoin (BTC) as it hovered within a tight range, moving between $94,000 and $98,000. Despite this stability in my BTC holdings, other significant cryptocurrencies have seen impressive gains during the same period.

Over the recent trading periods, Ripple (XRP) has outperformed Tether (USDT) and Solana (SOL), climbing to take the third position among the largest cryptocurrencies in the market. In an impressive surge, XRP has gained a staggering 89% over the last week, with its price trending upward still.

Leading contenders that experienced significant gains are Hedera (HBAR), which surged approximately 140% in the last week, and Ondo Finance (ONDO), increasing about 55% over the same period. In contrast, Ethereum (ETH) had a setback, dipping below $3,600 to reach a low of $3,566 before regaining its footing and rising back to its current value of $3,655. This means ETH has decreased slightly more than 1% in the last 24 hours. The cumulative market cap of cryptocurrencies continues to expand, growing by approximately 1.06% to reach a total of $3.48 trillion.

State Of The Market

The crypto market remained bullish as Bitcoin (BTC) continued its consolidation phase, oscillating between $94,000 and $98,000. However, Ripple (XRP) is the top performer in the market, with the price up almost 12% over the past 24 hours. Hedera (HBAR) and Ondo Finance (ONDO) also emerged as standout performers, registering substantial gains over the past week. Trading volume surged to $284 billion, an increase of 65%, indicating heightened investor activity.

In the last day, there was a small decrease in Bitcoin’s value, while Bitcoin exchange-traded funds (ETFs) saw an inflow of approximately $15 million. Although information from BlackRock is currently unknown, Fidelity recorded inflows amounting to $25 million. On the other hand, Grayscale experienced substantial outflows, totaling around $28 million.

UK Pushes Ahead With Crypto Regulation

As an analyst, I find myself delving into the dynamic landscape of cryptocurrency regulation, particularly within the context of the United Kingdom’s recent moves. In an effort to maintain a competitive edge against regional powerhouses like the US and EU, the UK has chosen to take decisive steps in this domain. These actions are not only aimed at countering rival strategies but also at providing much-needed clarity within the sector, fostering innovation.

In essence, Stablecoins are poised to have a substantial impact on the United Kingdom’s regulatory system, with the Financial Conduct Authority (FCA) planning to work closely with key industry stakeholders to create guidelines. The concept of staking services is being refined to sidestep rigorous regulations associated with collective investment schemes. The government aims to loosen restrictions to foster a more welcoming environment for businesses interested in offering staking services. The importance of clear regulations becomes apparent as the global cryptocurrency landscape evolves swiftly and there’s competitive pressure from other prominent crypto hubs.

Crypto Exchange Volumes Hit Three-Year High

In November, monthly trading volumes for cryptocurrency exchanges reached their peak in three years, largely due to Donald Trump’s victory in the U.S elections. As reported by New Hedge, the total value of spot crypto trades amounted to approximately $2.9 trillion in November, marking the highest figure since May 2021. Furthermore, a representative from Crypto.com stated that November saw unprecedented activity on their platform, recording the highest volume ever.

There’s been growing curiosity and financial commitment towards cryptocurrencies, resulting in high global trading volumes recently. We expect this favorable market outlook to persist through the initial quarter of the coming year.

As a researcher delving into this topic, I can affirm that the surge in volumes appears to have been ignited by the latest political shifts within the United States. Notably, influential figures in the industry speculate that the incoming administration may be the most crypto-friendly in history, fostering an advantageous regulatory environment for cryptocurrencies.

In regions outside the U.S., there’s a higher sense of assurance within the crypto industry due to governments establishing or promising to establish regulatory frameworks for digital assets. This regulatory clarity has played a key role in boosting worldwide acceptance and increasing trading activity.

Additionally, Kraken announced that they had a strong month in terms of trading activity, as their perpetual trading volumes saw a substantial increase.

There’s been a significant increase in trading volumes on Kraken’s perpetual contracts following the election, as many traders are either looking to gain leveraged positions or hedge risks during the market’s post-election surge. While Bitcoin futures have seen the most activity, there’s also growing interest in our Dogecoin and Solana perpetuals. In fact, the 24-hour trading volume for Dogecoin surpassed that of Ether for the first time.

Spot Bitcoin ETFs Stellar Month

A representative from Binance also acknowledged an increase in users joining the cryptocurrency space. This surge might be attributed to various reasons, such as the introduction of spot Bitcoin Exchange-Traded Funds (ETFs) in significant financial markets. The combined investments into these spot Bitcoin ETFs amounted to $6.87 billion, while withdrawals totaled $411 million. The overall value of the cryptocurrency market remains on an upward trend and currently stands at approximately $3.5 trillion.

