Bitcoin (BTC) continued to trade in a range, oscillating between $94,000 and $98,000, maintaining its price over the past ten days, even though other prominent cryptocurrencies registered substantial gains.
Ripple (XRP) has been one of the standout performers over the past few sessions, flipping Tether (USDT) and Solana (SOL) to become the third largest cryptocurrency in the market. XRP is up an incredible 89% over the past seven days and continues to push higher.
Other top performers include Hedera (HBAR), up 140% over the past week, and Ondo Finance (ONDO), up 55% over the past week. Meanwhile, Ethereum (ETH) endured a substantial blip as it slipped below $3,600 to a low of $3,566 before recovering and climbing back to its current level of $3,655. ETH is currently down just over 1% over the past 24 hours. The crypto market cap continued to grow and is up by 1.06% to move to $3.48 trillion.
State Of The Market
The crypto market remained bullish as Bitcoin (BTC) continued its consolidation phase, oscillating between $94,000 and $98,000. However, Ripple (XRP) is the top performer in the market, with the price up almost 12% over the past 24 hours. Hedera (HBAR) and Ondo Finance (ONDO) also emerged as standout performers, registering substantial gains over the past week. Trading volume surged to $284 billion, an increase of 65%, indicating heightened investor activity.
BTC registered a marginal dip over the past 24 hours and spot Bitcoin ETFs registered inflows worth $15 million. While data from BlackRock is unavailable, Fidelity recorded inflows of $25 million. However, Grayscale registered significant outflows totaling $28 million.
UK Pushes Ahead With Crypto Regulation
The United Kingdom pressed ahead with crypto regulation to counter the US and EU, bring much-needed clarity, and encourage innovation in the field. The move comes amid a growing rivalry with the US, where strategies and a commitment to creating a strategic Bitcoin reserve are attracting crypto companies. The UK’s latest move is led by the Treasury, focusing on staking services and stablecoins.
Stablecoins are set to play a significant role in the UK’s regulatory framework, with the Financial Conduct Authority (FCA) set to collaborate with major industry players to establish guidelines. Staking services are also being redefined to avoid stringent regulations tied to collective investment schemes. By easing limitations the UK government hopes to facilitate a more conducive landscape for enterprises considering staking as a service. The need for clear regulations is highlighted by swift changes in the global crypto landscape and competitive risks from other crypto hubs.
Crypto Exchange Volumes Hit Three-Year High
Monthly crypto exchange volumes hit a three-year high in November, driven by Donald Trump’s victory in the US elections. According to data from New Hedge, spot crypto exchange volumes hit $2.9 trillion in November, the highest since May 2021. According to a spokesperson from Crypto.com, November was the strongest month, with record high volume on the platform.
“As a company and as an industry, we’re seeing increasing interest and investment in cryptocurrencies, leading to record trading volumes globally over the last few weeks. “We anticipate positive market sentiment will continue into the first quarter of next year.”
The spokesperson confirmed the increase in volumes was sparked by the recent political developments in the US, with industry leaders suggesting the incoming administration will be the most pro-crypto in history and create a favorable regulatory framework.
“Outside the US, there is more certainty to the industry and those wanting to invest in crypto, thanks partly to jurisdictions either introducing or committing to regulatory frameworks for digital assets. This has been an important factor in driving global adoption and increasing trading volumes.”
Kraken also confirmed it experienced a solid month regarding trading volume, with perpetual volumes up significantly.
“Kraken has experienced a surge in our perpetual contract volumes as a variety of traders have sought leveraged exposure or to hedge risk throughout the post-election market upturn. While much of this activity has been concentrated in Bitcoin futures, interest in both our Dogecoin and Solana perpetuals has reached new highs, with 24-hour volume for DOGE exceeding that of Ether for the first time.”
Spot Bitcoin ETFs Stellar Month
A Binance spokesperson also confirmed the platform witnessed more participants entering the crypto ecosystem. This could be due to several factors, including spot Bitcoin ETFs in major markets. Spot Bitcoin ETFs registered combined inflows worth $6.87 billion, while outflows hit $411 million. The crypto market cap has continued to climb and currently sits at $3.5 trillion.
“The introduction of Bitcoin ETF options has made it easier for institutional investors to gain exposure and hedge risks, contributing significantly to the recent rally. With substantial inflows into these ETFs, Bitcoin is poised for further integration into mainstream financial markets.”
