Weekly Crypto Market Analysis: Bitcoin Struggles, Altcoins Stagnate and UpBit gets Hacked
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This Week’s Summary
Crypto Trends 25th Nov – 1st Dec 2019: PERFORMANCE & ANALYSIS
It hasn’t been the best week for the cryptocurrency market as high volatility and the Bitcoin impotence dominate the headlines. The only good news to come from the last week of November is that altcoins did not lose its market share.
Bitcoin began the week around the $7,000 mark, and experts were hoping for a bullish action that would boost it past $8,000 before December came along. However, two days later, BTC was trading at a disappointing $6,600. The shock didn’t last too long as the price skyrocketed to $7,800 in less than 36 hours.
This kind of market volatility forced experienced investors to put a lock on their wallets. As the weekend rolled in, BTC’s value started bleeding. At the time of this writing, it was trading at $7,550 and moving South.
Bitcoin has been in disappointing form for more than three months now. Nevertheless, during the past week, the altcoins did not follow suit. Most of them held their market share. Even if they did not exceed the expectations, they did not lose value points either.
One fortunate example of consistent crypto is Ethereum. The second-most popular digital asset remained around the $150 mark for a second week in a row. Not even the hacking of South Korean exchange UpBit has busted its bubble.
According to a local report, UpBit lost more than $50 million worth of Ethereum at the hands of hackers. Ethereum is still enjoying strong support, which it may lose only if it drops below $130. Still, the secret wish of Ether users everywhere is that the altcoins will break the resistance at $180 before the year ends. At the time of this writing, Ethereum trades at $151.90.
Elsewhere, Ripple lost a bit of its recently-gained buoyancy as it almost hit $0.20 earlier this week. In spite of the high market volatility, XRP quickly regrouped and rose to hit the next level of resistance, which is at $0.2345. At the time of this writing, XRP is trading for $0.2250.
What’s in the News?
Next Week’s Market Forecast
In the upcoming week, Bitcoin could follow a downtrend as the IDAX affair is still in full development. It seems that in recent months every little piece of news regarding cryptos or blockchain has tremendously affected BTC price evolution.
The forecast for Bitcoin is not as dire as some would like to believe. Few are to believe that BTC will soon reach $1,000 as crypto analyst Magic recently told his Twitter readers. In the absence of a “Deus ex machina” event, Bitcoin is unlikely to reach $10,000 by the end of the year.
Elsewhere, Ethereum and XRP should remain stuck hovering over the $150 mark and $0.22 threshold respectively. One of the most interesting altcoins to follow in the next 7 days is Tezos. It is the only digital coin to experience a positive change throughout the end of November, and everyone wants to see if it can go over its current trading value of $1.34.