Blockchain

The prior week’s notable increase in options trading and derivatives activity made the market look positive. When the price of Bitcoin surpassed $38,000 and set a new record for 2023, buyer interest in the top altcoins increased.  As a result, a cryptocurrency that was already trending higher, like BLUR, saw significant price increases.

This increase raises concerns about these cryptocurrencies’ ability to sustain their momentum over the coming week. BLUR is the native token of the same-named non-fungible token (NFT) platform.

In the world of cryptocurrencies, BLUR is becoming increasingly popular after Binance revealed its listing during a spike in price.

BLUR Gets Listed On Binance

One of the biggest cryptocurrency exchanges in the world, Binance, has released a statement indicating that it is prepared to list and begin trading the Blur (BLUR) cryptocurrency token.

Friday saw a 22% increase in BLUR following its listing on Binance’s convert tool. Targeting Binance’s retail clientele is the convert function. Customers can purchase and sell assets through it without using a conventional order book.

The Binance debacle has been the primary cause of increases and crashes for the last two days. The result has been disastrous, with the exchange having to pay the US government $4.3 billion to resolve the lawsuit including CEO Changpeng Zhao’s departure and guilty plea to accusations of breaking anti-money laundering rules.

The recent conflict between the US government and Binance is clearly benefiting BLUR’s price, as the altcoin surged by over 80% in only one week and is currently trading at $0.509, clearly capitalizing on the situation. In the process, BLUR also created the bullish cup-and-handle pattern, which suggests a potential rise.

The same individuals that created Blur have also developed Blast, a layer 2 network, and Blur has done very well since its launch.

Bouncing Back From Record Lows

Blast went live earlier this week and has since collected over $400 million in deposits. In May, the company will launch an airdrop.

Friday’s action coincides with the cryptocurrency market as a whole continuing to rise, with bitcoin (BTC) reaching its highest position since May 2022.

In October, BLUR reached a record low, although it has since rebounded. Renewed activity in the non-fungible token (NFT) arena and reports of large cryptocurrency players, or “whales,” buying the coin helped pique interest.

The BLUR token’s value has significantly increased since Binance decided to offer it, which has caused speculation in the cryptocurrency markets.

This increased trend is consistent with BLUR’s recent collaboration with layer-2 solution Blast, which aided in season 3 airdrop allocations in addition to driving up the token’s price.

Blur has made major strides in its standing within the cryptocurrency industry with these calculated actions, positioning it as one of the top NFT lending protocols in the NFT markets.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

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In a month marked by heightened volatility, Apecoin (APE) has been a battleground for bulls striving to prevent a dip below the crucial $1 mark.

This tug-of-war between bulls and potential downward pressure underscores the intense market dynamics surrounding Apecoin, leaving investors on the edge as they monitor the crypto’s price movements in this volatile November landscape.

The latest data from the spot market reveals a resolute stance from bullish traders, as orders for more than 11 million APE tokens have beern strategically placed around the current price.

APE has increased by 30% to surpass $1.70 following a decline to a weekly low of $1.30 on November 21. On-chain data projects long-term Apecoin investors’ resilience might reenergize APE price possibilities.

Apecoin Price Rebounds From All-Time Low

On October 9, the price of Apecoin plunged to an all-time low and narrowly avoided breaking below the $1 support level. However, the APE token has now increased by 40%, and as of November 24, the meme coin was trading at about $1.45.

The market situation that APE is now operating in is difficult. The recent price increases of the token are at risk due to bearish on-chain indicators.

Over the last few months, the amount of APE coins available on exchanges has almost doubled to a little over 50 million, which may signal an increase in buyer demand.

The combination of a decrease in active addresses and an increase in supply on exchanges indicates a pessimistic deviation, which may indicate an impending decline in the price of the meme currency.

Two notable corrections have occurred in APE during its current surge. The 61.8% Fibonacci level marked the first retracement, and 50% marked the second corrective.

These retracements are getting thinner, which is a bullish indication of increasing momentum and more buyer conviction.

Taking this into consideration, investors may use the 38.2% and 50% Fibonacci levels as a helpful guide when placing stop-loss orders, acting as a buffer against any market volatility.

