The week begins with a clear prevalence of negative signs. More than 80% of the first 100 cryptocurrencies are in negative territory. The first crypto with a green sign is Bitcoin Cash (BCH), which oscillates above parity waiting for a new upcoming fork.
The weekend has passed in an attempt to recover critical levels throughout the industry, with rises prevailing yesterday evening. Today’s trend is different and reversed.
Among the big 20, there are only three signs above the parity, first and foremost Cosmos (ATOM). After a weekend that saw ATOM achieve one of the biggest increases, in recent hours prices have been testing area 4.20 dollars, abandoned last July. The daily rise traces the trend of the weekend and today Cosmos scores a +3%.
The other positive sign is that of Stellar (XLM) which continues to give signs of wanting to recover from the falls that characterised Stellar in the first 10 months of the year. The increases in these hours bring XLM back to the threshold of 0.08 dollars.
Bitcoin Cash oscillates around parity, with prices that in these last hours try to hook the technical and psychological threshold of 300 dollars, a level that in the last week has rejected four times every bullish attack. The recovery of the 300 dollars would be a sign of optimism that would lead BCH to exceed the next fork expected for 12:00 CET on Friday, November 15th.
Contrary to what happened in the previous fork that generated a new coin, Bitcoin Satoshi Vision, this fork will not generate another currency. It’s just a programmed fork to update the BCH network consensus rules. Bitcoin Cash, while waiting for this fork, starts to conquer the $300 threshold. It will be important to continue this trend in the coming days.
Bitcoin’s return to Friday evening levels, after the weekend’s attempt to react, drags the sector. Today, BTC is retreating by 1.5%. Among the big ones, the downturn of Basic Attention Token (BAT) emerges, losing 4%, same as Chainlink (LINK).
The day was marked by a strong upward trend that pushed DX Chain (DX) up 50%, followed by Aurora (AOA) and V Systems (VSYS) at a distance.
This weakness brings back the market cap, which has fallen below the $240 billion threshold in these hours. Bitcoin tries to confirm the threshold of 66% dominance. Ethereum takes advantage, returning to 8.5% market share, which it has not recorded since the end of October. Ripple gives ground and returns below 5%.
Bitcoin continues to be characterised by a bearish trend which, as it has been since June, is not able to give strong signals, with period highs which continue to show ever lower levels. Bitcoin finds itself having to fight to contain the decline above 8,800 dollars. In case of violation, the possibility to review the 7,800-8,000 dollars would be opened.
For bitcoin, it is important to push up as soon as possible above 9,500 dollars, levels that throughout the last week have characterised the daily fluctuations.
The rise of Ethereum on Sunday, which was a timid attempt to push above $190, was not successful and in these hours the prices have returned to test the level that sees Ethereum’s price fluctuate around $185, since last October 25.
For ETH the sky is still cloudy. Despite fluctuations such as those of the weekend that increase volatility, prices can not move away from 185 dollars. For Ethereum it is still valid the bullish hypothesis in which it would not be able to attract purchases as long as the prices do not show strength with the breaking of the 195-200 dollars.
Instead, it would be worrying to return below $175 in the coming days.