When October was coming to an end, no one would have predicted that over the first few days into November, the market would have such a positive turnaround. After a dip on October 29th and a frustrating sideways action, finally, the market is heading the right way.
For most, this is the single most important price surge of the year, it promises a good end of the year for cryptocurrencies and a good reputation for pundits who made predictions that cryptocurrencies would end the year on a high.
According to CCN, in the past seven days, the cryptocurrency market volume has grown by 60%. Growing from less than $10 billion last week to $16 billion.
The Battle For The Largest Altcoin Title
Over the past couple of days and hours, several coins have broken key resistance levels and as the positive momentum continues to grow, we expect more crucial ones to be broken. Another major event that has taken place is Ripple’s short-lived leadership, as the biggest altcoin.
The event, which took place yesterday- November 06, saw Ripple outgrow Ethereum temporarily in a couple of hours, for the second time this year. When Ripple did it the first time, it took the market by surprise but yesterday’s power play was obvious from miles away. Could this end up being?
Ethereum is however not taking the power plays lightly. Tokens surged, breaking several resistance levels, notably $208, $212 and $215. Today, after breaking the $215 resistance level, Ethereum has soared to the highs of $220. The coin is experiencing resistance at this level but continues to enjoy support at the $216 position. Ethereum is trading with a lot of strength and it is expected bulls will continue pushing to reach highs of $225.
While the battle of second place continues, the number one spot remains unchallenged. Bitcoin is also enjoying the wave of positive momentum and is at the time of press, trading just above the $6,500 mark.
Pundits expect that this positive momentum will continue for the rest of the week. In the next couple of days, we should see Ethereum retesting the $230 position. This is one of its most crucial levels and the last time it was trading this high was back in September. A break of this level could see Ethereum surge to highs of $300. As for bitcoin, the bulls are now eyeing the $6,800 mark, a position the coin hasn’t hit since the beginning of September.
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