Despite the market’s continued FUD, Bitcoin, the leading cryptocurrency, continues to trade bullish above the psychological level of $16,000 and has placed a high of $17,000 on November 30. Similarly, Ethereum, the second-most valuable cryptocurrency, is also on the rise, having reached $1,270 after violating a symmetrical triangle pattern.
Major cryptocurrencies were trading in the green early on November 30 as the global crypto market value increased over 4% in the previous day to $853 billion. In contrast, the total crypto market volume fell nearly 1.0% in the last 24 hours to $47.37 billion.
The overall volume in DeFi was $2.89 billion, accounting for 6% of the total 24-hour volume in the crypto market. The total volume of all stablecoins was $44.77 billion, accounting for 94% 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
Fantom (FTM), Huobi Token (HT), and ImmutableX (IMX) are three of the top 100 coins that have gained value in the last 24 hours. The FTM price has soared by more than 10% to $0.2385, the HT price has grown by more than 5% to $7, and the IMX price has increased by nearly 5.5%.
UNUS SED LEO (LEO), Celo (CELO), and BinaryX (BNX) are three of the top 100 coins that have lost value in the last 24 hours. Whereas LEO has lost over 7.5% to trade at $3.78, CELO is down nearly 3% to trade at $0.65. At the same time, the BNX price is down over 2% to trade at $142.
US Consumer Confidence Shakes Again
Given the negative correlation between the US dollar and cryptocurrencies, a drop in the US dollar typically prompts buying at the top cryptos.
The preliminary University of Michigan consumer sentiment for the United States was raised higher to 56.8 in November 2022 from 54.7, exceeding market estimates of 55. However, it fell short of the previous figure of 59.9, triggering a bearish bias for the US dollar and attracting demand for cryptocurrencies.
Inflation predictions for the coming year fell to 4.9% from 5.1% in the first estimate, while the 5-year forecast remained steady at 3%.
In addition to the persistent impact of inflation, rising borrowing rates, dropping asset prices, and weakening labor market outlook have all weighed on consumer attitudes.
Brazil Legalizes Cryptocurrency as a Payment Method
Brazil has yet to recognize Bitcoin as a legal tender, but it has done what amounts to the next best thing by passing a law recognizing cryptocurrencies as a valid form of payment across the country. This will provide a regulatory boost to the widespread use of digital currencies and the ecosystem’s growth.
The Chamber of Deputies in Brazil has established a regulatory framework that would allow citizens to utilize cryptocurrencies as legal tender. The bill, issued under the number PL 4401/2021, expands the meaning of “payment agreements” to include digital currencies and airline mileage programs (the ubiquitous “miles”).
Cryptocurrency payments for goods and services will soon have the backing of the law, but they will not be recognized as legal tender until the President of the Republic signs it into effect.
Increased cryptocurrency adoption is considered positive for the cryptocurrency market, and as a result, the market is on the rise.
The current Bitcoin price is $16,867 and the 24-hour trading volume is $25 billion. During the last 24 hours, the BTC/USD pair has gained nearly 2.5%, while CoinMarketCap currently ranks first with a live market cap of $324 billion, up from $316 billion yesterday.
It has a total supply of 21,000,000 BTC coins and a circulating supply of 19,220,518 BTC coins.
On Wednesday, the BTC/USD is trading bullish after gaining support at the $16,000 psychological trading level. Bitcoin has violated a double top resistance level of $16,650 in the 4-hour timeframe, and a breakout above this level exposes BTC price to the next resistance level of $17,250.
On the downside, support remains around $16,650, a double-bottom resistance level that is now acting as a support. The RSI and MACD indicators are still in a buying zone, implying that the uptrend will likely continue.
Consider looking for a buying position worth more than $16,650 today.
The current price of Ethereum is $1,269, with a 24-hour trading volume of $8 billion. In the last 24 hours, Ethereum has gained nearly 5%. CoinMarketCap currently ranks #2, with a live market cap of $155 billion. It has a circulating supply of 122,373,866 ETH coins.
After completing a 50% Fibonacci retracement at $1,150, Ethereum has recovered in the 4-hour timeframe. Above this, Ethereum formed a bullish engulfing candle, triggering a strong uptrend.
On the 4-hour timeframe, the ETH/USD pair has violated a symmetrical triangle pattern at $1,200, and closing candles outside of this triangle pattern indicate the possibility of a strong upswing.
On the upside, the ETH/USD pair may continue to rise toward the next resistance level of $1,290/1,300, and a break above this could expose it to the $1,340 resistance level.
On the downside, Ethereum has immediate support at $1,230 and $1,200. However, the RSI and MACD are in a buying zone, as is the 50-day moving average, indicating the possibility of a bullish trend continuation. Consider looking for a buying trade that is worth more than $1,235 today.