Apecoin’s price is now bouncing between $1.063 and $1.506, indicating that it is in a volatile market. There are some indications of stability from the 10-Days Moving Average at $1.410 and the 100-Days Moving Average at $1.303.

Nonetheless, it’s important to keep an eye on the resistance levels at $1.695 and $2.139 and the support levels at $0.365 and $0.808. These levels will be crucial in influencing the short-term price movements of APE.

Shift In Address Dynamics

Meanwhile, as reported by IntoTheBlock, a positive trend divergence is evident between the long-term and short-term holder addresses for APE. Illustrated in the Addresses by Time Held chart, the count of long-term addresses has surged by 6,060 wallets since the beginning of November.

Concurrently, the Apecoin network has experienced a decrease of 3,800 in the number of trader/short-term wallets over the same period, highlighting a noteworthy shift in address dynamics.

The forthcoming week holds significant importance for investors in APE, as it will serve as a crucial assessment of the durability of this meme coin and its prospects for more upward movements.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

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The price of Bitcoin hit a 2023 high, and Coinbase Global (COIN) shares went through the roof. It looked like the crypto exchange had benefited from Binance’s recent legal problems.

People have noticed that COIN’s price has been doing well in line with the overall good trend in the crypto space led by Bitcoin.

This week, the price of Coinbase stock has been going up quickly because its competitor, Binance, is having some problems with the government.

COIN has been soaring for five days in a row and hit a four-month high of $114.4 as a result. But if you look at the chart for the daily time frame, you can see that this rebound is part of a rising channel. This means that the asset is ready for another surge.

The Nasdaq-listed Coinbase stock reached an 18-month high on Friday. The prices of Ethereum and Bitcoin are also rising.

The price of a COIN share was $115.75 at the time of this writing, up almost 7% in the last 24 hours. It has almost reached $117 per share so far today. Just one month ago, COIN was worth $82 per share, but now it’s worth over 40% more.

According to data provided by on-chain research company CryptoQuant, the US exchange’s bitcoin reserves have recently shot up, while Binance’s have fallen.

Over the past several months, Coinbase has become even more of a major player in the digital currencies sector, even as other companies in the same field have gone out of business.

The exchange’s solid track record has been a key part of its success, especially since it promotes a strong compliance-first approach after rivals like Binance have had major run-ins with the law.

This week, Binance admitted to being guilty of money theft in federal court. The company decided to pay fines of $4.3 billion, and Changpeng “CZ” Zhao, the founder and CEO, also admitted guilt and said he would resign. The news somehow benefited its rival, Coinbase, as seen from the decent numbers it has so far tallied.

As of November, the price of Coinbase stock has made an impressive rebound, coming back strongly from a psychological support level of $70. In the last few days, this upward trend has pushed the price of the asset to a remarkable $115, which is a 62% climb.

Based in San Francisco, the Nasdaq has listed Coinbase as a public company since 2021. The last time COIN was worth this much was in May 2022, just before the bubble burst for Terra and most of the digital asset economy crumbled along with it.

Analysts said that the Binance legal ruling could also be good for Coinbase because it could make it easier for US regulators to grant permission for a Bitcoin exchange-traded fund (ETF).

A Bitcoin exchange-traded fund (ETF) is a type of investment trust fund that lets buyers benefit from changes in the price of Bitcoin without actually holding the cryptocurrency itself.

It works like a regular stock on a stock market, helping investors buy and sell shares that give them ownership in the Bitcoin ETF. Bitcoin is what the ETF is based on, and its value is linked to the success of the crypto asset.

Meanwhile, as COIN surges to an 18-month high, nearing the $117 mark, speculation arises about the possibility of it reaching $150. The impressive rally showcases the platform’s resilience and market confidence.

Investors are keenly observing whether this upward momentum will persist, potentially propelling Coinbase to new heights. The crypto community awaits eagerly, anticipating whether COIN will continue its ascent towards the speculated $150 milestone.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

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Prominent crypto analyst CryptoInsightUK has given his thoughts on whether or not the XRP price can replicate the notable 61,000% gain it enjoyed back in 2017. Although the analyst sounded uncertain about how things could pan out, he provided insight as to what the future holds for XRP.

