November 23, 2022
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November 17, 2022
Weekly Cryptocurrency Summary – Bitcoin (BTC / USD)
the BTC / USD coin extended its rally overnight rally, attracting strong bids above 51,500. Bitcoin started a new uptrend against the US dollar, after breaking through the $ 50,000 level. BTC is showing signs of improvement and could reach $ 52,000 in the near future.
Bitcoin is currently consolidating its gains, having hit a high of $ 51,500. It is well above the 23.6% Fib retracement level of the last upside down to $ 48,105, high of $ 51,500. It is also trading above $ 50,000 and the hourly simple moving average of 100. There is immediate upside resistance near the $ 51,500 mark, and $ 52,000 could be the next major hurdle.
A strong break above the resistance level of $ 52,000 could push the price up. The next major resistance barrier for bulls could be around $ 53,200. On the downside, if Bitcoin fails to break through the resistance zone of $ 51,500, it may start a downtrend. There is immediate support near the $ 50,700 level. The BTC / USD coin is trading at the 50,958.6 level and consolidates in the range between 50,657.1 and 51,521.4. However, sources suggest that the supply of illiquid Bitcoin has increased by more than 371,000 BTC since May 2021, which could lead to an upward trend in the value of BTC. According to the most recent report, the illiquid supply of BTC has reached multi-year highs, with around 371,000 Bitcoins added since the May slowdown.
Despite recent price drops caused by prolonged sell-offs and massive sales in the market, the illiquid supply continues to increase, indicating that longer-term holders have added Bitcoin in recent months. In other news, the CEO of Microstrategy predicts that Bitcoin will reach $ 6 million in value, claiming that it is “unstoppable” and will eventually replace gold. The executive personally owns 17,732 Bitcoins, while his company owns 122,478 Bitcoins. BTC / USD prices also benefited from this news.
Additionally, BTC’s bullish momentum was also helped by the risky mood in the crypto market, which several variables reinforced. Meanwhile, one of the critical variables that kept the BTC / USD the rise in prices was due to the general weakness of the US dollar, triggered by a risky market mood. In Asia, the US dollar was down on Friday morning as investors turned to riskier assets, as concerns about the aggressiveness of the Omicron COVID-19 variant faded.
The U.S. Food and Drug Administration on Thursday approved Merck & Co. Inc.’s (NYSE: MRK) COVID-19 pill Molnupiravir for emergency use, which has also thrilled investors. Additionally, a recent study in the UK found that Omicron infections are less likely to result in hospitalization.
Weekly Cryptocurrency Summary – Ethereum (ETH / USD)
The sense of risk in the crypto market could be linked to the buying bias surrounding Ethereum, which is the second largest cryptocurrency in the world. Bitcoin has started a new rally against the US dollar, breaking above the $ 50,000 level, indicating a sense of risk in the market. As we all know, Ethereum had a strong year in 2021, and the digital asset is expected to end the year on a less bullish tone.
Overall, investor attitude towards altcoin remains favorable, as most believe the cryptocurrency will perform well in the years to come. One person who believes in Ethereum, Armando Aguilar, crypto research analyst at Fundstrat, expects Ethereum to double in price next year.
In addition, the recent selling bias of the greenback is also helping the ETH / USD coin to stay bid. The US dollar fell in Asia on Friday morning, as investors turned to riskier assets, amid allaying fears about the aggressiveness of the Omicron COVID-19 variant. A new COVID-19 drug from Merck & Co. Inc. (NYSE: MRK), Molnupiravir, was approved for emergency use by the United States Food and Drug Administration on Thursday, giving investors more confidence. The dollar’s value against a basket of other currencies fell 0.02% to 96.035. (Figures released at 03:52 GMT).
Weekly Cryptocurrency Summary – Litecoin (LTC / USD)
Weekly Cryptocurrency Summary – Ripple (XRP / USD)
According to CEO Brad Garlinghouse, Ripple had its “best year ever,” despite the SEC’s lawsuit against XRP. In a series of tweets on Wednesday, Ripple CEO Brad Garlinghouse discussed his company’s accomplishments and cryptocurrency regulation. He claimed that despite the XRP lawsuit, Ripple had had its “best year ever.” This positive news could help limit larger losses in Ripple prices.
Weekly Cryptocurrency Summary – DOGECOIN (DOGE / USD)
Since the start of the day, the DOGE / USD currency pair has flashed green, and remains well above the 0.18500 level. The current price of Dogecoin is $ 0.181222, with a trading volume of $ 1,300,382,187 in the last 24 hours. Over the past 24 hours, Dogecoin has gained 1.57%, with a live market cap of $ 24,040,404,972, and it has an outstanding supply of 132,657,224,068 DOGE coins, with no maximum bid. This could be related to the bullish sentiment in the cryptocurrency market, which has helped virtually every cryptocurrency, including Dogecoin. Meanwhile, the sharp drop in the US dollar is seen as a crucial cause of the DOGE / USD move upward.
On the other hand, the Proof-of-Work (PoW) meme, Dogecoin (DOGE), has announced its ambition to switch to Proof-of-Stake (PoS). The Dogecoin Foundation has revealed that it is working with Vitalik Buterin, the founder of Ethereum, to create a unique community staking proposal, based on PoS. The PoS movement includes three main projects:
– a new currency called LibDogecoin
– a released version of the same money
– a new PoS wallet called Gigawalle
The integrators have already agreed to help the developers with the first tests. âThe Libdogecoin and GigaWallet projects will start to take shape over the next few months,â according to keywords, âand we have several early integrators looking to use them in their projects.â These early efforts are focused on building a solid foundation, while future projects will focus on increasing the throughput and scale of transactions. The value of DOGE / USD has increased significantly, due to the favorable developments surrounding Dogecoin.
Moreover, Elon Musk, the eccentric billionaire and CEO of Tesla, is well known for his fondness for Dogecoin. In a recent tweet, he explained why he prefers Dogecoin over Ethereum or Bitcoin. According to Musk, Bitcoin is a crypto coin that provides power to people who have recently become wealthy. Earlier this year, the CEO of Tesla asked the developers of DOGE to update the money based on memes, so that it can compete with the behemoths of the cryptocurrency industry, Bitcoin (BTC). and Ether (ETH). Elon Musk also addressed the controversy on web3 and explained why he supports DOGE. This development has not had a significant impact on the Doge so far.
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