Bitcoin Price edges towards $17,000, Ethereum up by 5.3%; Altcoins gain big!

KEY TAKEAWAYS

1. Top crypto tokens by market cap – Bitcoin price is up 2.5% trading around $16,900, Ethereum price at about $1270, up about 5.3%.
2. Global crypto market cap is up about 2.4% in the past 24 hours, currently at about $850 billion.

CRYPTO MARKET TODAY AT A GLANCE

TOP CRYPTOS TODAY BY MARKET CAP

Along with Bitcoin (BTC) and Ethereum (ETH), almost all of the top 15 cryptos by market cap (excluding stablecoins) have have gained value in the past 24 hours. Uniswap (UNI) managed to gain the most out of that lot, having gained 6.2% in the past 24 hours, closely followed by Ethereum (ETH) which gained 5.3% and Dogecoin (DOGE) which gained about 3.2%.

Despite these gains, the overall crypto market cap is still below the $900 billion mark, which is primarily due to the FUD caused by the FTX collapse and the subsequent statements by firms like Genesis and also crypto lending giant BlockFi filing for Chapter 11 under the US Bankruptcy code due to liquidity crunch caused by its exposure to FTX. The overall crypto market had begun to recover some amounts, slowly and steadily and provided we don't see further bad news, things can continue to improve.

Read More: Ethereum Shanghai Upgrade

BITCOIN PRICE TODAY

BTC/USD | Source: Tradingview

Bitcoin price action has been very lackluster in the past month, every since the FTX collapse that happened in the wee days of November 2022. It has had a flat to bearish disposition all through the months, threatening to break down any time as no significant technical support is there anymore. However, the last couple of days have been a breath of relief as BTC price has managed to break out of the descending trendline (diagonal, marked in black).

Read more: Bitcoin Price Prediction

However, to give a broad overview - BTC price is still well below all other crucial support levels. Bitcoin is on extremely weak footing as of writing as the last time it was in the $16,000 to $17,000 region was two years ago, back in November 2020. This has brought about strong bearishness in the overall market with added downward push from the 50 and 200 day moving averages. Along with that, the Relative Strength Index is at about 45, which isn't too bad but price could stay here or possibly go lower.

ETH/USD | Source: Tradingview

Ethereum price too has been hit hard by the collapse of the FTX crypto exchange and in this latest bearish onslaught has barely managed to sustain itself above the lowest points of 2022. This puts the altcoin king in a slightly better position than Bitcoin. While it spent most of the past month under the crucial price level of $1260 (marked in black) - of late it has been able to convincingly break out above that mark and is strongly headed towards the $1300 mark. At its lowest this month, ETH price had touched sub-$1100 levels too!

On the brighter side, the psychological level (marked in yellow) of $1000 has been able to hold strong for ETH price this month and thus can be expected to continue the same going forward too. But in the immediate short term - things look moderate as of now. With a Relative Strength Index around 51 - the probability of immediate price dips is on the lower side and a continued recovery could happen too. But on an overall scale - unless there's some major positive development in the crypto market - sentiments will remain weak and thus recoveries will be slow.

Read more: Ethereum Price Prediction

Prices as on 30 November, 2022.

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