Bitcoin and Ethereum Market Analysis – Nov-23-2024
The cryptocurrency market is still well in the green as of today and the surge isn’t confined to Bitcoin alone as some altcoins have witnessed substantial gains, adding a new dimension to the market dynamics. The Altcoin overall market cap has displayed positive strength even though many investors and traders are yet to throw capital into some of them.
While Bitcoin and altcoins still have overhanging risk of a short-term pullback, the increasing institutional interest and improved trading volumes are strong indications that the bull market has come to stay.
First, let me emphasize that there is a danger in selling your asset too soon. If Bitcoin successfully surpasses the $100K level, the demand will be more to fuel the price for another big move.
In this report, I will analyze different charts including Total Crypto market cap without BTC & ETH and Bitcoin Dominance.
The trends look strong and can remain stretched for much longer than we expect.
CRYPTO TOTAL MARKET CAP EXCLUDING BTC & ETH CHART (Total 3)
BTC and ETH are such major players and so popular among investors that, they draw all attention to themselves leaving other coins in their shade.
Looking at the chart below, we see that, the narrative has changed. The big move recently is more broadly based, then the one before the surge.
BTC& ETH’s dominance is down in the last few days and we have old coins rally finally; that’s the kind of thing happening right here. We’re seeing old coins fly and there are some of them that doubled in the last few days.
You have a decision to make on how much risk you want to allocate; I know it’s tempting. We’re seeing confirmation across the board in a lot of these altcoins.
I can go through the list, but you can see them yourself on the charts both daily & weekly. Like I said earlier, a lot of them are doing well and worth investing on a long term.
You can go ahead to stick to a handful of them and the idea, of course is that, they’re going to outperform Bitcoin, maybe in a short term.
Chart 1. A leap-frog of above the key levels that’s broadly based amongst altcoins’ market cap: Source: Paid Content by bitcoin.live
MARKET CAP BTC DOMINANCE CHART (BTC.D)
Bitcoin’s market dominance is climbing steadily, currently at 59.4%, marking a 2.30% increase. This trend highlights Bitcoin’s strengthening position in the crypto market.
Bitcoin dominance is moving closer to the critical 60% threshold, signaling increased confidence among institutional and retail investors.
When BTC dominance peaks, it often precedes significant moves in altcoins. A reversal of dominance could signal new opportunities in the altcoin market.
Also, people look at something like Bitcoin at a 100k USD and think, how much more can I make? So, they start pulling it out and going into the altcoins. I think, we’re getting close.
Chart 2. Bitcoin’s market dominance is stretched, currently at 59.4%, marking a 2.30% increase: Source: Paid Content by bitcoin.live
BTC/USD DAILY CHART
Looking at the BTC daily chart, we see little consolidation sitting right below 100k USD. Still at the right translated 60-day cycle with bullish look.
I like the fact that, it hasn’t gone through a 100k USD level, because that could mean, a little sort of local top. It’s in price discovery mode and once the consolidation is over, it can keep on going.
A slight pull back till $93,730 is still healthy for the next up move. Need to cross $106k first for the $120k-$143k targets. We should treat every dip as a buying opportunity.
In overall, the surge in bullish momentum has pushed the volume high. I don’t want to throw up price target but I see it forming another big move. In that kind of move, you can structure a long trade.
Chart 3. A couple of days of consolidation sitting right below 100k USD: Paid Content by bitcoin.live
Chart by TradingView
BTC/USD WEEKLY CHART
Looking at BTC/USD weekly chart, 3 big candles don’t come up always. Often when we get 3 big candles like this, we need a break. Looking at the 10-Week MA, still all the way back the area, the range that we had, meaning, BTC/USD is extended. Ideally, we need a pause.
I would still love a little 4–7-day shakeout here in this 60-day cycle. But I believe Bitcoin is preparing to leave this range and resume its bull market. As I always say, patience is key.
I want to stick to this bullish narrative because the structure is very bullish from the cycle stand point.
Chart 4. 10-Week MA, still all the way back the area, the range that we had, meaning, BTC/USD is extended: Paid Content by bitcoin.live
Chart by TradingView
ETH/USD CHART
ETH/USD on the daily looks really good after the strong bullish rally yesterday. We had a breakout, followed by a pullback, then retested that level. It’s well above the moving averages. I’m expecting a big pump after a slight pullback coming soon.
The price appeared to be consolidating the weekend’s gains, with prices remaining above the $3,300 mark. The second crypto in command is back in contention to try $4k level. If this trend continues, ETH could climb above the much-coveted threshold by the end of this year.
Again, I don’t think, this is the time to sell Ethereum. I expect more capital to flow in ETH.
Chart 5. A breakout, followed by a pullback, then retested that level setting an upward move: Source: Paid Content from bitcoin.live , Chart by TradingView
