WMA: Bitcoin (BTC) and Ethereum (ETH) Shoot for Historic Heights
Get the weekly summary of cryptocurrency market trends, news, and forecasts!
This Week’s Summary
- The Crypto Market ends the week at a total market capitalization of $530 billion.
- Bitcoin increases by more than 14% throughout the week to trade over $18,000
- Ethereum surges over $500 with a 17% increase over the past seven days.
- XRP increases by nearly 60% as it breaks past $0.40
- The DeFi sector continues to rise as the total value of locked protocols passes $14 billion.
Crypto Trends 16th – 22nd of November 2020: PERFORMANCE & ANALYSIS
The cryptocurrency market ends one of the most exciting weeks this year, probably in its entire history. With Bitcoin getting close to its ATH, Ethereum breaking past $500, and the blooming DeFi sector locking in billions of dollars by the day, there is very little to complain about the emerging digital market assets.
With five weeks left until the end of the year, the crypto market boasts an imposing market capitalization of $526 billion, which is $70 billion more than it had seven days ago. The DeFi market, which has been surging all year, doesn’t seem to take a break, and it is now recording $14.12 billion in locked value protocols.
However, Bitcoin’s prize for the digital asset with the most exciting evolution was won again. The primary cryptocurrency has gained more than $2,000 in value over the past week, and it is now aiming to surpass its $20,000 all-time high (ATH) from December 2017.
At the time of this writing, BTC is catching its breath and trading around $18,275. If the bulls continue their enthusiastic push, Bitcoin could easily break the next resistance at $18,900. Otherwise, it might drive in reverse and hit the nearest support level at $18,000.
If you think that Bitcoin had a great week, wait until you hear about Ethereum!
With an increase of more than 17% over the last seven days, Ethereum managed to break far past its predictions. It even reached as high as $540 on Friday. Nothing seems to stop the 2nd-crypto in command, and the upcoming release of the Ethereum 2.0 update is attracting investors like a magnet.
Ethereum is now trading at around $532 and looking to break the next resistance level at $560. The nearest support level lies at $490.
Ripple’s XRP has had another great week with a staggering increase in its value of nearly 60%. Investors were hoping that the coin would trade at least above $0.30 until the end of November. But, look and behold, XRP is trading now at around $0.435!
Elsewhere, there were significant gains for most of the top-20 cryptocurrencies and DeFi tokens. Some of the most eye-catching value boosts came from Litecoin, which increased by more than 30%, and Polkadot, which saw its price gain nearly 23% over the last seven days.
What’s in the News?
- Hackers stole more than $20 million from DeFi protocol Pickle Finance, according to this report.
- Vitalik Buterin tweeted that the much-expected merge between Ethereum and its future update might take more than a year to complete.
- Grayscale Investments, the largest cryptocurrency investment fund, has announced that it holds over 2.4% of all the Bitcoins in its custody.
Next Week’s Market Forecast
The cryptocurrency market is looking to end the year on a high, so it should not be surprising if the next week brings even more billions into its market cap.
As November nears its end, Bitcoin will try to surpass its ATH just in time to end a 3-year wait since the previous record. Ethereum is proving its worth as it aims to break past $600, and the DeFi sector looks to add at least another billion to its TVL before the month ends. The entire market is on a bullish rise, and the bears seem to be in for a long hibernation.