Bitcoin, Ether, and XRP Weekly Market Update November 30, 2020

Monday 30 November 2020, 9:59 PM AEST - 1 month ago

The total crypto market cap added $13.5 billion to its value for the last seven days and now stands at $552.8 billion. The top 10 currencies showed mixed results for the same time period Ripples (XRP) added 40 percent while Polkadot (DOT) and Litecoin (LTC) lost 5.8 and 4.6 percent respectively. By the time of writing bitcoin (BTC) is trading at $18,354, ether (ETH) moved up to $582. XRP stabilized around $0.624.

BTC/USD

Bitcoin closed the trading day on Sunday, November 22 at $18,432 or 15 percent higher compared to the previous seven-day period. The coin made a slight pullback after almost hitting $19,000 during the previous session and temporarily dropped below the daily support at $17,700.

The leading cryptocurrency fell for a second consecutive day at the start of the new week forming a short red candle to $18,375. Still, buyers managed to keep the price floating above the $18,000 line and the overall uptrend remained intact.

On Tuesday, November 24, the BTC/USD pair climbed up to $19,160 and surpassed the next major resistance on the weekly and daily timeframes – $19,000. From a weekly chart perspective, this level is the highest ever reached by BTC. The move resulted in another 4.2 percent added to its value.

The mid-week session on Wednesday was a bad one for bulls. Bitcoin fell down to $18,730 and lost the horizontal support. The selloff was most probably triggered by the upcoming Thanksgiving holidays in the United States and was preceded by a double-top formation on the 1-hour chart.

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