In the early hours of today, November 24, major cryptocurrencies were trading in the green direction, as the global crypto market cap increased around 2% in the previous day to $83 billion. The leading cryptocurrencies, Bitcoin and Ethereum, showed signs of a new recovery, with Bitcoin trading at $16,673.
While Ethereum, the second most valuable cryptocurrency, followed Bitcoin and increased by more than 3% to $1,200. 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.
Bitcoin Trading on the Green Spotlight
The price of one bitcoin is currently $16,659, and $32 billion is traded daily. In the past 24 hours, Bitcoin has climbed by more than 1%. With a live market valuation of $350 billion, up from $310 billion yesterday, CoinMarketCap currently holds the top spot. 19,215,637 BTC coins are now in circulation out of a total quantity of 21,000,000 BTC coins.
Near $16,600, Bitcoin is currently gaining momentum. Candles that close above this point raise the possibility of a bullish turn. The bullish trend may continue if a bullish engulfing breaks through the $16,350 resistance and closes above it.
With this, more positive pressure might push the price up to the $17,180 resistance level. Again buying opportunities can be available up to the $18,650 level, which is extended by the 38.2% Fibonacci retracement level, if the $17,180 level is breached once more. On the downside, Bitcoin continues to find support near $16,000; should this level be broken, the value of the coin might go as low as $15,670.
Ethereum Following Bitcoin’s Direction
Ethereum currently has a price of $1,201 and an $11 billion 24-hour trading volume. Over the past day, Ethereum has increased by more than 3.5%. With a live market capitalization of $147 billion, CoinMarketCap is presently ranked #2. There are currently 122,373,866 ETH coins in circulation.
Ethereum has recaptured the $1,200 mark after breaking through a negative trendline around $1,190. The next region of resistance for ETH is at $1,240; if a double top formation and bullish breakout above this level occur, the price of ETH could then rise to $1,290.