Bitcoin, Ethereum, Litecoin, Ripple’s XRP, Chainlink – Daily Analysis – November 1st, 2020

  • The overall market conditions have finally been able to revive its positive momentum with Bitcoin and Ethereum both performing positive on Sunday’s market session
  • The overall market capitalization stands at $400.28 Bitcoin with an increase of 1.00% over the day
  • The overall volume traded of the market stands at $79.25 Bitcoin resulting in a decrease of -5.00% over the day
  • The dominance of the crypto king has reached to 63.58% resulting in an increase of 0.12% over the day

Bulls Finally had a Comeback after Crypto Assets Reached their Critical Support Levels 

Source: Coin360

The overall market conditions are reviving its positive sentiment after facing price corrections at the end of October. However, BTC looks untouched or one can say had no effect on the overall price correction activity in the market as the world’s largest crypto asset aims for $14k this month. Ether has been one of the most suffered digital assets during the past downtrend as its price levels touched the major support level of $370.00. Other altcoins also reached their first critical support areas during the downtrend and able to revive their bullish run respectively.

Bitcoin (BTC) 

Source: Coinmarketcap

Bitcoin started this month while breaking above $14k and sustaining the level for a very short span. This indicates that the bulls will strongly aim for breaking above the mark again and gain significant levels for this month. The CMP is placed at $13780.97 with an overall gain of 1.47% with the market capitalization of $255,361,517,978 and the 24-hour volume traded of $30,634,621,485. Breaking above $14k can result in a weakening of the resistance level of $13800 which is a positive sign for further price growth action.

Ethereum (ETH) 

Source: Coinmarketcap

Ether is currently facing the resistance level of $395.00 with the CMP of $388.50. It is expected that the resistance level will not be able to provide significant negative reversals to the price levels and the bulls are strongly aiming to reclaim $400 again. However, the sustainability above $400 still remains doubtful for Ether as we have witnessed multiple breakdowns above the level. The market capitalization stands at $43,995,347,773 with the 24-hour volume traded of $10,988,781,745. On the other hand, if Ether bulls are unable to break above the resistance level, we could expect BTC to soak its positive sentiment in the market. The ETH/BTC pair trading negative with a loss of -0.37% with the current level of 0.02821163 BTC is giving similar signals.

Litecoin (LTC) 

Source: Coinmarketcap

Litecoin was able to avoid any downfall below the crucial mark of $50.00 during the past downtrend giving positive signals for its sustainability above the price mark. The CMP is placed at $55.26 with an overall gain of 2.30% bringing the market capitalization to $ 3,635,132,290  and the 24-hour volume traded of $2,505,445,107. The LTC/BTC pair has also turned green with a profit of 1.005 bringing the current level to 0.00401581 BTC.  If the digital asset is able to sustain the current positive move, it will be aiming to retest the resistance level of $60.00 further ahead in the market.

Ripple (XRP) 

Source: Coinmarketcap

XRP’s positive momentum triggered after the price levels broke below $ 0.230. The positive bump provided momentum to $ 0.240 before the resistance level of $0.245 coming into the act. The CMP is placed at $ 0.238 having a marginal profit of 0.05% bringing the market capitalization to $10,821,746,552 and the 24-hour volume traded of $2,103,740,559. The XRP/BTC pair is still performing negatively with a loss of -1.17% bringing the current level to 0.00001739 BTC. The negative performance of the pair is giving a tough time to the bulls for making a price recovery action in the market.

Chainlink (LINK) 

Source: Coinmarketcap

Chainlink was successful in avoiding any downfall below the crucial mark of $11.00 which could have provided significant price damage. The CMP is placed at $11.21 with an overall gain of 1.15% bringing the market capitalization to $4,376,847,920 with the 24-hour volume traded of $1,432,163,790. The LINK/BTC pair is performing negative with a marginal loss of -0.20% bringing the current level to 0.00081553 BTC.  The price sustainability above $11.00 can certainly provide positive momentum to LINK in upcoming trading sessions.