In a largely favorable week, the global crypto market cap rose 2.12% from $1.41 trillion at the start of the week to the current $1.44 trillion, with Bitcoin (BTC), Creditcoin (CTC) and Oasis Network (ROSE) each making notable movements.
BTC clinches new yearly peak
Being the most dominant crypto asset, Bitcoin’s recent movements impacted the broader crypto market. The asset began the week on favorable grounds but succumbed to pressure from the bears on Nov. 21 amid reports of Binance’s legal troubles.
The reports triggered a BTC price collapse on Nov. 21, as the asset slumped from $37,448 to $35,735, breaking below two major support levels. Bitcoin dropped 4.56% that day, and the rest of the crypto market recorded similar declines.
Interestingly, the next day saw an equal and opposite price movement. BTC registered a 4.66% increase on Nov. 22, recovering all the losses triggered by the Binance news, and even adding a meager 0.10% increase. The bullish momentum extended to Nov. 24 when BTC clinched a new yearly peak of $38,414.
However, BTC could not retain the $38,000 mark for long, closing Nov. 24 at $37,717. Efforts to recover the $38,000 mark have proven futile since then. Regardless, Bitcoin has sustained its bullish momentum, as it trades above the 50-day EMA ($34,170) and the 200-day EMA ($29,761). BTC is up over 3.1% this week.
CTC crosses 200-day EMA
Creditcoin was one of the beneficiaries of this week’s bullish run. Like BTC, the asset started the week on a positive note, but faced a decline on Nov. 21 amid the market-wide collapse. CTC dropped 4.18% that day, closing the day at $0.1799.
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Author: Wahid Pessarlay
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