The crypto market has experienced a noticeable lull in the past few weeks, with many digital assets displaying rather lackluster performances. December.
The third bullish swing failed, resulting in a red close for the week. Monday, November 5. Wednesday, November 7. Bitcoin After 20 days of price dragging, the price finally reached $17.400. Ethereum prices have also increased, as have those of the other major altcoins.
Some tokens have seen positive growth, with Monero (XMR) leading the pack with a more than 6% rise in price. Prices have hit $152 per token, the highest since the start of November.
TonCoin (TON), a token on The Blockchain Open Network, has had an impressive performance this week. The token saw a double-digit jump of 11.7%, pushing it above $2.16 for only the second time since April. With a total capitalization of $2.5 Billion, Toncoin has entered the Top25 for the first time.
This week’s start was a difficult one, as all major cryptocurrencies are now trading below parity. However, two tokens are standing out against the rest: Monero (XMR) and Toncoin (TON). Both have seen positive growth before the plus sign.
Volatility is also making a comeback, with the levels of return to October hitting their lowest levels in two years last week. However, they have increased by over 10% in the past 48 hours, indicating a possible price shock.
Bitcoin (BTC) Price
Yesterday, Sunday November 11, the price of BTC fell below $17k for the first time in 4 days. The token recovered the technical and psychological threshold right before the daily and weekly closes.
This will be the key area to watch over the next few days to determine if recent weakness is part of a technical retracement or a bounce within an ongoing downtrend.
Ethereum Price in Ethereum
Ethereum’s technical stability is reflected in the ETH price trend.
Since hitting its minimum on Wednesday December 7 in the area of $1,220, after closing the previous weekly cycle and beginning the new and current cycle, the price has risen, trying for the umpteenth time to break $1,300.
The failure to break this attempt indicates that the bearish sentiment is still present in order to safeguard the critical technical area. If it breaks $1,300 and above $1.330, it could indicate a reversal from bearish to bullish for the month.
