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November 23, 2020
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Guide & Analysis

Market analysis: Will the new week finally change the price of Bitcoin?

After increases in U.S. stock futures, Bitcoin peaked at $ 11,550 in 3 days. Most altcoins remained calm, while Ethereum rose to $ 375.

Bitcoin continued to overcome recent adverse news and jumped to an intraday high of $ 11,550 a few hours ago. Ethereum’s value also increased to around $ 375, while most other high-capitalized altcoins remained relatively stable.

Bitcoin hits a high of $ 11,550

The weekend was quite optimistic for the cryptocurrency market. Despite reports indicating that the popular digital asset exchange OKEx has suspended withdrawals because its founder was allegedly arrested by the police, Bitcoin stood firm at $ 11,350.

In the past 24 hours, BTC has continued its rise. After gradually increasing to around $ 11,400, BTC peaked at $ 11,550 in 3 days (at Binance). This was the highest level since before the news of OKEx on Friday.

However, the bulls failed to maintain the race and the BTC dropped to $ 11,410 in the following hours. However, the asset has recovered some ground and is currently around $ 11,440.

The latest price increase may be related to developments in US stock futures. Dow Jones Industrial Average and S&P 500 futures contracts increased 0.5%, while Nasdaq 100 futures rose 0.7%.

Stability among high capitalization altcoins

After breaking through the $ 370 barrier yesterday, Ethereum maintained its momentum. Another 1.5% increase for ETH brought the second largest cryptocurrency to about $ 375.

In contrast, Binance Coin fell 2%, despite the recent massive burn. As a result, BNB dropped to less than $ 30.

The top 10 remaining representatives exhibited a lack of atypical volatility. Ripple (-0.5%), Bitcoin Cash (0.2%), Polkadot (0.4%), Chainlink (0.1%) and Litecoin (-0.2%) maintained essentially their values ​​at the same levels of yesterday.

Filecoin is the most substantial loser on a few consecutive days. The recent 22% eviction from FIL raised the asset to $ 31.

Crypto.com’s native cryptocurrency has also lost a significant share of value. The 11% drop in CRO price means it is trading below $ 0.12.

The most impressive gains are evident in Aave and Uma. LEND jumped 20% to $ 0.49, while UMA (17%) traded at $ 8.75.

Source: cryptopotato

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