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Bitcoin, Ethereum, Binance Coin, Dogecoin, Avalanche Price Analysis – 23 November Roundup

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  • Bitcoin goes through depreciation, and the price falls to the US $56,400 range.
  • The Crypto market sees a positive change; market cap value reaches $2.56 T.
  • Ethereum turns green, sees a 2.89% rise in market value for the last 24 hours.
  • Binance Coin also shows improvement, hikes to 2.98% in the last 24 hours.  
  • Solar Energy and ALL BEST ICO stay as the top gainers in the last 24 hours.

Fluctuations in the crypto industry are unpredictable, and the same can be said about the last 24 hours. Yesterday, the top three coins in the list depreciated, while at the time of writing, excluding the first one, two are improving. Though the fluctuating prices, these three continue to occupy the top positions. Thus, some currencies have shown significant improvements, but still, they can’t challenge the mentioned coins’ dominance.

The value of the top three coins has a significant impact on the cryptocurrency’s market cap and volume. As witnessed during the last 24 hours, when these three showed signs of improvement, the market saw a positive tendency. The improvement in market cap for the last 24 hours was 0.01% which is better than yesterday, as it was negative.  

Bitcoin sees further 0.63% depreciation

Bitcoin’s price at the time of writing was estimated to be in the 56,400 range. However, depreciation prevailed, following the bearish trend. It has seen a redness of 0.63% in the last 24 hours, 5.09% for the last seven days. Compared to Bitcoin, the next two in the list have seen improvement. Last week many predictions said that bitcoin was supposed to cross the $60K barrier but could not.

Instead of crossing the $60K barrier or retaining its value, it has shown redness, a surprise for predictors and investors. The market cap of bitcoin for the last 24 hours remained $1,065,594,881,395. At the time of writing, its volume for the last 24 hours was $36,546,370,089, which equals 647,575 BTC. The circulating supply of bitcoins in the market was 18,881,550 BTC.  

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Bitcoin has shown negative progress for the last seven days but could surge again like its previous improvements.

Bitcoin, Ethereum, Binance Coin, Dogecoin, Avalanche Price Analysis – 23 November Roundup 1
Source: TradingView

ETH and BNB turn bullish

In contrast to Bitcoin, Ethereum (ETH) and Binance Coin (BNB) have turned bullish showing big improvements. Ethereum turned green and, at the time of writing, showed an improvement of 2.89%. Its price was recorded to be in the $42,200 range. The price movements are expected to improve further as the greenness seems to don’t stop early. The recent metrics show that its overall performance for the last seven days has shown bullishness of 2.75%. Ethereum’s current market cap is estimated to be $503,727,656,401. Its volume for the last 24 hours is estimated to be $21,793,352,687 which is estimated to equal 5,125,244ETH.

The circulating supply of Ethereum at the time of writing is 118,463,980 ETH. Its overall performance for the last week has been satisfactory as it went through ups and downs but maintained its value.

Bitcoin, Ethereum, Binance Coin, Dogecoin, Avalanche Price Analysis – 23 November Roundup 2
Source: TradingView

BNB ranks third in the list of top three cryptocurrencies. The 2.98% increase in the last 24 hours has enhanced its price, which rose to the $582 range. For the last seven days, its performance is not on par with Ethereum but is significantly good, as it has shown a 0.94% greenness. The market cap of Binance Coin at the time of writing was estimated to be $97,244,770,247.

Its volume for the last 24 hours was $2,915,201,092 which equals 5,000,360 BNB. Its circulating supply was 166,801,148 BNB. The last seven days for Binance Coin have been overall good, and it has shown a green chart.

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Unlike the topmost coin, BNB has shown much better results, while in comparison to Ethereum, it lags in the competition.  