XRP Price Repeating 61,000% Move Will Be Harder

In a post on his X (formerly Twitter) platform, CryptoInsightUK highlighted how XRP exploded in 2017. The crypto token is said to have seen a 61,000% gain in 280 days. As to whether a repeat can happen, he mentioned that it would be harder as the market cap would have to be huge. He didn’t rule it out, though, as it would be possible with “real-world utility.” 

The crypto analyst seemed to be more focused on talking about the XRP price potential rather than talking about how high the token could rise. He alluded to the hate that XRP receives and how when people feel such a way, there is probably “value” in that asset. He also highlighted other factors that make the token stand out.

CryptoInsightUK mentioned that “XRP has had another 3 years of consolidation to most other cryptos.” This places the token on a higher pedestal as it bounded to enjoy greater expansion from a technical analysis angle. 

The analyst also spoke about how XRP is the only crypto token that has overtaken ETH in market cap on more than one occasion. On one of them, it enjoyed about 20% market share in the total crypto market cap. 

The crypto analyst was quick to disclaim whether that meant he was suggesting that the XRP price could achieve these feats again. He stated that only time will tell as he wasn’t making any point but only sharing his thoughts. 

XRP’s Unique Offerings And Positioning

In his post, CryptoInsightUK also mentioned that “XRP is in a unique position.” He was referring to how XRP “is the only altcoin that has legal clarity.” This clarity comes from Judge Analisa Torres’ ruling that XRP is not a security in itself. That is another factor that he believes makes XRP stand out, considering that the regulatory landscape is only just building up. 

Ripple’s Chief Legal Officer Stuart Alderoty had previously echoed similar sentiments when he mentioned how Judge Torres’ ruling helped XRP attain a unique status. He specifically mentioned the fact that XRP was now “uniquely classified” as a non-security in the US. The unique status is more significant considering that the US Securities and Exchange Commission (SEC) continue a host of crypto token as securities. 

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Blockchain analytics firm Glassnode has estimated a substantial influx of investor demand following the approval of Bitcoin Spot ETF. The analysis indicates around $70 billion in new money flowing into Bitcoin, potentially setting the stage for a BTC price rally. 

Bitcoin Spot ETF Set To Ignite New Inflows

Blockchain data and intelligence provider, Glassnode has recently published research insights on the potential impacts of Bitcoin Spot ETF approvals on the price of Bitcoin and the broader crypto market. The on-chain analytics company has predicted about $70.5 billion flowing into Bitcoin from increased demand from institutional investors. 

Glassnode bases its analysis on the assumption that substantial portions of capital invested in the stocks, bonds, and gold market might shift toward Bitcoin investments. The blockchain analytics firm has stated that this influx of new capital could have a huge effect on the Bitcoin market, potentially driving its price to greater levels. 

“Based on these assumptions, we estimate approximately $60.6 billion could flow into Bitcoin from the combined stock and bond ETFs, and about $9.9 billion from the gold market, totaling around $70.5 billion in potential new capital influx,” Glassnode stated. 

It added:

“This significant infusion of new capital could have a considerable impact on Bitcoin’s market, potentially driving up its price as it gains broader acceptance and becomes integrated into more traditional investment portfolios.”

Bitcoin Futures And Altcoins Soar On BTC ETF Hype 

Glassnode has extended its analysis to examine how Spot Bitcoin ETF applications are influencing Chicago Mercantile Exchange (CME) Bitcoin futures and various altcoins. 

The blockchain analytics firm has stated that the recent crypto market recovery has been driven by the surrounding anticipation of Spot Bitcoin ETF potential approval by the United States Securities and Exchange Commission (SEC). 

“The market’s upward trajectory was largely driven by the anticipation of Spot BTC ETF approvals, with market movements significantly influenced by updates on filings from major financial entities like Invesco and BlackRock,” Glassnode stated. 

The on-chain analysis firm revealed that the growing optimism in Spot Bitcoin ETFs has caused a notable increase in Bitcoin futures on CME. According to the blockchain intelligence provider, CME Bitcoin futures rose to an all-time high of 27.8%, exceeding Binance for the first time since the start of the crypto bear market. 

