Market highlights November 22: bullish trend intact for Bitcoin, AVAX passes DOGE on Deloitte deal
Over the past week, the total crypto market cap peaked at $2.9 billion on Monday, then closed at a Friday low of $2.4 billion. At the time of writing, the total market cap stood at $2.6 billion. On Sunday, the market was mixed for most of the majors. The whole week ending November 21 was mixed too. On Monday, it was a bearish start for most of the top 20 coins.
Top cryptos
Bitcoin fell by 1.81% on Sunday, ending the week with a loss of 10.36% to $58,691. Still, the near-term bullish trend remains intact for Bitcoin despite the recent drawdown. To go bearish, the top crypto would need to drop through the 62% FIB of just under $28,800.
On Sunday, Crypto.com Coin (CRO) gained 26.39%, making it the biggest winner in the top 20. Chainlink and Polkadot gained 2.48% resp. 1.46%. Cardano led the way down, losing 4.55%. Binance Coin, Ethereum, Litecoin, and Ripple’s XRP were also in the red. They all lost 2-4%.
Over the past week, CRO gained an impressive 65.35%. Litecoin lost 20.72% to lead the way down. Chainlink was another big loser with -13.85%.
The week inflicted heavy losses on Binance Coin, ADA, XRP, and Bitcoin Cash SV. They all lost around 10% of their value. Ethereum lost slightly less – 7.86%.
On Thursday, Bitcoin’s market dominance peaked at just over 44%. It had dropped to 42.34% on Friday.
Bitcoin is changing hands for $ 57,489 at the time of writing. It rose to an early morning high of $58,829 before falling to its current level.
This morning, Crypto.com Coin has gained another 6.63%. Polkadot and Bitcoin Cash SV have registered slight gains. Chainlink lost 2% to lead the way down.
Avalanche (AVAX) reached #10 by market cap, passing both Dogecoin and Shiba Inu after gaining more than 14% over the past 24 hours. The so-called Ethereum killer is not the second crypto’s only competitor. There are five other Layer-1 tokens that directly compete with Ether.
Ever since Ava Labs CEO Emin Gün Sirer announced a tie-up with “Big Four” accounting firm Deloitte on Nov. 16, AVAX has been rallying. Supporters of the token launched a fund called Blizzard earlier this month, which registered an impressive $220 million in seed funding from participants the likes of CMS Holdings, Three Arrows Capital, and Dragonfly Capital.
What’s more, top stablecoin Tether announced support for the Avalanche blockchain on Wednesday last week.
Top movers
Elrond is up 16.62% in the past 24 hours. Most of the top 100 coins are bearish with losses of up to 10%. At #61, zCash gained 19.20% today. After a prolonged surge that brought Gala to #67 last week, the token has now lost almost 18%.
Voyager Token is a top mover at #88. The cryptocurrency broker providing investors with a trusted access point to crypto trading is a clear winner today with a gain of 28.21% due to having migrated to a new contract recently. They also announced the official Voyager Token swap, which contributed to the rally.
Finally, another winner is the Oasis Network, the first privacy-enabled blockchain platform for open finance and a responsible data economy. At #91, it has gained 14.79% in the past 24 h.
Trending
The biggest gainer today is SHIH TZU, a project with a cause. It is a meme coin that pursues NFT artwork focused on animal rights, including supporting animal shelters and animals with disabilities. Its market cap is up 295,056% in the last 24 h. Ethereum Meta continues its meteoric rise. Its market cap is up 8,369% today.
The post Market highlights November 22: bullish trend intact for Bitcoin, AVAX passes DOGE on Deloitte deal appeared first on Coin Journal.
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Daniela Kirova, Khareem Sudlow