The crypto market starts the week deep in the red again. Many prices are down nearly 10% or more from 24 hours ago while already deep in the red since the FTX crash.
The problems after the FTX drama continue to pile up and more and more companies are coming under pressure. Meanwhile, other financial markets are also turning red due to concerns about a possible recession. Total market capitalization is down 4.9% to $826 billion, the lowest level since early 2021.
? Market Overview#BTC price trades below $17K
The Top-10 are traded in different directions: $MATIC +1.7%, $ETH +0.9%, $XRP -0.55%.
Market cap: $882B (+0.53%) $BTC dominance: 36.56% (+1%)
Fear & Greed Index: 23 (Extreme Fear)Full Report?https://t.co/zcGJCZKWJh pic.twitter.com/lnbk3tVsjQ
— CryptoRank Platform (@CryptoRank_io) November 18, 2022
Bitcoin is still holding at $16,000
Bitcoin (BTC) fell nearly 4% overnight, but for now support is holding around $16,000. Miners are under even more pressure as the mining difficulty rises to a new all-time high and there are concerns about Grayscale’s BTC fund.
Still, not everything looks bad for bitcoin, analyst Will Clemente shows below. Bitcoin is therefore holding up better than most other crypto today.
If I had to show someone 4 charts to explain why Bitcoin is fine:
1 & 2) Long-term holders are doubling down. Despite being the most underwater they’ve ever been, long-term holder supply is at all-time highs.
3) Blocks continue to be added
4) Active addresses making higher lows pic.twitter.com/OSnciNikot— Will Clemente (@WClementeIII) November 20, 2022
Ethereum drops nearly 8%
Ethereum (ETH) is already down nearly 8% today, falling to $1,115 this morning. That is not yet as low as during the FTX crash, but the price is already close. Apparently the ‘FTX hacker,’ or rather the financial regulator of the Bahamas, is dumping ether:
Dump transactions:
“25,000 #ETH (30,170,267 USD) transferred from FTX Hack to unknown wallet” – https://t.co/zx2R5YeCB6
1,753 #BTC (USD 28,922,203) transferred from #RenBTC to unknown wallet” – https://t.co/k49QMWqZ0T
?— Mario Nawfal (@MarioNawfal) November 20, 2022
XRP and DOGE fall the hardest in top crypto top 10
Binance coin (BNB) and cardano (ADA) are holding up slightly stronger today. Despite this, BNB is down 5.5% to $257.5 and ADA is down 6.5% to $0.3. However, the red numbers quickly add up.
Polygon (MATIC) is down nearly 8% below USD 0.8. Ripple (XRP) is already down 8.8% to $0.35. Dogecoin (DOGE) is the biggest loser from the top 10, falling 9.5% to $0.076.
The head of Twitter’s crypto development team has left the company, part of a mass exodus of employees since new owner Elon Musk issued a blanket ultimatum to staff https://t.co/aLb5mK4GID
— Bloomberg Crypto (@crypto) November 19, 2022
Chiliz hardest faller crypto top 100
In the top 100 it also looks bleak. Synthetix (SNX), decentraland (MANA), terra luna classic (LUNC) and axie infinity (AXS) are all down more than 10% today. Near (NEAR) is down 11.5%, and algorand (ALGO) and ecash (XEC) are down 12.5%. Ethereumpow (ETHW) is down a whopping 13.5% today.
But it’s chiliz (CHZ) that’s deepest in the red. CHZ has been one of the fastest risers in the market recently, but today it is down 15.5% and is trading around $0.19. Was the recent rise in the run-up to the World Cup an example of a “buy the rumour, sell the news” phenomenon?
Expert predictions for day 2 are in & it looks like ?? Konijnt.
Share your predictions ?? pic.twitter.com/Dj6Ji1i7nX
— Socios.com (@socios) November 21, 2022
Trade with Crypto Insiders
Are you looking for help with trading? Do you have questions and would you like to receive technical analyzes immediately? Join and try a Premium membership free for 30 days. Here our analysts share their market knowledge and the latest analyzes 24/7. Here you can also get in direct contact with various market experts and crypto enthusiasts who are ready to help you!
Disclaimer: Investing involves risks. Our analysts are not financial advisors. Always consult an advisor when making financial decisions. The information and tips provided on this website are based on our analysts’ own insights and experiences and are for educational purposes only.
