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Bitcoin holds steady above $56K as markets begin to calm

Bitcoin holds steady above $56K as markets begin to calm
Jordan
Major
10 months ago
3 mins read

After plummeting by more than 8% in a matter of hours on Friday to the $54,000 mark, Bitcoin (BTC) is back trading above $56,000 on November 30.

Indeed, despite the flash collapse on Friday, which knocked away about 9% of the global cryptocurrency market in a matter of hours, Bitcoin is now changing hands at $56,810, down 1.10% in the last 24 hours and down up 0.90% in the previous week, according to CoinMarketCap data.

BTC 7-day price chart. Source: CoinMarketCap.com

The flagship digital asset is now trading at $1.07 trillion. Meanwhile, the market’s uneven performance has left it in a situation of confusion, with experts split on whether it has lost its momentum after setting an all-time high earlier in November.

Several feel the market has entered a bear phase following a 20% drop from its all-time high, while others anticipate the recent downturn will precede new record highs by the end of 2021.

Altcoins prices 

Whatsmore, the Ethereum (ETH) price appears to be breaking out of its bullish pennant, and it is now aiming for a new all-time high at $5,000, following Friday’s dip when global markets sent crypto assets down. 

In particular, ETH looks to be ignoring Friday’s dip, with a speedy return to the uptrend, trading at $4,440.82, up 3.36% on the day and 7.78% in the previous seven days.

Crypto consultancy and educational platform Eight Global highlighted:

“ETH is starting to show strength against BTC. A break out of this huge bullish continuation pattern (bull flag) may result in a continuation of the uptrend.”

ETH/BTC price chart. Source: EightGlobal

Elsewhere, Shiba Inu’s (SHIB)price jump was followed by a significant increase in market interest, which occurred due to the presence of considerable purchasing power on whale-tier wallets. 

Notably, SHIB is trading $0.00004884, up 23.37% in the last 24 hours and 15.03% over the previous week, with a market cap of $26.8 billion.

SHIB 7-day price chart. Source: CoinMarketCap.com

It’s also worth mentioning that the decentralized token has now finally been listed on the Kraken exchange, which could have also helped increase the trade volume. For virtually the entire month of November, the Shiba Inu has been in a downtrend pattern. 

After reaching its lowest point of the month on Friday, with global markets in a state of panic, investors were able to identify purchase opportunities as fears over the new Covid variant began to subside. 

Interestingly, now out of the top 100 crypto assets ranked by market cap, SHIB has seen the most significant increase in daily gains, whether the increase in buying activity will continue and that this will mark the beginning of a new longer-term rally remains to be seen.

Top gainers top 100 crypto assets. Source: CoinMarketCap.com

Global crypto market

Elsewhere, over the last 24 hours, the global cryptocurrency market has decreased in value by almost 0.23%, putting it back above $2.5 trillion, as per CoinMarketcap statistics.

Global crypto market cap 1-day price chart. Source: CoinMarketCap.com

During the previous 24 hours, the market volume was $114.93 billion, a 5.73 percent increase from the previous day’s total. Currently, the overall volume of DeFi in the last 24 hours is $15.95 billion, or 13.88%, while the total volume of stablecoins is $90.25 billion, or 78.52%.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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Jordan Major
Author

Jordan is an investor and market analyst. He's passionate about stocks, ETFs, blockchain, and digital assets. At Finbold.com, he delves into the technicalities to obtain future trends for new market traders and gives insights into user-friendly platforms for beginners.

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