Despite the release of dovish FOMC meeting minutes yesterday during the US session, the top cryptocurrency, Bitcoin, showed signs of a new recovery on November 24 and was trading at $16,673. Similar to how Bitcoin has grown, Ethereum, the second-most valuable cryptocurrency, has risen by more than 3% to $1,200.
Major cryptocurrencies were up early on November 24 as the market cap of all cryptocurrencies grew by about 2% overnight to $83 billion. In contrast, the overall volume of the crypto market decreased by more than 4% in the previous day to $61.23 billion.
The total volume in DeFi was $3.57 billion, or 5% of the cryptocurrency market’s overall 24-hour volume. All stable coin volume combined was $58.36 billion, or 95% of the 24-hour volume of the whole crypto market.
Let’s take a look at the top 24-hour altcoin gainers and losers.
Top Altcoin Gainers and Losers
Klaytn (KLAY), Solana (SOL), and BNB (BNB) are three of the top 100 coins that have gained value in the last 24 hours. The KLAY price has soared by more than 12% to $0.18, the SOL price has grown by more than 10% to $14, and the BNB price has increased by nearly 9%.
WEMIX (WEMIX), Bitcoin Cash (BCH), and Litecoin (LTC) are three of the top 100 coins that have lost value in the last 24 hours.
Whereas Bitcoin Cash and WEMIX have lost over 2% to trade at $113 and $1.50, respectively.
However, Litecoin’s 3% loss in the last 24 hours came after a 30% surge in the previous seven days and could simply be a bearish correction.
LTC will be discussed further in the following update.
FOMC Minutes: FED Officials See Smaller Rate Hikes
Minutes from a meeting held by the Federal Reserve earlier this month were made public on Wednesday, and they revealed that participants agreed that future interest rate hikes should be smaller as they assess the policy’s effect on the economy.
The meeting summary echoed statements made by numerous officials during the past few weeks, which all pointed to more moderate upcoming rate increases.
After four consecutive 0.75 percentage point raises, the market generally anticipates the Federal Open Market Committee, which sets interest rates, to decrease to a 0.5 percentage point increase in December.
Officials have indicated that less drastic measures are on the horizon, but they maintain that they see no evidence of inflation slowing down.
Some committee members, though, have voiced concern about potential financial system vulnerabilities should the Fed maintain its current aggressive course of action.
As a result of the dovish sentiment, the US dollar’s demand faded, causing a price drop and a surge in crypto demand.
The current Bitcoin price is $16,659, and the 24-hour trading volume is $32 billion. Bitcoin has increased by more than 1% in the last 24 hours. CoinMarketCap currently ranks first, with a live market cap of $350 billion up from $310 billion yesterday. It has a total supply of 21,000,000 BTC coins and a circulating supply of 19,215,637 BTC coins.
Bitcoin is currently gathering momentum near the $16,600 mark. Candles closing above this level indicate the probability of a bullish turnaround. A bullish engulfing slicing through the $16,350 barrier and closing above it suggests that the bullish trend may continue.
As a result, additional bullish pressure may drive an advance to the $17,180 barrier level. If the $17,180 level is breached again, more buying possibilities may exist until the $18,650 level, which is extended by the 38.2% Fibonacci retracement level.
Because the RSI and MACD are both in a purchasing zone, we may expect the rally to continue. If the $17,000 mark is breached, BTC might fall to the $17,600 level.
On the downside, Bitcoin’s support remains at $16,000, and a break of this level may drop the currency as low as $15,670.
The current price of Ethereum is $1,201, with a 24-hour trading volume of $11 billion. In the last 24 hours, Ethereum has gained over 3.5%. CoinMarketCap currently ranks #2, with a live market cap of $147 billion. It has a circulating supply of 122,373,866 ETH coins.
On the 4-hour chart, Ethereum has broken through a $1,190 downward trendline and reclaimed the $1,200 level.
ETH is now heading towards the next resistance area of $1,240, where a double top pattern and bullish breakout above this level could take the price of ETH to $1,290.
On the downside, the ETH/USD pair is likely to find immediate support at $1,190, and a break below this level has the potential to drop as low as $1,160. Because the RSI and MACD indicators are in a buying zone, we may see an uptrend continue.
Litecoin Pumps 30%
Litecoin’s current price is $76, with a 24-hour trading volume of $1.6 billion. In the last 24 hours, Litecoin has dropped over 3% but at the same time, its weekly gain is over 30%.
With a live market cap of $5.4 billion, CoinMarketCap currently ranks 13th. It has a maximum supply of 84,000,000 LTC coins and a circulating supply of 71,680,906 LTC coins.
On the technical front, Litecoin was rejected below the $83.65 resistance level, and candle closings below this level triggered a bearish correction.
Litecoin has already completed a 23.6% Fibonacci retracement and is now heading lower toward the next support level of $74, which is extended by a 38.2% Fibonacci retracement.
The LTC/USD pair is likely to show a bullish reversal above the $74 or $68.75 (61.8% Fibo level) support levels.
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