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) is consolidating between $94,000 and $98,000 as it continues to trade in range. Currently trading just below $95,500, BTC has registered a marginal decline of 0.82% over the past 24 hours as it struggles to build momentum and push towards $100,000. BTC has remained subdued since hitting its all-time high on November 23, peaking at $99,655. Despite the muted price action, spot Bitcoin ETFs have continued to record inflows, except Grayscale, which registered outflows worth $28 million. BTC’s reliability as a reserve asset was further boosted by the news of MicroStrategy expanding its BTC holdings.
The firm added 15,400 BTC to its holdings, according to a filing with the United States Securities and Exchange Commission. The acquisition, completed between November 25 and December 1, saw the company invest $1.5 billion for an average purchase price of $95,976 per BTC. The acquisition aligns with the company’s aggressive strategy of maximizing its BTC reserves. The latest purchase brings MicroStrategy’s BTC reserves to a staggering 401,100 BTC, valued at over $38 billion at current market prices.
Now, let’s look at the price chart. BTC started the previous week in the red, registering a substantial drop on Monday and settling at $92,846. Buyers attempted a recovery on Tuesday but were thwarted as BTC sellers took control and drove the price down by 1% to $91,913. BTC also hit a low of $90,708 during the session. BTC recovered on Wednesday as it registered an increase of 4.32% to go back above $95,000 and settle at $95,883. Thursday saw BTC register a marginal decline as buyers and sellers struggled to establish control. However, it was back in positive territory on Friday, registering an increase of 1.76% and settling at $97,374.
Source: TradingView
The weekend began with a drop of 1.14% on Saturday as BTC fell to $96,263. However, it was back above $97,000 on Sunday after an increase of 0.79% pushed it to $97,026. The current week began with BTC back in the red, dropping 1.25% and settling at $95,812. The current session sees the price marginally down as buyers and sellers struggle to establish control. With BTC in a consolidation phase, analysts expect it to remain above $95,000. However, it needs a catalyst to build momentum and drive it beyond $100,000. Despite subdued price action, market watchers remain confident of a move past $100,000 before the end of the year.
Ethereum (ETH) Price Analysis
Ethereum (ETH) remains firmly in the red as sellers look to drive the price below $3,500. ETH has declined by 1.40% over the past 24 hours as it struggles to build momentum and go above $3,700. ETH began last week experiencing significant volatility as it dropped after reaching an intraday high of $3,547, ultimately settling at $3,415. The price fell back on Tuesday, dropping by almost 3% and settling at $3,325. Despite facing considerable selling pressure on Tuesday, ETH rallied on Wednesday, rising nearly 10% to surge past $3,500 and settle at $3,657. However, it was back in the red on Thursday, dropping over 2% and settling at $3,580, as buyers kept the price above $3,500. The price recovered marginally on Friday, registering an increase of 0.39% and settling at $3,594.
Source: TradingView
Bullish sentiment intensified over the weekend as ETH registered an increase of over 3% on Saturday to go above $3,700 and settle at $3,705. The price experienced volatility on Sunday but managed a marginal increase to $3,710. However, ETH fell back in the red on Monday after facing significant volatility as buyers and sellers struggled to establish control. As a result, ETH rose to an intraday high of $3,763 and fell to an intraday low of $3,559 before settling at $3,645 after registering a decline of almost 2%. The current session sees ETH remain in the red, with the price down by 0.56% at $3,625.
Solana (SOL) Price Analysis
Solana (SOL) is attempting a recovery after bouncing off the support at $220, as it looks to reverse its recent bearish trend. SOL has been trading downwards after failing to stay above $260 and registered a substantial drop of over 7% last Monday to slip below $250 and settle at $234. SOL faced significant volatility on Tuesday as buyers attempted a recovery and sellers tried to drive the price below the 20-day SMA. SOL briefly dipped below the 20-day SMA as it fell to a low of $222 before settling at $230 after a drop of 1.49%. The price recovered on Wednesday as it bounced off the 20-day SMA to register an increase of almost 5% and settle at $242. SOL was back in the red on Thursday, dropping by nearly 2% after experiencing considerable volatility. However, buyers returned to the market on Friday, pushing SOL up by 2.41% to $242.
Source: TradingView
Bearish sentiment took over during the weekend as SOL dropped by 2.33% on Saturday and then registered a marginal decline on Sunday to settle at $237. Selling pressure registered a substantial increase on Monday as SOL slipped below the 20-day SMA after a drop of almost 5% and settled at $225. The current session sees SOL marginally up as buyers and sellers struggle to take control. Buyers will look to build momentum and push SOL back above the 20-day SMA. On the other hand, sellers will look to take control and drive SOL below $220. A break below this level could see SOL drop to $200.
