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Crypto market down today: Bitcoin -2.3%
Crypto market down today: Bitcoin -2.3%
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Crypto market down today: Bitcoin -2.3%

By Federico Izzi - 2 Nov 2020

Chevron down

The crypto market is in negative today, following Bitcoin’s euphoria last week.

coin360 20201102
Source: COIN360.com

After closing the best month of the year, Bitcoin starts the month full of expectations. The speed of the bullish race of the last two weeks has left few points of reference behind, which is why the week will be important to build a good basis from which to start again before considering the next extension. 

Eyes focused on Bitcoin, which is the only one with a positive balance on a weekly basis among the first 30 capitalized.

Crypto market today

The first day of the week opens with the prevalence of negative signs. Among the first in the ranking, there are alternating ups and downs, with Bitcoin below par (-2.3%), followed by Ripple (XRP), Bitcoin Cash (BCH), Litecoin (LTC) and Polkadot (DOT), all losing 1% from yesterday morning’s levels. 

ADA 20201102

On the opposite side, Ethereum ( ETH) is above parity +0.2%. Cardano (ADA) +3%, Chainlink (LINK) and Binance Coin (BNB) above 1%.

Most DeFi tokens continue to do well. Among the best of the day is Ocean Protocol (OCEAN), the only double-digit token up by +13.3%. Followed by Aave (AAVE), Compound (COMP) and Ampleforth (AMPL), all above 6% from Sunday morning levels.

Trading volumes contracted with the total below $90 billion. On Sunday, volumes for Bitcoin fell by half to below $1.5 billion, the lowest level on the last 10 days. The activity for Ethereum, at $550 million, is among the three worst of the last month.

The total capitalization fails to confirm itself above $400 billion, a level that has been exceeded several times without success in the last 48 hours, held up by the trend of Bitcoin, which is close to 64%, bringing the market share of Ethereum down to 12.1% – the lowest level since mid-July – and bringing XRP down to 2.7%.

DeFiPulse 20201102

The total value locked in DeFi is back above $11.2 billion. The weight of locked collateral remains unchanged both for Ethereum, above 8.8 million units, and Bitcoin with over 167 thousand BTC tokenized on the various decentralized protocols. 

The podium of the most used projects remains unchanged with Uniswap in the lead, followed by Maker and WBTC.    

BTC 20201102
Bitcoin chart by Tradingview

Bitcoin (BTC)

Even if for a few minutes, last Saturday prices reached $14,000 for the first time since January 2018. This extension triggered the recent profit-taking and the opening up of new hedging strategies. In fact, after more than a week the positions of the Call options exceed the Put ones, highlighting how during the weekend the operators prefer to protect the gains accumulated during the rise of October. 

For this reason, in the coming days, it will be important to follow more closely the holding of the supports rather than expect the continuation of the increases with the same recent intensity.

ETH 20201102
Ethereum chart by Tradingview

Ethereum (ETH)

In the last 48 hours, the prices of Ethereum have been trying to rise above $400 and become an opportunity to take profits. The rise, in fact, hits sales that reject prices in the 380 USD area, confirming a crucial level of support for the next few days of the week. 

Failure to hold this support increases the chances of testing the dynamic bullish trendline between $355 and $360, which has accompanied the bullish trend for almost seven months.  

 

Federico Izzi
Federico Izzi

Financial analyst and independent #trader – S.I.A.T. & Assob.it partner. He operates actively on stock and derivatives markets (futures and options) since 1997. A precursor of cyclic-volumetric analysis he is known for having identified the most important upward and downward movements in the financial markets of recent years. He participates annually as a speaker at the ITForum in Rimini since the 2010 edition and InvestingRoma and Napoli since the first edition of 2015. He is a guest and market expert on the "Trading Room" and "Market Driver" broadcasts of Class CNBC, Borsa Diretta.tv and on the evening news of Traderlink. Since July 2017 he is a permanent guest on LeFonti.TV, the only weekly national space dedicated to cryptocurrencies alongside the most important international experts in the field. He was interviewed as a cryptocurrency expert for Forbes Italia, Panorama, StartupItalia and DonnaModerna. He was recognized as the first Italian technical analyst to have published the first secular cyclic analysis on Bitcoin. Periodically publishes articles on ITForum News, Sole24Ore, MILANOFINANZA, TrendOnLine and Wall Street Italy. Federico Izzi is... "Zio Romolo".

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