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November 24th Crypto Market Analysis

[US stock exchange on the rise]

The NYSE closed on a high note with the positive news of a potential vaccine even in the midst of rising COVID19 patients. 23rd (local time)

On the New York Stock Exchange (NYSE), the Dow Jones 30 industrial average rose 1.12 percent from yesterday's trading to 29,591.27, the Standard & Poor's 500 index rose 0.56 percent to 3,577.59, and the tech-heavy Nasdaq index rose 0.22 percent closing at 11,880.63. The US stock market blockchain theme rose by 6.51%.

[Bitcoin price drop]

Bitcoin has fallen to USD 18,300 in the past 24 hours. The recent upward trend has somewhat settled into what seems to be the mediation phase. Additionally, bitcoin prices have fallen and fluctuated more significantly in the process of downward adjustment with a possibility of the variability being  increased.

However, the mood of the market as well as its professionals still remain optimistic. For example, the co-founder of US cryptocurrency exchange Gemini, Tyler Winklevoss, has tweeted, “A lot of people spend time contemplating the risks surrounding bitcoin. They completely miss the biggest risk of all, which is to sit on the sidelines and passively watch the greatest money and technological revolution of the century unfold before their eyes.”

Altcoin’s top contender and second largest crypto, Ethereum (ETH), has slowed down in the past 24 hours dwelling around the USD 600 mark. With a growth rate of 5.84% it is currently at USD 604. 

According to Nick Chong, the author of an online cryptocurrency media outlet, NewBTC, “There are a number of technical and fundamental trends set to drive the coin even higher, including the imminent launch of ETH 2.0, the growth of the decentralized finance (DeFi) space, and the simple fact that there is little technical resistance from here toward $700.”

The 4th largest cryptocurrency, Ripple has seen a spike of 23.16% growth resting at USD 0.5788 as of current. Just in the past 7 days, Ripple has skyrocketed by roughly a 103%. According to Youtoday, another media outlet specializing in cryptocurrency, Ripple stated on its website the other day that Ripplenet has officially listed Bank of America as one of its top partners. The Bank of America is listed as the second largest bank in the US according to its assets.   

[Expert opinion]

As more and more people buy up Ripple as well as Ethereum, a more dynamic movement of Altcoins will be evident. A close eye should be kept on one of the market’s top cryptocurrencies, Altcoin, with experts projecting higher fluctuations in its price. 

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