Daily Market Update - December 4, 2020

BTC to USD, rose by 1.14% on Thursday. Following on from a 2.25% gain on Wednesday, Bitcoin ended the day at $19.449.0.

It was another bearish start to the day. Bitcoin fell to a mid-morning intraday low $18,900.0 before making a move.

Steering clear of the first major support level at $18,620, Bitcoin rose to a late afternoon intraday high $19,628.0.

Coming up against the first major resistance level at $19,603, Bitcoin fell back to sub-$19,230 levels and into the red.

Finding late support, however, Bitcoin moved back through to $19,400 levels to deliver the upside on the day.

The near-term bullish trend remained intact, supported by the latest recovery to $19,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $10,095 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Thursday.

Polkadot fell by 2.33% to buck the trend on the day.

It was a bullish day for the rest of the majors, however.

Cardano’s ADA and Ethereum led the way, with gains of 3.48% and 3.29% respectively.

Binance Coin (+1.43%), Bitcoin Cash SV (+0.27%), Chainlink (+0.15%), Crypto.com Coin (+0.46%), Litecoin (+0.16%), and Ripple’s XRP (+0.19%) saw relatively modest gains on the day.

In the current week, the crypto total market cap rose to a Tuesday high $589.96bn before falling to a Tuesday low $525.17bn. At the time of writing, the total market cap stood at $573.35bn.

Bitcoin’s dominance fell to a Monday low 62.55% before rising to a Tuesday high 63.97%. At the time of writing, Bitcoin’s dominance stood at 63.20%.

DeFi watch:

Alt coins seeing a resurgence during this week and Defi TVL increasing to 14.82B to its ATH:

  • $ADA USD +4.5% to 0.16

  • $YFI incredible’s jump back to 30k from 7,500 levels Nov 5th, near 300% gains.

  • $AAVE up 20% over the past couple of days after the 20k sell off triggered from $BTC’s earlier in the week.

News that caught our eye:

  • Visa announces its partnership with Circle to integrating $USDC into their platform with 60M merchants

  • Coinshares suggested that portfolio managers who do not have Bitcoin in their portfolios could be risking their careers. Blockchain was voted the no.1 in-demand hard skill on LinkedIn.

  • Still not convinced about career prospects? Spotify is looking for an Associate Director to lead its payments team for receiving digital assets.

  • In case you missed it earlier in the week, personal data was inadvertently leaked by Australia’s largest digital asset exchange which may have compromised over 270,000 users. It’s an important reminder to remain vigilant and to set your two-factor authentication on your trading accounts. We’d advise considering such an approach across all of your online profiles where available (email, social media, banking, et al.).

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