Various other altcoins like Ethereum and Solana also experienced staggering price increases. Solana surged by 79.05%, and Ethereum’s price is presently above the $2000 mark. 

The most notable increase caused by the ongoing hype on Spot Bitcoin ETFs was seen in Bitcoin. BTC surged above $37,000 as the optimism of regulator approvals for the first Spot Bitcoin ETF spread. 

Additionally, institutional engagement in open interest in Bitcoin call options also rose by $4.3 billion, marking an 80% increase to surpass $9.7 billion. These recent spikes in investor demand and crypto prices have signaled a potential bullish trajectory for the maturing crypto market. 

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Hi fam,

Today we’re celebrating a union that took place recently when VESA travelled to Dubai for a month of meetings, partnership calls, keynotes, and conferences.

A juicy sized catalogue of VESA works moved into the Cypher Capital Hub in October and this time, we want to celebrate this incredible handshake and share the stories behind the artworks you can see on the walls.

In their own words, Cypher Capital is focused on investing in Web3 infrastructure and applications that will drive the digital economy in the future. The Cypher Capital Hub in Marina is shaping up to be one of the sleekest and most functional spots to work, meet and network.

The Hub has always been a place for art, most notably two works by Banksy in the main conference room – now featuring a VESA as well.

Let’s dive into the stories behind the pieces you can see on the walls of the Hub!

Next time you stop by the Hub, please snap a picture of yourself and your favourite VESA work and tag:

Cypher Capital Group / Vesa Kivinen // LinkedIn

Cypher.capital / artbyvesa // Instagram

https://www.newsbtc.com/wp-content/uploads/2023/11/Cypher-Capital-VESA-video.mp4

Refresh has an honorary place at the VIP room alongside two Banksy pieces.

https://www.newsbtc.com/wp-content/uploads/2023/11/vip-room-Cypher-capital.mp4

 

Integration

First VESA piece you see on the wall as you walk into the space is Integration. The piece represents the dichotomy of worldviews present in our society in relationships between men and women. On the one hand women occupy positions of power like never before and work incredibly hard to pursue and execute those positions. On the other hand, there is a view that supports tearing down all structures of hierarchy in capitalism and science, as they are seen as an oppressive force, rather than a liberating one.

Integration was exhibited at Art Dubai 2022 via the Morrow Collective.

 

Million Dirham Hotel

Residing in the sleek meeting room, is the Million Dirham Hotel. The work is a part of the larger Mirrors- series, which explores value, experiences, and identity. Million Dirham Hotel evokes images of what a hotel with such a high-ticket price would look like. It is an invitation to a world that challenges the ownership vs access paradigm.

The Million Dirham Hotel, like all works in the Mirrors- series entices the viewer with its offering of leveraging IP unseen in the traditional art market. Download the Artivive app and experience the AR version, when you stop by.

 

Truth or Dare- the Currency of Ganesha

Next to The Million Dirham Hotel is Truth or Dare- The Currency of Ganesh, or Ganesh for short. This work belongs to the pantheon of VESA’s early crypto art, inspired by the thousands of years old Hindu tradition of faith and worldview.

Lord Ganesh is revered as the remover of obstacles, the patron of arts and sciences and a higher being of intellect and wisdom. In this piece, Lord Ganesh and his entourage have assimilated cryptocurrency symbols and blockchain code alongside traditional wealth displays. Gold, platinum, and diamonds hold a historical place in our minds as keepers of value, but as an example the smart contracts layered on top of Ethereum are building the wealth of today and tomorrow.

Ganesh is probably THE most complicated work VESA has ever made. It took over 2000 layers of photography of individual paintings and other images before Ganesh started taking shape.

 

Red Eye

Red Eye shows the reality of someone falling into the rabbit hole of crypto. The whirlwind seems endless, and the new information pouring into your consciousness sometimes claims your ability to sleep.

This piece is another one with stunning merits, as it was featured in Forbes in their first ever article on this new movement of art and money in January 2019.

Red Eye was also exhibited at the opening of the immersive Dubai gallery Art In Space. It launces into its AR version via the Artivive app to showcase motion and sound.

