During our last market outlook, cryptocurrency prices had found new foundations after the massive rally on Friday, October 25. Since then digital currency prices have been meandering roughly in the same positions after coins like BTC failed to break upper resistance on various occasions.
Crypto Prices Hold Foundational Support But Fail to Break Upper Resistance
At the time of publication, the market capitalization of all 3,000+ digital assets is hovering around $260 billion on Thursday, November 7. Currently, the top 15 coins with the largest market caps are down a few percentages between 1-5%. BTC is currently trading for $9,240 per coin and the market has an overall valuation of $166 billion today. The digital asset is down 1.44% in the last 24 hours but it’s up +0.16% for the week.
There’s around $22.7 billion in global trades today with BTC and 76% of those trades are paired against tether (USDT). ETH is swapping for $187 per coin and is down 1.74% today but ETH is up 2.3% over the last seven days. ETH has a market valuation of around $20.3 billion and roughly $9.1 billion in trade volume worldwide. XRP has lost more than 3% on Thursday and 1.11% for the week as each coin is trading for $0.29. Lastly, the stablecoin tether (USDT) is holding the fifth-largest market cap today and is capturing roughly two-thirds of all trades within the cryptoconomy.
Bitcoin Cash (BCH) Market Action