TL;DR Breakdown
- Bitcoin manages to regain some of the lost value after crossing $58,500.
- Ethereum surpasses $4,300, as BNB and SOL also record gains.
- AVAX, FTM, and SHIB among highest gainers in a recovering market
The cryptocurrency market has always surprised the investing sector with its price fluctuations. Talks are ripe about 24-carat gold for saving beleaguered countries. The volatile market is highly unpredictable, as several coins record gains or shed value quickly. Yet, this attribute makes it unique and attractive for people all across the world. Bitcoin and Ethereum are prime examples of how their prices have skyrocketed over time.
However, the market is never unidirectional. It never stays bullish or bearish. This is why investing and then holding on to your investments is essential in the crypto sector. Recently, the cryptocurrency market turned red after a dream bull run. However, it was only a healthy correction. Over $390B was liquidated from the market, but the analysts were adamant about a comeback. As a result, the market is now looking to recover, and several tokens are recording huge gains to reward holders and dip buyers.
Bitcoin manages to close the gap with $60K
The leading cryptocurrency coin previously slid from a high of over $67K and slowly reached a concerning $55K mark. Many individuals were skeptical about the persistent bearish pattern of Bitcoin. However, it has recovered in the latest trading hours by going up by about 5.20%. It has almost touched the $59K mark and is currently trading at around $58,750.
The token is still below the crucial $60K mark, but its recovery is positive for the rest of the market. The coin’s trading volume is currently at $37.79B, and its market cap is at $1.11T. Bitcoin is still about 7.50% below last week’s price. But a continued recovery pattern might push Bitcoin through crucial resistance levels.
Ethereum bounces to $4.3k, other altcoins recover
The leading altcoin of the cryptocurrency market also grew in price. Ethereum is now at $4,300, after recording a low of slightly under $4,000. ETH also recorded a new ATH a few days back, and since then, it has consolidated by a significant margin. Nonetheless, Ether managed to bounce back from the $4K support level, and with a trading volume of over $19.79 B, it is looking to gain some stability in its price surge pattern.
SOL and ADA, commonly known as Ethereum Killers, have recorded gains of 12.70% and 6.60%, respectively. Solana has managed to rise to $215 after falling back to $190. It is looking strong to make more gains in the coming days, as investors are more inclined towards this record-breaking altcoin. On the other hand, ADA has also reached $1.88 in recent trading hours. The popular altcoin has struggled severely as it could not form a decisive bullish momentum, but now it is eyeing a potential price hike to pass through resistance levels.
Moreover, BNB has posted gains of about 11.50%. It has reached the $588 mark and is looking strong to go past $600. The market cap of the coin is also approaching $100B. On the other hand, XRP has gained 6.30%, and DOT has posted over 7.0%. CRO, LUNA, DOGE, and LTC were also among gainers.
FTM and AVAX stand out as the hottest gainers
Even though the entire altcoin market has managed to stay green in the recent trading hours, there have been a few clear standouts. Avalanche (AVAX) was already on a dream run after persistent bullish patterns in the last few weeks. However, FTM has now joined it in a similar trend.
FTM was previously struggling as it posted a low of around $1.80. This low came after FTM had gained a record high of $2.70, so many investors were somewhat concerned about the coin’s performance. Nonetheless, the coin has proved that its fundamentals are vital, as it has progressed for over 20% to regain $2.24. Its chart shows that the coin is on the rise after forming a low in the recent dip. The token’s trading volume has also spiked as the demand for the coin has increased lately. If FTM continues with the bull run, a strong momentum can lead it to new highs.
In addition to that, AVAX has remained to be a top gainer yet again. Nothing is stopping the coin, as it has further gained about 21%. AVAX has reached $119, as it has posted about 39% gains over the last week or so. The coin remained bullish in the market’s correction phase as well. The 220M AVAX coins in circulation make a factual statement in the crypto market through their consistent upsurge.
Shiba Inu has also posted a double-figure percentage gain by achieving about 14% lately. Its price was consolidating previously, but it has managed to fight back and close the gap with $0.00005. The meme coin is also staging a solid comeback, but it still needs to form a clear breakout for continued momentum.
It is yet to be seen if the correction phase of the market is over, but the recent trends in different tokens indeed decide that the market is turning bullish again.
Crypto media feverish on 24k gold tweets
Speculation runs high that the key to avoiding #inflation is to make sure beleaguered countries build up with 24 karat #gold. Who are the groups driving this perspective, and who gains from the media flurry? Michael Saylor once tweeted:
The non-stop parade of #Bitcoin miners coming public is accelerating the adoption of BTC as an institutional reserve asset while rapidly upgrading the technical and political security of the network & attracting billions of dollars in permanent capital.
Michael Saylor, MicroStrategy CEO
Saylor cited Rockdale as an example of what happens in shifting to Bitcoin as a “product.” A modest town of 5,600, an hour outside of Austin, Rockdale lost a major employer after Alcoa shut down its aluminum smelter in 2008. But the electrical infrastructure that Alcoa left behind is being put to new use: mining Bitcoins.
"If you want to eliminate inflation? Build everything with 24K gold," says @saylor on why he thinks #bitcoin is superior to gold. "It's pretty clear digital gold is going to replace gold in this decade." pic.twitter.com/DCmNShpnzq
— Squawk Box (@SquawkCNBC) November 19, 2021
Build everything with 24K gold,” says @saylor on why he thinks #bitcoin is superior to gold. Politicians chime in, hoping to get their dubious reputations lifted higher from a public disgrace slump on the Bitcoin hype. Even scalpers are into the game: Tech stocks are shooting higher even as rates edge up and some technology giants stumble. Investors don’t want to miss out on gains.
Is Bitcoin, the 24k gold, indeed a better store of value? Please tell us in your comments below. Keep walking in the light.