 

Compound Defiance

On the way to the VIP room, you can see Compound Defiance on the wall. This work is steeped in legendary moments and is a part of crypto art history. The fluid motion forming a solid symbolizes the decentralized financial system that has no point of central control and therefore free to define its own rules. This freedom has its positives and negatives, but more options mean a more expansive, rather than repressive experience. The jarring pattern blending endlessly might seem chaotic at first, before the beautiful pattern presents its holistic face.

Compound Defiance was the first artwork used on a street legal NFT VESA Art Car in Dubai and it has a VR version made by Zoan.

 

Refresh

Residing in the elegant VIP room, is a piece made in honour of the UAE, called Refresh. It was made in 2020 and it represents the forward-thinking, technologically competent, and culturally mesmerizing country in an artistic way.

The round planet in the centre of the piece is Mars, referencing the Emirati space program. Galloping alongside is a tokenized royal horse, modelled after a real-life specimen.

The two people featured are the CEO of the Dubai Blockchain Centre, Dr. Marwan Al Zarouni and his wife, Mariam Al Zarouni. In the artwork, the two are immersed in the Bitcoin genesis code, as they witness the evolution of their country.

Refresh comes alive with the Artivive app. It has an original soundtrack, and it has been exhibited on large stages in Dubai and Abu Dhabi, as well as extensively in crypto media.

 

Team VESA wants to thank Cypher Capital for showcasing these works!

Until next time, 

VESA & Lotta
Crypto & NFT Artist
All links to physical, NFTs, and more below
http://linktr.ee/ArtByVesa

 

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In the last week, DOGE, alongside other cryptocurrencies, suffered a significant price dip following reports of US enforcement action on the world’s largest exchange, Binance, and the company’s CEO, Changpeng “CZ” Zhao. In particular, DOGE recorded a cumulative price loss of 6.85%, ranking as one of the biggest losers in the last seven days, according to data from CoinMarketCap.

However, there are some positive developments regarding the meme coin, which indicate that investors may soon record a significant price gain.

DOGE Record Transactions Worth Over $100,000 – Price Gain Imminent? 

In an X post on November 23, popular crypto analyst Ali Martinez shared that the DOGE market recorded $100,000 in transactions in the past month based on data from In The Block.

According to Martinez, this development marks a rising interest in DOGE from major institutional players as well as crypto whales, which means the maiden meme coin could be set for a price boost soon.

#Dogecoin | There’s a notable surge in $DOGE transactions exceeding $100,000 in the past month, consistently hitting new highs.

This uptick suggests increased interest in #DOGE from institutional players and whales, potentially gearing up for a significant price spike. pic.twitter.com/UpxVkfu9hW

— Ali (@ali_charts) November 23, 2023

Providing more insight into this positive trend in the  DOGE market, blockchain analytics firm Santiment reported that 121 new wallets containing over 1 million DOGE have been created in the last month, terming it “a Sign of Big Money Interest.”

Santiment noted that Dogecoin has also recently recorded its largest spike in activity from dormant wallets, which indicates an incoming reversal of the token’s price trend, which is currently negative. 

Behind DOGE’s Rise In Transaction – Dogecoin Co-Founder Weighs In 

In explaining the driving force behind increasing Dogecoin transactions, the token’s founder Billy Markus, with the X username Shibetoshi Nakamoto pointed out the introduction of ordinals and shitcoins.

This information was revealed in a separate post on X in response to a crypto enthusiast who highlighted the “parabolic” trend in the number of transactions on the Dogecoin network.

ordinals and shitcoins using doge blockchain

— Shibetoshi Nakamoto (@BillyM2k) November 24, 2023

DOGE Ordinals, popularly known as “Doginals,” are quite similar to the Bitcoin Ordinals. They are referred to as DRC-20 token standards, which allow users to inscribe information on the smallest individual units of a Dogecoin, i.e., shibes.

With the DRC-20 standard, DOGE users can now create non-fungible tokens (NFTs) supported by the Dogecoin network. Understandably, this has led to a substantial rise in the transactions on the Dogecoin network.

While this development marks an increased network adoption, which could attract investors, the increase in transactions is also accompanied by high network fees, which may drive away network users. 

At the time of writing, DOGE trades at $0.078 with a 0.4% gain in the 24 hours. Meanwhile, its trading volume is up by 13.20% and valued at $374.16 million.

