Bitcoin, the leading cryptocurrency, struggled to break above the $17,250 level on December 2, and it is now heading lower to $16,900. Similarly, Ethereum, the second-most valuable cryptocurrency, has fallen after being rejected at the $1,300 level and is currently consolidating near $1,275.
Major cryptocurrencies were trading in the negative early on December 02, as the global cryptocurrency market value fell over 1.30% to $849.73 billion on the previous day. Over the last 24 hours, overall crypto market volume fell 14 percent to $42.61 billion.
The entire volume in DeFi was $2.99 billion, accounting for 7% of the total 24-hour volume in the crypto market. The overall volume of all stablecoins was $40.66 billion, accounting for 95% of the total 24-hour volume of the crypto market.
Let’s take a look at the top 24-hour altcoin gainers and losers.
Top Altcoin Gainers and Losers
Three of the top 100 coins that have gained value in the last 24 hours are EthereumPoW (ETHW), GMX (GMX), and Terra Classic (LUNC). The price of ETHW has increased by more than 20% to $4, the price of GMX has increased by more than 14% to $55, and the price of LUNC has increased by nearly 10%.
BinaryX (BNX), Curve DAO Token (CRV), and Dogecoin (DOGE) are three of the top 100 coins that have lost value in the last 24 hours. Whereas BNX has lost about 6% to trade at $130, CRV is down nearly 5% to trade at $0.6350. At the same time, the DOGE price is down over 5% to trade at $0.099.
Fed Chair Jerome Powell’s Dovish Remarks
The reason for its rise can be attributed to Fed Chair Jerome Powell’s dovish remarks, which were critical in supporting cryptocurrencies such as Bitcoin.
Jerome Powell, the chairman of the Federal Reserve, stated that the bank will slow the rate at which it raises interest rates at its upcoming meeting.
Furthermore, the US dollar’s drop to a three-month low was viewed as an important factor supporting higher Bitcoin prices, as BTC has a strong inverse relationship with the US Dollar Index.
Revenue from Bitcoin Mining Drops
In contrast, Block Research data show that revenue from Bitcoin mining fell by 19.9% in November to approximately $472.64 million. This was seen as one of the key factors in keeping any additional gains in BTC gains under control.
Transaction fees accounted for only a small portion of bitcoin mining revenue ($12.32 million), with the block reward subsidy accounting for the majority of revenue ($460.32 million).
Bitcoin transaction fees now account for about 3% of total revenue, representing a marginal increase.
In terms of earnings, Bitcoin miners outpaced Ethereum investors by a factor of about 5.3. Moving on, traders appear wary of placing any strong bids ahead of US payroll data that is likely to influence monetary policy.
The current Bitcoin price is $16,970, and the 24-hour trading volume is $25 billion. During the last 24 hours, the BTC/USD pair has gained above 0.50%, while CoinMarketCap currently ranks first with a live market cap of $358 billion, up from $323 billion yesterday.
It has a total supply of 21,000,000 BTC coins and a circulating supply of 19,221,593 BTC coins.
The BTC/USD pair struggled to break through the $17,250 level, and the closing of doji and spinning top candles indicate the possibility of a bearish correction.
On the downside, Bitcoin has completed a 23.6% Fibonacci retracement at $16,900, and closing candles below $16,950 may trigger additional selling until the $16,750 level.
Further down, Bitcoin can target the $16,600 level, which is extended by 50% Fib level, and a break below this can expose BTC to the $16,450 level, which is extended by 61.8% Fib level.
On the upside, a bullish breakout of the $17,250 level could expose BTC to 17,650 and $18,100 levels.
The current price of Ethereum is $1,274, with a 24-hour trading volume of $6 billion. In the last 24 hours, Ethereum has lost nearly 1%. CoinMarketCap currently ranks #2, with a live market cap of $155 billion. It has a circulating supply of 122,373,866 ETH coins.
On the 4-hour chart, Ethereum traded bullishly but failed to break above the $1,310 resistance level, triggering a bearish correction.
The tweezers’ top pattern is weakening the bullish trend and may result in a bearish market correction.
On the downside, Ethereum’s immediate support is likely to be around $1,225, with a drop to $1,150 possible.
The MACD and RSI indicators are diverging because the MACD is in a selling zone while the RSI is still in a buying zone. In addition, the 50-day simple moving average (SMA) is still indicating a buying trend.
A bullish breakout of the $1,310 level, on the other hand, could expose the ETH price to the $1,354 level.
Fantom Rockets Over 35%
Fantom extended its upward momentum on December 02 despite rumors that the Fantom Foundation makes regular earnings and has 30 years of the runway without needing to sell any FTM tokens.
FTM price rose about 35% to hit $0.24, its highest level in three weeks. The rise comes as a part of a bigger rebound trend that started when it bottomed out at roughly $0.17 on Nov. 22. This translates to a 50% price rebound in the last eight days.
Interestingly, the rally took up momentum after the Fantom Foundation’s “Architect,” Andre Cronje, disclosed the firm’s financial documents on Nov. 28, disclosing that it had $340 million worth of digital assets and had been making over $10 million annually.
In terms of technical analysis, the FTM/USD has completed a 61.8% Fibonacci retracement at $0.2580. On the plus side, a break above $0.2580 could expose FTM to $0.2830 or $0.3100.
On the downside, FTM’s immediate support is at $0.2410, and the price can fall as low as $0.2235 and $0.2015.
Compiled by Coinbold