Bitcoin, Ethereum, Binance Coin, Dogecoin, Avalanche Price Analysis – 23 November Roundup 3
Source: TradingView

Dogecoin and Avalanche

Dogecoin (DOGE) and Avalanche (AVAX) have continued to contend for the tenth position in the list of top 10 coins. However, in a recent upset, Dogecoin has ousted Avalanche from the top ten and has gripped the tenth position in the list. At the time of writing, Dogecoin was holding tenth place while Avalanche held the eleventh position.

Dogecoin price has improved, and it is estimated to be $0.2225. The greenness that Dogecoin has shown for the last 24 hours is estimated to be 0.95%. In contrast to its performance in the 24 hours, it has shown a redness of 4.78% in the last seven days.  The current market cap of DOGE is estimated to be $29,468,820,226.

Dogecoin’s volume for the last 24 hours was equal to $1,956,992,459 which equals 8,781,659,548 DOGE. Its overall performance for the last week was red in comparison to other weeks.

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Avalanche has depreciated a position as Dogecoin ousted it. The current price of Avalanche, at the time of writing, is in the $120 range. It has shown a depreciation of 8.93% in the last 24 hours. In comparison, its past seven days have been much better, seeing a rise of 27.05%. Like its previous surges, it might soon revitalize and clench the tenth position in the list.  

Top losers and gainers

For the last 24 hours, the top gainers were Electric Vehicle Direct Currency (EVDC), which made gains amounting to 680714711.13% in the last 24 hours, and Solar Energy (SEG) made a gain of 42842.74% in the last 24 hours.

Bitcoin, Ethereum, Binance Coin, Dogecoin, Avalanche Price Analysis – 23 November Roundup 4
EVDC Charts: TradingView

The top losers in the list were FastSwap Fast, which made losses amounting to 98.88%, and Shockwave Finance, which turned red up to 98.58%.

Final thoughts

As there are upsets seen in the crypto market, these revitalize the hopes of investors. The recent surge in the value of Ethereum and Binance shows the trust of investors in these currencies. The way these two and Dogecoin have shown improvement indicates that they might improve further in the days ahead.

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The loss of value in the case of some currencies shows the tough competition, which makes it better for wise investors. However, this rise and fall will continue to challenge the investors’ nerves. Moreover, a word war between top influencers on Twitter could certainly affect prices.

After Changpeng Zhao (CZ) ‘s comment on DOGE users, centibillionaire Elon Musk urged funds withdrawal from centralized trading platforms (like Binance and Coinbase) so that Dogecoin holders control their private keys. Musk’s candid Twitter posts have often impacted the market as we have seen how DOGE prices were boosted sky-high by his memes and tweets; his Tesla tweets also caused the slump in Bitcoin prices.

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CZ fired back, explaining the problem to Musk and his followers on Twitter. CZ clarified the issue on Yahoo Finance Live and included a story in The Guardian about the Tesla software glitch that resulted in a recall of about 12,000 vehicles.

Should Musk’s over 62.5 million followers heed his trumpet call to abandon centralized trading platforms, would that be better for the crypto market? Please tell us in your comments below.

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Bitcoin Senator Rallies For Support Against Powell’s Renomination As Federal Reserve Chair, Here’s Why

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Popular Bitcoin Senator, Senator Cynthia Lummis is reportedly soliciting for the support of her fellow Republicans in her stance against Jay Powell after the latter got renominated to chair the Federal Reserve.

Bitcoin Senator Wary of Crypto-unfriendly Nominees

As reported by Decrypt who first broke the news, a source in Lummis’ office says her reasons border on her belief that there is an unlawful treatment of crypto-based institutions in her home state, Wyoming.

Meanwhile, the Bitcoin senator is not only against the nomination of Powell. The source still claims that Senator Lummis is also asking her Republican colleagues to help block Leal Brainard’s nomination as well. Brainard is another nominee of President Biden’s for the Fed positions.

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Lummis’ skepticism might be as a result of the Special Purpose Depository Institutions or SPDIs as they are otherwise called. They are a new type of crypto-based bank that Wyoming lawmakers granted a special operational license to, just last year.

