Market Mostly Trades Sideways as Bitcoin Price Hovers Around $8,800

Market Mostly Trades Sideways as Bitcoin Price Hovers Around $8,800

Tuesday Nov. 12 — markets are largely trading sideways with many changes among the top-20 coins not exceeding 1% on the day.

market daily overview. Source: Coin360
Bitcoin (BTC) has been trading sideways for the better part of the day and continues to circle the $8,800 price mark. The world’s largest bounced off a local low of $8,705 earlier today before moving to its current trading price at around $8,750, showing a small gain of 0.27% on the day.

BTC daily price chart. Source: Coin360
continues its struggle to hold on to its current trading levels, but traders, including Cointelegraph contributor Michaël van de Poppe, are starting to wonder whether  BTC could drop further to around $8,400.
Well-known industry figure Bobby Lee, on the other hand, doesn’t fear BTC’s current price struggles, as he recently said that will eventually surpass the market cap of gold and could ultimately be worth a whopping $1 million. 
Ether (ETH), meanwhile, is currently sitting at $186 per coin. The number one altcoin saw a small dip in sync with BTC to show a slight loss of around 0.1% at publishing time.
Cointelegraph contributor Rakesh Upadhyay recently reported that a breakout of $197.75 could be a positive move that will carry the price to the overhead resistance zone of $223.999 to $235.70. However, if the bears sink the price below the support at $173.841, Ether may decline to the $161.056-$151.829 support zone.

See also  Trade finance: The latest industry to boost DLT adoption amid COVID-19

Ether seven-day price chart. Source: Coin360
XRP, the third-largest coin by market capitalization, is currently trading at $0.271 per coin, down 1.44% at press time. The recent annual Swell conference, where CEO Brad Garlinghouse said that he doesn’t think about the price of XRP in the short term, has failed to trigger any positive price action for the coin.

XRP seven-day price chart. Source: Coin360
Top-20 coins show mixed signals
Most of the top 20 coins are trading sideways, with many seeing movement of under 1% in either direction.
One of the only exceptions is NEO, which is showing an impressive gain of more than 10% in the last 24 hours, followed by Chainlink (Link), which is recording gains of 3.29% on the day.
Cosmos (ATOM), the number eighteen coin by market cap, took the biggest fall today with a loss of more than 4%.
The overall market cap currently sits at $240 billion, with making up 66% of the total.
Keep track of top markets in real time

See also  Telegram Releases TON Testnet Explorer and Node Software

Leave a Reply

Your email address will not be published. Required fields are marked *

Want to automate your crypto Trading?
Try this new trading Robot!

Your information will be validated and you will be automatically redirected to the trading robot advanced dashboard.