Despite ongoing uncertainty in the cryptocurrency market, Bitcoin remains largely unchanged, consolidating in a narrow trading range of $15,800 to $17,200. Ethereum, the second most valuable cryptocurrency, is also trading sideways, with a price range of $1,175 to $1,280.
Major cryptocurrencies were trading in the red as of early November 18, even as global crypto market value gained 0.16% to $836 billion in the previous day.
The overall volume in DeFi was $2.62 billion, accounting for 5% of the total 24-hour volume in the crypto market. Furthermore, the overall volume of all stablecoins was $48.64 billion, accounting for 93% of the total 24-hour volume of the crypto market.
Take a look at the top 24-hour altcoin gainers and losers.
Top Altcoin Gainers and Losers
Litecoin (LTC), UNUS SED LEO (LEO), and Aptos (APT) were three of the 100 coins that gained value in the last 24 hours. LTC price is up more than 7% to $62, LEO price is up more than 7% to $4.15 and APT price is up almost 6.5%.
Solana (SOL) has traded at $13.65, down more than 4% in the last 24 hours. Synthetics (SNX) has fallen more than 3.5% in the last 24 hours to trade at $1.75.
Tim Draper Predicts Bitcoin: Will It Reach $250,000?
Renowned venture capitalist Tim Draper recently told Bloomberg that Bitcoin’s price could reach $250,000 and go beyond an incredibly bullish price target.
Although the market has fallen significantly, Draper remains steadfast in its future.
“It will take a while before you can buy your food, your clothes and your shelter in Bitcoin.”
He went on to say that women are responsible for eighty percent of all consumer spending. Draper is confident that he will succeed in popularizing Bitcoin.
“When women realize they can save money by paying in bitcoin and when stores realize they can double their profits by accepting bitcoin it should move very quickly.”
The venture capitalist, who repeatedly predicted that the price of Bitcoin would be able to hit $250,000 by the end of 2023, was an early backer of successful companies such as Skype and Hotmail.
President of El Salvador buys Bitcoin
El Salvador, which became the first country in the world to recognize Bitcoin as legal currency in September 2021, has resumed its BTC purchases after several months of suspension as the market experienced pessimism.
The President of El Salvador, Nayeb Bukele, said that the Central American nation will begin daily purchases of Bitcoin starting November 17. The announcement comes nearly three months after the country’s last BTC purchase in July 2022.
El Salvador officially recognizes Bitcoin as legal tender until September 2021. At that time there was a bull market in Bitcoin, it seemed that the country could make money on any investment it made as the price of Bitcoin was constantly breaking records.
However, by the second quarter of 2022, El Salvador’s initial BTC purchases looked like a risky game, leading to large losses as the bear market began to take hold.
The data shows that the average price paid for El Salvador’s 2,381 BTC holdings was $43,357. So, the country spent close to $103.23 million to buy bitcoin, but the current price of one bitcoin is $39.4 million. In light of the recent crypto winter there may not be much reason for optimism about the future of Bitcoin in El Salvador.
However, if the country can hold out till the next bull cycle, it will be able to recover its losses easily. Buybacks can also be good for BTC/USD as they attract new investors.
The current Bitcoin price is $16,802, and the 24-hour trading volume is $27 billion. Bitcoin has gained more than 1% in the last 24 hours. CoinMarketCap is currently in first place, with a live market cap of $349 billion to $352 billion.
It has a maximum supply of 21,000,000 BTC coins and a circulating supply of 19,210,375 BTC coins.
Bitcoin is settling in a broad trading range of $16,000 to $17,000 with a breakout determining future price action.
At the moment, Bitcoin is facing immediate resistance near the $17,250 level and a cross above this has the potential to take BTC towards the next resistance area of $18,100.
On the downside, Bitcoin’s immediate support remains at $16,300, and its indifferent breakout opens further opportunities for selling up to $15,800.
Ethereum’s current price is $1,218, with a 24-hour trading volume of $8 billion. In the last 24 hours, Ethereum is up more than 1%. With a live market cap of $149 billion, CoinMarketCap currently ranks second. It has a circulating supply of 122,373,866 ETH coins.
A bullish retracement occurred on the daily chart and Ethereum regained the $1,220 mark. In the 4-hour timeframe, Ethereum has formed a symmetrical triangle pattern, which indicates indecisiveness among investors and supports ETH’s price at $1,202.
Ethereum faces immediate resistance at 1,260 from the 50-day moving average. But, above this, a double top pattern is likely to extend resistance near $1,280. If there is a bullish crossover above $1,280, the recovery may accelerate to $1,350 or $1,400.
Support is still around $1,170 or $1,095. If ETH breaks below this level, it could reach $1,000 or $881, but this is unlikely for now.
Trust Wallet Token Pumps 85%
The Trust Wallet token is currently trading at $2.19 with a 24-hour trading volume of $165 million. In the last 24 hours, the Trust Wallet token has fallen 1.24%, but has gained more than 85% in the last seven days. CoinMarketCap is currently ranked #44 with a live market cap of $910 million.
There are 416,649,900 TWT coins in circulation, with a maximum supply of 1,000,000,000 TWT coins.
On the technical front, TWT completed the 50% Fibonacci retracement at $1.85 and is back to continue its uptrend.
A triple-top pattern is currently blocking the path to the upside at $2.35 and a bullish breakout could lead to TWT at $2.65.
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