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Popular crypto analyst PlanB, known for his strong bullish stance on Bitcoin and the stock-to-flow model, took to X to reiterate an optimistic long-term for Bitcoin. According to the analyst, we might be in the final days of Bitcoin below $40,000. 

PlanB made a call to action based on his analysis of Bitcoin’s realized price, as all signs point to Bitcoin going on a strong price surge very soon.

Enjoy Sub-$40,000 Bitcoin While It Lasts

Bitcoin has outperformed other asset classes in terms of price performance this year. Price data shows the cryptocurrency is currently up more than 125% this year, and many analysts think this growth isn’t stopping soon.

Crypto analyst PlanB is also of this continued bullish sentiment. According to his analysis of the realized price model, this could be the last chance to buy Bitcoin under $40,000. Realized price refers to the average price of all Bitcoin currently in circulation. Some experts argue this is a better measure of Bitcoin’s value than the current market price. 

Bearish markets are usually characterized by a higher realized price than the spot price of Bitcoin. Bullish markets, on the other hand, are characterized by a higher spot market price. A look at the realized price shared by the analyst shows that the spot price of Bitcoin is now trading above the overall realized cost price, the 2-year realized price, and the 5-month realized price. If history is any guide, the market price could be headed significantly higher from here. 

“Enjoy sub-$40k bitcoin … while it lasts,” the analyst said.

Enjoy sub-$40k bitcoin … while it lasts pic.twitter.com/MgGD5LfuL7

— PlanB (@100trillionUSD) November 24, 2023

Last Chance To Buy Bitcoin

Bitcoin is trading at $37,687 at the time of writing. According to Glassnode, the cryptocurrency’s realized price is currently around $21,000. When asked if there would be another opportunity to buy Bitcoin cheap one last time, PlanB replied neither yes nor no, only predicting that the cryptocurrency would trade between $100,000 to $1 million around the next halving cycle.

A former prediction by the analyst puts Bitcoin around $32,000 to $66,000 during the next halving which is slated to occur in April 2024. 

PlanB’s prediction resonates with the overall sentiment around Bitcoin. The cryptocurrency’s mainstream adoption is also increasing, particularly as the industry awaits the approval of spot Bitcoin ETFs in the US. According to CoinShare’s latest report, Bitcoin now has a year-to-date (YTD) inflows of $1.238 billion into its digital asset investment products. 

The discount on Grayscale’s Bitcoin Trust is now at -7.31% from -48% at the beginning of the year. This increase indicates institutions are buying into the trust amidst growing bullish momentum. A move into the positive percentage would actually put the price of the trust higher than the spot price of Bitcoin for the first since the first quarter of 2021.

NEW: Grayscale Bitcoin Trust’s discount to the #Bitcoin price is closing fast – from 48% to just 7.3%.

The smallest gap since July, 2021.

Institutions buying? pic.twitter.com/hDnAM0BxKG

— Bitcoin Archive (@BTC_Archive) November 24, 2023

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The price of Ethereum has been on a steady and monumental rise in the past few weeks, and the last seven days have not been much different. The altcoin breached the $2,100 mark on Friday, November 24, with its sights now set on new yearly highs.

Interestingly, a recent on-chain revelation has shown what could be behind the latest ETH price surge while offering insights into the future prospects of the cryptocurrency.

On-Chain Data Shows Whales Continue To Buy ETH

Renowned crypto analyst Ali Martinez, in a post on X, revealed that Ethereum whales have been active in the crypto market over the past few days. According to on-chain data from Glassnode, ETH whales have been accumulating the altcoin for nine consecutive days.

Notably, Martinez highlighted that this is the first 9-day accumulation spree in over nine months. Furthermore, the crypto analyst noted that “the increasing buying pressure could be a strong signal for ETH bullish price action.”

Changes in whale accumulation are often closely monitored in the cryptocurrency space because of how large crypto holders can influence the market dynamics. The steady buying pressure displayed by Ethereum whales over the past nine days suggests a growing optimism amongst this class of investors.

Another analyst offered a similar on-chain perspective to the growing accumulation by Ethereum whales. The crypto pundit revealed – via a post on X – that the 200 largest Ethereum wallets now hold a collective 62.76 million ETH (worth about $132.1 billion).

