Market Wrap: Ethereum Returns to $2k As SOL Registers 50% Gain For November

Ethereum had one of its best performances over the last twenty-nine days. As a result, the apex altcoin returned to its previous high.

The increase in the value of major alts reflected in the global cryptocurrency market cap. It was valued at $1.28 trillion at the start of the month. This was the lowest valuation as the sector experienced gradual increases. As a result, it peaked at $1.44 trillion as the session progressed. At the time of writing, the industry’s worth is at $1.42 trillion. This indicates that the crypto market gained almost 4% during November.

The value of the alt market also saw more increases. As per Coingecko, the sector saw an almost 10% positive change. One of the contributing asset to this significant improvement is AVAX. It opened at $11 but enjoyed massive surges that saw it flip several resistances. It attempted $25 but failed as it faced strong rejection at $24.6 (the high). In the end, it may end the present 30-day period with gains of almost 90%.

Other events took place on other major assets as well.

Ethereum Climbs Above $2,000

Ethereum started November a little slow. During the first week, it struggled to break the small resistance at $1,865. After flipping it, it also tried to maintain prices above it until it had its biggest single-day surge and first attempt at $2k for the first time in five months.

It opened the day at $1,889 but enjoyed a massive increase in buying volume that shot price up. As a result, it broke the said barrier and went as high as $2,131. After small retracements, it ended the day with gains of more than 12%.

Following its return to $2k another struggle unfolded. It retested the $1,900 support several time but failed to flip it. On the other hand, all attempts at $2,200 proved futile most times, the coin faces strong rejections around $2,130. Additionally, it failed to attain a new high as the previous stands at $2,140 in April.

Aside from failing to break the critical level, ETH recorded its third-largest monthly gain in 2023. It started the eleventh month at $1,815 but may close above $2k. Nonetheless, the apex alt gained more than 13%.