By offering Bitcoin ETF choices, institutional investors now find it simpler to invest and manage risks, fueling a notable price surge. The increased capital flowing into these ETFs indicates that Bitcoin may continue to penetrate traditional finance sectors more deeply.

Bitcoin (BTC) Price Analysis

Bitcoin (BTC) is currently holding steady within the range of $94,000 to $98,000, having traded in this zone. At present, it’s trading slightly below $95,500, and over the last 24 hours, there’s been a minor decrease of 0.82%. BTC is finding it tough to gather momentum and move towards $100,000. Since reaching its all-time high on November 23, at $99,655, Bitcoin has shown relatively little movement. Interestingly, while the price action may be quiet, Bitcoin ETFs have continued to attract investments, with the exception of Grayscale, which saw withdrawals totaling $28 million. Furthermore, the confidence in BTC as a store of value was bolstered by news that MicroStrategy is increasing its Bitcoin holdings.

According to SEC filings, the company has recently purchased approximately 15,400 Bitcoins, investing around $1.5 billion in total, with an average price of about $95,976 per Bitcoin. This move is part of their ambitious strategy aimed at boosting their Bitcoin reserves. Now, MicroStrategy holds a massive 401,100 Bitcoins, worth more than $38 billion as of current market rates.

Now, let’s look at the price chart. BTC started the previous week in the red, registering a substantial drop on Monday and settling at $92,846. Buyers attempted a recovery on Tuesday but were thwarted as BTC sellers took control and drove the price down by 1% to $91,913. BTC also hit a low of $90,708 during the session. BTC recovered on Wednesday as it registered an increase of 4.32% to go back above $95,000 and settle at $95,883. Thursday saw BTC register a marginal decline as buyers and sellers struggled to establish control. However, it was back in positive territory on Friday, registering an increase of 1.76% and settling at $97,374.

The initial part of the weekend saw Bitcoin dropping by 1.14% on Saturday to reach $96,263. Yet, it surpassed $97,000 by Sunday following a 0.79% rise that pushed its value to $97,026. The new week started with Bitcoin once again in the negative territory, decreasing by 1.25% and settling at $95,812. Currently, the session shows a slight decrease as both buyers and sellers strive for dominance. Since Bitcoin is going through a consolidation phase, analysts anticipate it to stay above $95,000. However, it requires a catalyst to generate momentum and push beyond $100,000. Despite muted price activity, market observers remain optimistic about Bitcoin surpassing $100,000 before year-end.

Ethereum (ETH) Price Analysis

Currently, Ethereum (ETH) is holding a steady decline, with sellers aiming to push the price below $3,500. Over the past day, ETH has slipped by about 1.4%, finding it tough to gain momentum and surpass $3,700. The previous week saw Ethereum exhibiting high volatility as it plunged following an intraday peak of $3,547, eventually stabilizing at $3,415. On Tuesday, the price dipped by nearly 3%, settling at $3,325. Despite intense selling pressure on Tuesday, ETH made a comeback on Wednesday, surging almost 10% to break past $3,500 and settle at $3,657. However, it resumed its downward trend on Thursday, shedding over 2% and settling at $3,580. On Friday, there was a slight recovery, with the price increasing by 0.39%, and ending the day at $3,594. The buyers have managed to keep the price above $3,500 so far.

Bullish sentiment intensified over the weekend as ETH registered an increase of over 3% on Saturday to go above $3,700 and settle at $3,705. The price experienced volatility on Sunday but managed a marginal increase to $3,710. However, ETH fell back in the red on Monday after facing significant volatility as buyers and sellers struggled to establish control. As a result, ETH rose to an intraday high of $3,763 and fell to an intraday low of $3,559 before settling at $3,645 after registering a decline of almost 2%. The current session sees ETH remain in the red, with the price down by 0.56% at $3,625.

Solana (SOL) Price Analysis

As an analyst, I’m observing a potential recovery effort by Solana (SOL) following its bounce off the support at $220. After failing to maintain its position above $260, SOL witnessed a steep decline of over 7% last Monday, dropping below $250 and settling at $234. The cryptocurrency experienced significant volatility on Tuesday, with buyers attempting a recovery and sellers trying to push the price below the 20-day Simple Moving Average (SMA).

Bearish sentiment took over during the weekend as SOL dropped by 2.33% on Saturday and then registered a marginal decline on Sunday to settle at $237. Selling pressure registered a substantial increase on Monday as SOL slipped below the 20-day SMA after a drop of almost 5% and settled at $225. The current session sees SOL marginally up as buyers and sellers struggle to take control. Buyers will look to build momentum and push SOL back above the 20-day SMA. On the other hand, sellers will look to take control and drive SOL below $220. A break below this level could see SOL drop to $200.

