Total Market Cap $570.1 B (+4.01%)
24 Hour Volume $291.1 B (+35.71%)
Notable Movers Verge (XVG) (+41.44%)
Bitcoin Dominance 62.3% (-1.11%)
How high can bitcoin’s price go? Analysts say the higher the price, the more investors will plow in. Meanwhile, increasing ether options volume on Deribit is likely making derivatives more expensive.
Bitcoin’s 24-hour range: $18,059-$19,392
BTC below its 10-day moving average but above 50-day, a sideways signal for market technicians.
Bitcoin’s price broke above $19,000 Tuesday, hitting as high as $19,392, according to CoinDesk 20 data.
BTC to USD, rallied by 4.18% on Tuesday. Reversing a 0.10% decline from Monday, Bitcoin ended the day at $19,131.0. A mixed start to the day saw Bitcoin fall to a mid-morning intraday low $18,130.0 before making a move. Steering clear of the first major support level at $18,009, Bitcoin rallied to an early afternoon intraday high and a new swing hi $19,400.0. Bitcoin broke through the first major resistance level at $18,730 and the second major resistance level at $19,087. A bearish end to the day saw Bitcoin fall back to end the day at sub-$19,200 levels. The near-term bullish trend remained intact, supported by the latest move through to $19,000 levels. For the bears, Bitcoin would need to slide through the 62% FIB of $9,883 to form a near-term bearish trend.
The Rest of the Pack Across the rest of the majors, it was a mixed day on Tuesday. Ripple’s XRP and Crypto.com Coin rallied by 12.39% and by 14.37% respectively to lead the way. Binance Coin (+9.38%), Bitcoin Cash SV (+6.30%), and Cardano’s ADA (+8.20%) also found strong support. Chainlink (+2.57%) and Litecoin (+0.24%) trailed the front runners, while Ethereum (-0.63%) and Polkadot (-6.82%) bucked the trend on the day. In the current week, the crypto total market cap fell to a Monday low $515.94bn before rising to a Tuesday high $593.32bn. At the time of writing, the total market cap stood at $566.69bn. Bitcoin’s dominance rose to a Monday high 64.75% before sliding to a Tuesday low of 60.80%. At the time of writing, Bitcoin’s dominance stood at 62.49%.
In the News
After a rather tepid weekend, Bitcoin is on the ascent once again. Early on Tuesday, the world’s biggest cryptocurrency started to surge — breaching $19,000. This means BTC is just $1,000 away from beating its previous record price of $20,089. It appears the spot market is driving this rally, making a big correction less likely.
The good news doesn’t end here. Ethereum 2.0’s deposit contract has now accrued 540,000 ETH — paving the way for the beacon chain to launch on Dec. 1 as hoped. This will fire the starting gun on the world’s second-largest cryptocurrency shifting from Proof-of-Work to Proof-of-Stake in a bid to boost scalability. ETH hit $620.37 early on Tuesday.
XRP spiked to $0.92 on Coinbase, only to crash by 30% in seconds. All of this was a little weird. XRP didn’t reach the same heights on other exchanges, and peaked at $0.79 on Binance and Bitstamp. Downdetector reports there may be problems at Coinbase, with some users alleging their transactions have failed and their money has disappeared.
Pantera Capital has claimed a Bitcoin shortage could soon be upon us, with the likes of PayPal and Cash App buying more than 100% of newly issued BTC. But experts say this needn’t be a cause for concern. High demand and a supply squeeze could continue to push up prices, and experts believe BTC will continue to be easily available.
Just last week, JPMorgan chief executive Jamie Dimon said Bitcoin "isn’t my cup of tea." Sipping his cup of coffee this morning, he may be regretting those words. Bitcoin’s market cap now stands at $352 billion — overtaking JPMorgan’s on $349 billion. Awkward! Despite Dimon’s skepticism, the bank has told investors that "the potential long-term upside for Bitcoin is considerable."
Reports suggest President-elect Joe Biden is nominating former Fed chair Janet Yellen for U.S. treasury secretary. Back in 2018, Yellen said she was "not a fan" of Bitcoin — but her new role will give her a much bigger say in how cryptocurrencies are regulated. Despite that, like Dimon, she has said blockchain holds promise in shaking up the world of payments.