Ripple (XRP) Price Analysis
Ripple (XRP) is up an astonishing 93% over the past week and almost 20% in the past 24 hours as its stunning rally continues. Data from Santiment has revealed a surge in active wallets, which raced past 116,000. XRP’s trading volume has also registered a jump of 92% thanks to increasing investor interest and retail investor participation. While the numbers are impressive, declining whale activity has limited the rally’s momentum as large investors remain cautious. The on-chain profit-to-loss metric shows that large traders are unwilling to take risks and aggressive positions during the ongoing rally.
Source: TradingView
The price chart shows XRP’s incredible rally beginning in the middle of last week as it recovered after hitting a low of $1.28 on Tuesday. XRP shrugged off the bearish sentiment on Wednesday, rising over 5% to $1.47. Buyers retained control on Thursday as XRP pushed above $1.50 and settled at $1.54. Bullish sentiment intensified significantly on Friday as XRP rallied almost 17% to surge to $1.80. XRP remained bullish over the weekend as it registered an increase of 8.29% on Saturday to settle at $1.95. Sellers attempted to drive XRP lower but were unsuccessful as the price rallied, surging almost 18% to go above $2 and settle at $2.29.
XRP remained bullish on Monday as buyers set their sights on $3. As a result, XRP surged almost 19% to reach an intraday high of $2.87 before settling at $2.72. The current session sees XRP down just over 2% as sellers look to drive the price lower. However, if buyers can retake control, XRP could go past $3.
Dogecoin (DOGE) Price Analysis
Dogecoin (DOGE) continues to face considerable volatility as it oscillates between $0.40 and $0.45. After starting the previous week on a negative note, DOGE dipped to an intraday low of $0.365 on Tuesday. However, it recovered on Wednesday, rising by 3.59% and settling at $0.401. Buyers attempted to drive DOGE higher on Thursday but were unsuccessful, losing momentum after reaching an intraday high of $0.429. As a result, the price fell back and settled at $0.401. Bullish sentiment intensified on Friday as DOGE rose by 6.27% and settled at $0.427.
Source: TradingView
Despite a strong showing on Friday, DOGE fell by 1.31% on Saturday as sellers overwhelmed buyers. However, it was back in positive territory on Sunday, ending the week with an increase of almost 5% to settle at $0.440. The current week began with DOGE experiencing significant volatility as it rose to an intraday high of $0.463. However, it could not go above this level and dropped to an intraday low of $0.40 before settling at $0.424. The current session sees DOGE remain in the red, with the price down almost 2% and trading at $0.416.
Filecoin (FIL) Price Analysis
Filecoin (FIL) has been trading positively since Wednesday after rebounding from a low of $5.16. The price registered a significant increase of almost 7% on Wednesday and settled at $5.81. Sellers attempted to drive FIL lower on Thursday as it fell to a low of $5.50. However, it recovered from this level to settle at $5.81. Buyers returned to the market on Friday as FIL registered an increase of almost 6% to go above $6 and settle at $6.14. Bullish sentiment intensified on Saturday as FIL surged by 15.26% to go above $7 and settle at $7.08. However, buyers lost momentum after reaching this level, and FIL was in the red on Sunday, dropping below $7 and settling at $6.87 after a drop of almost 3%.
Source: TradingView
Buyers returned to the market on Monday as FIL rallied almost 6% despite facing considerable volatility. As a result, the price moved to $7.27. Buyers have retained control during the current session, with the price up 1.26% and trading at $7.37.
Fantom (FTM) Price Analysis
Fantom (FTM) bounced off $1 on Friday to begin its latest rally, which has seen the price surge above crucial resistance levels. FTM registered an increase of almost 4% on Friday to settle at $1.03. Buyers retained control over the weekend despite significant volatility, rising by 1.39% on Saturday and nearly 5% on Sunday to settle at $1.09. The current week began with FTM facing unprecedented selling pressure as it fell to an intraday low of $0.98.
Source: TradingView
However, it recovered from this level and surged by almost 14% to go above $1.15 and settle at $1.09. The current session sees buyers retain control even as sellers attempt to drive the price below $1. FTM has recovered from a low of $1.17 during the current session and is trading at $1.27, up just over 2%.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.