The BTC price remains stable at $98,000. Ether drew attention by exceeding the $3,400 level and BTC Dominance (BTCD) declined, while altcoins made significant gains over the weekend. The altcoin that gained the most of the week was XLM Coin. As we approach the last week of November, Bitcoin (BTC) fell to $98,424 and continues to hang around $98,000. Altcoin investors were happy over the weekend, because Friday brought a positive atmosphere for altcoins and as of Saturday and today, many cryptocurrencies gained up to 20 percent. So what is the latest situation in the markets?
Bitcoin (BTC)
Since the November elections, Bitcoin has surged above $30,000 and has passed $99,000. Currently, BTC is holding a support level of $97,138. The high closes suggest that markets are preparing for bigger gains. Bitcoin is likely to break above $100,000 next week, although it will take a short break as it heads toward its real ATH (all-time high).
During bullish periods, altcoins are often under pressure due to the increase in BTC Dominance. However, during short-term consolidation periods, there may be bullish opportunities for altcoins. The situation that happened over the weekend was an example of this. If the BTC price makes a local peak above $100,000 and enters a longer consolidation period, the groundwork for larger increases in the cryptocurrency markets in general may be prepared. However, if BTC shows a rise above $120,000, this situation may lead to a longer waiting period for cryptocurrencies.
Cryptocurrency Comments
The Ether price has finally passed $3,400. According to our evaluations during the week, closing above $3,380 could pave the way for Ether to rise to $3,800. If demand for Ether ETFs increases on Monday and there are serious inflows, this scenario could happen. Thanks to the liquidity that could shift to altcoins, Ether could rise to $5,000.
The total market value of cryptocurrencies has reached new highs, exceeding $3.35 trillion. According to CMC data, BTCD has started to decline again. SAND and MANA Coins have experienced a remarkable transformation among the top 100 cryptocurrencies and increased by 77 percent. If there are positive developments in the metaverse, the trend in this area may revive after years.
This week, the biggest gain was made by XLM Coin with 185%. XLM jumped to $0.561, while altcoins such as XTZ, HBAR, ALGO, DOT and AXS gained over 60%.
Total transaction volume remains above $200 billion.
