Key Takeaways:
- Top Performers:
- BAT: Increased by 7.52%
- APE: Gained 7.00%
- SUSHI: Recorded a rise of 6.94%
- Assets Showing Declines:
- CRV: Experienced a 4.49% decrease
- 1INCH: Saw a decline of 3.38%
- RNDR: Declined by 3.37%
- Market Momentum:
- BTC holds above $37,000 USD.
- BTC traded between $36,800 USD and $38,400 USD.
- BTC grew around 9.2% in one month, while ETH surged by 12.97%.
- November proves bullish, signaling optimism for the remainder of 2023.
- Bitcoin Trends:
- 74% of BTC addresses hold less than 0.01 BTC.
- Increasing trend of investors buying and holding BTC.
- Regulatory Shifts:
- Binance discontinues BUSD support by December 15th.
- Paxos stops BUSD minting due to NYDFS scrutiny.
- Canadian CEXs restricted from trading USDT, leading USDC to dominate.
- Expectations for further developments in stablecoin regulations.
Your Midweek Momentum Report
Amidst an exhilarating week in the crypto market, several altcoins have surged ahead, marking notable gains. NEAR, ENJ, and AVAX have captured attention for their impressive performances, showcasing substantial increases in value.
NEAR ↑ 28.50%
ENJ ↑ 24.91%
AVAX ↑ 24.35%
This week, the majority of the assets on the Netcoins platform witnessed a price increase. The following are some other notable gainers over 15%.
DOGE ↑ 19.68%
SHIB ↑ 18.73%
ADA ↑ 16.92
DOT ↑ 16.89%
All three top cryptocurrencies by market cap experienced significant gains this week. BTC increased by 15.65%, ETH jumped up by 9.83%, while XRP also surged by 4.39% over the past 7 days.
How have these fluctuations impacted your portfolio in this dynamic crypto landscape?
OTC Desk Insights
The momentum continues this month in crypto markets. BTC has once again hit a new 19-month high of approximately $44,300 USD, up roughly 16.50% in the past week, reflecting a heightened urgency among traders to invest in anticipation of a further price rally. Recent data indicates that investors injected over $1.44 billion into Bitcoin investment products within the past ten weeks, underscoring growing market interest.
At the Next Block Expo conference in Berlin, as Bitcoin soared past $42,000 for the first time in over a year, discussions emphasized the pending approval of spot Bitcoin ETFs in the US as a major catalyst for BTC’s recent surge into the mid $40,000 range.
Analysts speculate that Bitcoin might surpass the $48,000 mark in the coming weeks. Julius de Kempenaer, senior technical analyst at StockCharts.com, highlighted that BTC’s upward trend positions it toward a first target around $48,000, backed by notable support near $38,000. This bullish momentum began with BTC surpassing the $30,000 resistance in late October.
Stay informed about potential market shifts as BTC’s bullish trajectory continues.
Happy Trading,
Andrew Bulman
Head of Sales & OTC Trading
otc@netcoins.com
Netcoins User Testimonials
Disclaimer
The information provided in the blog posts on this platform is for educational purposes only. It is not intended to be financial advice or a recommendation to buy, sell, or hold any cryptocurrency. Always do your own research and consult with a professional financial advisor before making any investment decisions.
Cryptocurrency investments carry a high degree of risk, including the risk of total loss. The blog posts on this platform are not investment advice and do not guarantee any returns. Any action you take based on the information on our platform is strictly at your own risk.
The content of our blog posts reflects the authors’ opinions based on their personal experiences and research. However, the rapidly changing and volatile nature of the cryptocurrency market means that the information and opinions presented may quickly become outdated or irrelevant. Always verify the current state of the market before making any decisions.
Related Posts
Comparing Stablecoins: Usdt, Usdc, Dai, And More
Comparing Stablecoins:...
How Does USDT Maintain Its Peg To The Dollar?
How Does USDT Maintain...
Is USDT Taxable? Tax and Stablecoins
Is USDT Taxable? Tax...
How To Sell USDT And Covert It To USD
How To Sell USDT And...
Is USDT Banned In Canada? Why Is Coinbase Delisting Tether?
Is USDT Banned In...
What is USDT (Tether) and how does it work?
What is USDT (Tether)...
How To Buy Cryptocurrency In Mississippi
How To Buy...
Is Fednow Going To Use Xrp? Analyst Predictions
Is Fednow Going To Use...
The Impact Of Spot ETFs On Crypto
The Impact Of Spot ETFs...
Cardano’s Africa Initiatives: Blockchain For Social Good
Cardano's Africa...
Understanding Cardano Governance: What Is Project Catalyst?
Understanding Cardano...
What Are Cardano’s Smart Contract Capabilities With Plutus?
What Are Cardano's...