According to data provided by Santiment, this whale class has accumulated 30.3% more coins since November 21, 2022. Additionally, these 200 largest Ethereum addresses hold about 52% of Ether’s circulating supply. 

Ethereum Price – Where Next?

While Ethereum’s price broke above the $2,100 mark on Friday, it has since retraced below the price level. However, there is much optimism around a continuous upward movement for ETH, especially as it still trades above the significant $2,044 resistance zone.

Many investors might want to keep an eye on the cryptocurrency’s price action by the end of the week, though. According to an analyst, a close above $2,130 on the weekly timeframe will be pivotal for Ethereum’s price trajectory.

$ETH / $USD – Update

$2,130 please is all we need to flip into support pic.twitter.com/qVw2gG66Cz

— Crypto Tony (@CryptoTony__) November 24, 2023

As of this writing, ETH is currently valued at $2,086, reflecting a negligible 0.2% in the past 24 hours. Nevertheless, the cryptocurrency has managed to maintain most of its gain on the weekly timeframe, having swelled by more than 8% in the last seven days.

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In a dramatic twist, a mere 48 hours after the United States laid out a hefty $4.3 billion settlement proposal with the major player in the crypto market, Binance, Bitcoin price defied expectations by catapulting to a new peak for the year.

Breaking the $38,000 barrier in the early stages of the New York trading session on Friday, the cryptocurrency sector, witnessed the long-anticipated surge. Bitcoin’s recent consolidation within a pennant pattern had hinted at the prospect of a bullish upswing, and it seems those predictions have materialized.

Bitcoin Price Hits Highest Peak Since 2022

Bitcoin’s rally also occurred following the Thanksgiving holiday in the US, marking its highest point since May 2022. This surge took place in the face of subdued activity in conventional markets. Although the top coin has experienced a slight pullback, it still holds a 1.5% gain for the day.

Traders are incredibly excited by Friday’s surge in Bitcoin’s price, which has rekindled the fear of missing out (FOMO) feeling. Because of this spike, Bitcoin may be able to reach the next major resistance level, which is located at about $42,000, in the next few weeks.

Still so far, so good on #Bitcoin.

Slowly grinding upwards to a new resistance point and a break above $38K immediately means $40K is next. pic.twitter.com/3ZUkS72I6g

— Michaël van de Poppe (@CryptoMichNL) November 24, 2023

Some market watchers are optimistic about its short-term trajectory, with trader Michael Van Pope suggesting in a tweet that the next milestone for Bitcoin is set at $40,000.

The US Department of Justice and Binance reached an agreement, which is undoubtedly the most significant development of the month. Changpeng Zhao was forced to resign as the CEO of the company, and the exchange was forced to pay a punishment totaling around $4.3 billion. Binance, the biggest cryptocurrency exchange in the world, has named Richard Teng as its new CEO.

Bitcoin Circulating Supply In Profit Region

A recent uptick in market liquidations is another important component impacting the Bitcoin price. Long and short position liquidations have increased significantly across different time frames, with a total of $80.29 million in liquidations in the last 24 hours, according to statistics from Coinglass.

In a related development, during last week’s gain, the proportion of Bitcoin’s circulating supply that is currently in profit hit 84%, or 16.36 million BTC. Additionally, Glassnode noted that this is historically noteworthy because it is significantly higher than the 74% all-time mean number.

With #Bitcoin trading at yearly highs above $37k last week, over 83% of the coin supply was driven back into profitable territory.

However, the magnitude of unrealized profit remains modest, and is not yet sufficient for long-term investors to divest.https://t.co/IGJpglF20J

— glassnode (@glassnode) November 22, 2023

Meanwhile, further fueling the positive outlook is the heightened expectation surrounding the potential approval of spot bitcoin exchange-traded funds (ETFs) by the US Securities and Exchange Commission. With a looming deadline of January 10, the SEC is tasked with evaluating numerous pending applications for these ETFs.

If given the green light, these ETFs are poised to provide investors with a more cost-effective avenue to tap into the Bitcoin market, adding another layer of optimism to the current bullish sentiment.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

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