WMA: Bulls Keep Bitcoin above $16k as DeFi Protocols Increase by $1.5B
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 $459 billion.
- Bitcoin recovers from two small drops to remain above $16,000
- Ethereum increases by 2% to keep control over its recent gains.
- XRP increased by nearly 8% to climb above the $0.27 level
- PayPal stays true to its crypto adoption strategy as it enables US users to buy, sell, and store Bitcoin through its service.
Crypto Trends 09th – 15th of November 2020: PERFORMANCE & ANALYSIS
Another productive week sees the cryptocurrency market gain more than $20 billion in market capitalization. Most of the top-20 cryptocurrencies by market cap have traded in the green. The DeFi tokens surged in value to accumulate more than $13.66 billion in locked value protocols, after gaining a whopping $1.5 billion over the past seven days.
After touching the $16,000 ceiling last week, Bitcoin started the next one trading at around $15,350, but it did not waste too much time around that mark. The bulls got behind it and got the primary cryptocurrency trading as high as $16,450 on Friday. Two short slumps saw the BTC price drop below $16k, but the bulls got back on track and restored it to what is now an ATH for 2020.
At the moment, Bitcoin is trading around $16,050 and looking to overcome the nearest resistance level at $16,400. The closest support level lies at $15,500.
Ethereum only managed a 2% increase in value in comparison with last week. However, its biggest victory represents keeping control of the recent gains. Ethereum is now trading at around $455 and looking to break the next resistance level at 475. The nearest support level lies at $440.
Ripple’s XRP is one of the best climbers of the week as it increased in value by nearly 8%. The investors hope that Ripple’s token will increase to reach and surpass this year’s all-time high at $0.33. At the moment, XRP is trading at $0.272.
Elsewhere, most of the DeFi tokens increased in value to reach new and promising heights. Uniswap boosted its value by more than 54%, and it is now trading at $4.15. Yearn. Finance increased by more than 21% to trade around $18,000, and SushiSwap saw its value enhance by 85% to trade around $1.16.
Elsewhere, after announcing its complete embracing of cryptocurrencies, PayPal announced that its US users can now buy, sell, and even store Bitcoin through its services.
What’s in the News?
- The CEO of KuCoin announced that they’ve managed to recover 84% of the stolen funds during the recent hack attack.
- The Construction Bank of China announced that it would sell $3 billion worth of debt using blockchain.
- New US Senator and Bitcoin holder Cynthia Lummis said that Bitcoin “is going to be an important player in stores of value for a long time to come.”
Next Week’s Market Forecast
The cryptocurrency market has had a productive November so far, and it is looking to end the year on a high. Bitcoin has recently proven that it is no longer dependent on correlations with traditional assets like gold and stocks, and it fuels the market’s ambitions for greatness. Furthermore, the continuing rise of the DeFi sector increases the market’s credibility and appeal among investors who so far have kept their distance.
The next week should see new developments in the trajectory of Ethereum, which is patiently waiting for the migration to Ethereum 2.0 in December, and that of bull-propelled Bitcoin.