Ripple (XRP) Price Analysis

Over the past week, Ripple (XRP) has experienced an extraordinary 93% surge and a nearly 20% increase in just the last 24 hours, marking a persistent upward trend. According to Santiment’s data, there’s been a significant rise in active wallets that have now exceeded 116,000. The trading volume for XRP has also increased by 92%, fueled by growing investor attention and retail participation. Despite these impressive figures, the surge in active wallets hasn’t been matched by an equivalent increase in whale activity, suggesting that large investors are treading cautiously. Furthermore, the on-chain profit-to-loss metric indicates that large traders are hesitant to make risky moves and aggressive plays during this ongoing rally.

As a researcher, I’ve been tracking the remarkable surge of XRP, starting mid-last week following a dip to $1.28 on Tuesday. Despite bearish sentiments, XRP bounced back by over 5% on Wednesday, reaching $1.47. The momentum continued on Thursday as buyers held steady, pushing XRP above $1.50 and settling at $1.54. The bullish trend intensified considerably on Friday, with XRP rallying nearly 17%, climbing to $1.80. Over the weekend, XRP maintained its bullish stance, registering an increase of 8.29% on Saturday, ultimately settling at $1.95. Attempts by sellers to drive down the price were unsuccessful as XRP rallied again, surging almost 18% to exceed $2 and settle at $2.29.

On Monday, XRP displayed a bullish trend with investors aiming for $3. This push propelled XRP by nearly 19%, peaking at an intraday high of $2.87 before settling at $2.72. Currently, the session shows a slight decrease of over 2% as sellers attempt to lower the price further. Yet, if buyers regain control, XRP may exceed $3 again.

Dogecoin (DOGE) Price Analysis

Dogecoin (DOGE) is experiencing significant fluctuations, moving between approximately $0.40 and $0.45. After a downward trend at the beginning of last week, DOGE dropped to an intra-day low of $0.365 on Tuesday. However, it bounced back on Wednesday with a 3.59% increase, ending the day at $0.401. Attempts by buyers to push DOGE upwards on Thursday were unsuccessful, losing steam after reaching an intra-day peak of $0.429. Consequently, the price fell back and closed at $0.401 again. Optimism among bulls grew stronger on Friday as DOGE experienced a 6.27% rise, ending the day at $0.427.

On Friday, DOGE saw a robust performance, but sellers took control on Saturday, causing a 1.31% decline. However, the coin bounced back on Sunday, concluding the week with a near 5% growth to reach $0.440. The opening of the new week was marked by intense volatility for DOGE, as it peaked at $0.463 intraday, but failed to surpass this level and dropped to an intraday low of $0.40. Currently, it’s trading at $0.424. As of now, the session has seen DOGE slipping further, with a nearly 2% decrease, and it’s currently priced at $0.416.

Filecoin (FIL) Price Analysis

Filecoin (FIL) experienced a series of ups and downs over the past few days. After hitting a low of $5.16 on Wednesday, it bounced back with a significant rise of approximately 7%, closing at $5.81. On Thursday, sellers tried to push FIL down to $5.50, but it recovered and ended the day at $5.81. On Friday, buyers re-entered the market, causing FIL to increase by nearly 6% and surpassing $6 to settle at $6.14. The bullish trend strengthened on Saturday as FIL climbed by over 15% to go above $7 and close at $7.08. However, the momentum waned after reaching this level, resulting in a drop in FIL’s value on Sunday, falling below $7 to settle at $6.87 following a decline of nearly 3%.

On Monday, buyers resumed their activity in the market as FIL experienced a nearly 6% surge, even amid significant market fluctuations. This boost pushed the price to reach $7.27. In the ongoing trading session, buyers have maintained control, causing a 1.26% increase in the price, which is now at $7.37.

Fantom (FTM) Price Analysis

Fantom (FTM) bounced off $1 on Friday to begin its latest rally, which has seen the price surge above crucial resistance levels. FTM registered an increase of almost 4% on Friday to settle at $1.03. Buyers retained control over the weekend despite significant volatility, rising by 1.39% on Saturday and nearly 5% on Sunday to settle at $1.09. The current week began with FTM facing unprecedented selling pressure as it fell to an intraday low of $0.98.

Despite dipping to around $1.15 earlier, FTM managed to rebound by nearly 14% and currently stands at $1.09. In this ongoing session, buyers are maintaining control despite attempts by sellers to push the price below $1. At present, FTM has risen from a low of $1.17 during this session to trade at $1.27, marking an increase of more than 2%.

2024-12-03 17:01