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Guide & Analysis

Market analysis: the bitcoin lull after the storm

After days of price developments, Bitcoin and high-cap altcoins have calmed down. YFI and AAVE had double-digit increases, would DeFi return?

Bitcoin went on a wild ride yesterday when news of a COVID-19 vaccine broke out, but it has calmed down since then and is currently traded for around $ 15,300. The main altcoins also calmed down, as Ethereum is around $ 450 and XRP at $ 0.25.

Bitcoin calms down after increasing volatility

The BTC showed huge fluctuations last week. It reached a new annual high of around $ 16,000 on Friday, but fell a few days later to less than $ 14,300.

Volatility remained high in the past 24 hours, when reports emerged that the American pharmaceutical multinational Pfizer had developed a COVID-19 vaccine that has been successful in more than 90% of cases.

As a result, BTC lost momentum along with technology stocks such as ZOOM, PayPal and DocuSign. Shortly thereafter, Bitcoin hit a $ 14,800 fund (at Bistamp) and has since recovered.

From a technical point of view, the next resistance lines are at $ 15,400, $ 15,750 and the psychological at $ 16,000. Alternatively, BTC could count on support levels of $ 15,000, $ 14,900 and $ 14,600 in the event of another collapse.

Altcoins

Altcoins were not exempt from the recent high volatility. However, they also calmed down on a 24-hour scale, similar to Bitcoin.

Ethereum was trading at $ 370 just a week ago, on November 3. Since then, the second largest digital asset has earned up to $ 100 at one point. It has fallen back a bit in the past few days and is currently around $ 450.

The XRP tested $ 0.27 a few days ago, after a 13% increase. The XRP failed to break above it and fell to $ 0.25.

Litecoin (-3%) and Bitcoin Cash (-3%) were the ones that lost the most value in the top 10. As a result, LTC fell below $ 60, while BCH fights for $ 260. ChainLink has the best performance here, with an increase of 2%.

Despite the relatively calm high capitalization altcoins, some of the medium and low capitalization have made impressive gains. Civic (67%) leads the way. In addition, CVC increased by almost 500% last week, which placed it in the top 100.

Golem (40%) and Yearn Finance (17%, trading for more than 1 BTC again) are next. Interestingly, YFI’s price is higher than BTC’s now – $ 17,100.

Other representatives of the double-digit price increase club include Ocean Protocol (16%), Decentraland (13%), Aave (11%), NEAR Protocol (11%) and Status (10%).

Source: cryptopotato

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