Two crypto-based companies that received the license in 2020 include Kraken exchange and Avanti — the stablecoin issuer. However, the Federal Reserve’s decision to not approve their applications for central bank-issued accounts has placed a hold on their banking ambitions.

Speaking about the Federal Reserve’s delay in a Wall Street Journal feature article by Lummis on Wednesday, she says it is an intentional and unlawful obstruction. She added that the Fed’s reasons are ambiguous at best. According to the Bitcoin Senator, Lummis claimed that the Wyoming entities have met all requirements for being a bank under the Federal Reserve Act.

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Lummis insists that Powell and Brainard are only avoiding their legal obligations in their continued treatment of SPDIs and like many other U.S lawmakers, she wants to know why.

Could Lummis’ Pressure Affect Powell’s Confirmation?

As Lummis continues to apply even more pressure on her colleagues, the possible extent to which this pressure can truly go in affecting the confirmation process of both Powell and Brainard, remains to be seen.

But with the chair of the Senate Banking Committee, Sherrod Brown, reportedly holding a vote on the pair sometime this month, both of them could be confirmed.

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Also, there’s a possibility of a potential tight vote now that some progressive Democrats — most notably Elizabeth Warren — are saying they will not be voting for Powell.

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PlanB’s Floor Model First Miss: Bitcoin Price Closed Way Below $98K In November

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PlanB’s floor model was wrong about BTC’s November closing price. The stock-to-flow model, though, is still on track.

Bitcoin’s closing price for November below $60,000 meant that PlanB’s floor model, which was particularly accurate until now, was finally broken.

At the same time, though, the analyst confirmed that the more popular stock-to-flow model was still valid as BTC is on track towards $100,000.

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PlanB’s Floor Model Fails

PlanB is among the most popular analysts in the cryptocurrency space, predominantly known for the Bitcoin stock-to-flow model, which he published in early 2019. However, he also posted another model, which he referred to as the “worst-case scenario,” in July this year.

Also known as the floor model, it’s based on technical aspects, such as the 200-day moving average, and saw BTC closing August at $47,000, September at $43,000, and October at $63,000.

The first two months were spot on. BTC closed in October at $61,000, which was still very near to the model’s predicted price, and PlanB said it was “good enough” for him.

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However, November’s closing actual closing price of way below $60,000 was quite different from what the model envisioned – $98,000. As such, the analyst admitted that this was the model’s first miss after nailing the previous few months.

S2F on Track

As mentioned above, the floor model works separately from the stock-to-flow model, which sees the stock as the size of existing reserves (or stockpiles) and the flow as the annual supply of new bitcoins to the market.

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It’s actually even more bullish as the original version sees bitcoin tapping $100,000 by the end of the year. The upgraded stock-to-flow cross-asset model, which introduced different phases of bitcoin’s development, predicted a price tag of $288,000 until 2024.

Although bitcoin still struggles below $60,000 at the time of this writing, PlanB believes that the original S2F hasn’t been broken as the asset is on its way towards $100,000. If BTC is indeed to go into a six-digit price territory, it would have to increase its USD value by more than 66% in the next 30 days.

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CashApp Added Bitcoin Taproot Support, Here’s Why It Is Important

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CashApp now supports the updated version of Bitcoin

The widely known Cash App mobile payment service developed by Square, which is being used to transfer money with the usage of a mobile app, now fully supports the Bitcoin taproot update.

The mobile payments service is currently available in the U.S. and the U.K. but is still reporting 70 million annual transactions between users and generating $1.8 billion in gross profit.

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The taproot upgrade was highly anticipated by the Bitcoin network and the cryptocurrency community in general. Previously, the update went into effect on Nov. 14, 2021, at block 709,632.

Previously, the announcement appeared on the app’s website that has described numerous benefits that users will experience after the implementation of the update. One of the main advantages is increased privacy and reduced transaction fees.

The two-week period has been chosen to confirm the functionality of the updated version of the currency. As for now, the update has been activated for all customers. Taproot-enabled wallets are now available for both receiving and sending.

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