The crypto market seems to have shaken off Pfizer’s discovery of a new COVID-19 variant, designated “Nu,” which some parties claim could pose a problem for vaccination and resulted in both the crypto industry and stocks responding with massive selloffs.
Last week, El Salvador took advantage of the “Black Friday” discount and added an additional 100 BTC to its portfolio as it continued to show no sign of ever going back on its bitcoin adoption decision.
The new week welcomes a humpback whale to the as it splashes more funds into the market. MicroStrategy has remained unwilling to give up its position as the largest corporate holder of bitcoin, as it just recently completed the purchase of over 7,000 BTC. Michael Saylor, revealed that MicroStrategy has bought about 7,002 BTC for a whopping $414.4 million in cash.
The crypto market has responded the way many would expect, with both whales announcing their massive buys. Although very few hikes were seen yesterday, these leads could not be contained initially but the till the end of the intraday session
The global cryptocurrency market cap over the last 24 hours has shown little to no increase. The situation is getting better as of the time of writing as a fair amount of the projects seem to be having a green candle party.
Source: Coin360
The chart above shades more light about the conditions of the industry. The chart also displays some coins that have had little increase over the past 24 hours. The constant drop in the price of the most valued coin has also resulted in a decrease in its market dominance.
The Fear and Greed index holds good news for traders as we note that the metric has risen considerably during the past intraday session. The current reading of the index is 40 as opposed to 33 from yesterday.
The crypto industry saw relative surges at the start of the past week but ended up with bears having the last laugh. Will the bulls follow up on the price growth some assets are seeing now or will the bears seize control? Here are the top five cryptocurrencies to watch this week.
BTC/USD
The most valued crypto asset is currently trading at $57,953 as of this time. Although there has not significant increase in the price of the apex coin over the last 24 hours, nonetheless, the coin hit reverse as it was retracing in the early part of the day.
Bitcoin opened the week at $57,273 and has seen a low $55,918 as well as a high of $59,250. Judging by the high, it is easy to conclude that we may see more price changes as the week progresses.
Last week, Bitcoin opened the trading at $58,600 after suffering a more than 10% decrease the week before. The king coin has shown a lot of progress seven days ago as it gained more than 5% – sparking hopes of a return to $60k . The surge saw it leave the low for the week and take a step closer to $60,000 but falling short by less than $500.
The proposed Moonvember saw another setback as BTC failed to recover and soar following the discount it provided on Friday. The same script seems to be playing out this week as the top coin price continues to show increased volatility and more bearish tendencies.
The question on every traders’ mind as of this time is will bitcoin follow the same script as the past seven days? It is important to note that market fundamentals are playing a huge role in the current surge we are seeing now.
Trend indicators like the Moving Average Convergence Divergence (MACD) is also hinting at a continuation of the uptrend as we are about a bullish interception. Going by this, we may expect the king coin to exceed $60k. Bearing in mind the ever-changing scene of the market, the bears still lurk.
MANA/USD
Decentraland gained 41% last week as it saw a low of $3.52 and a high of $5.91. Following a more than 200% increase during the last seven days of October, the metaverse token took a short break and returned to bullish.
Since October till date, the MANA/USD pair has gained more than 300%. Will the streak continue? We observed that the top metaverse coin is trading at a loss of up to 10% as of the time of writing.
The thrill of the virtual world is still intriguing to many as more corporate organizations are joining the train with the latest firm being Adidas. It is safe to conclude that market fundamentals are still bullish and MANA will continue to surge with little downtrends.
The situation of the project is however alarming as it has not seen this level of correction in a long time. Adding to the worries is that MACD is about seeing a bearish cross.
SAND/USD
The Sandbox gained 87% last week as it saw a low of $3.6 and a high of $8.1. Following a more than 98% increase during the last seven days of October, the metaverse token has been on the rise and has shown no signs of relenting.
Since October till date, the SAND/USD pair has gained more than 290%. Will the streak continue? We observed that the top metaverse coin is trading at a loss of up to 10% as of the time of writing. Considering the bullish state of the crypto virtual world, we may see SAND hit rebound.
The situation of the project is however alarming as it has not seen this level of correction in a long time. Adding to that worry is that MACD is about to see a bearish interception. There are no established supports until $6.13 and may flip based on the selling pressure.
GALA/USD
The barely three week old coin has seen a lot of uptrends during its short stay in the market. The project increased by more than 200% since it was first introduced to the market. Following the hike in prices, GALA flipped much resistance and has seen little correction which has resulted in establishing few support levels.
Many indicators are not applying to this project considering the young age. Nonetheless, the price movement mimicks that of the SAND and is seeing the second day of consistent loss. We may conclude that a failure to surge may cause the GALA/USD to test the $0.58 support
Your crypto deserves the best security. Get a Ledger hardware wallet for just $79!
