November 26th Crypto Market Analysis
[US stock market at a snail’s pace]
Even with the news of a possible early release of a COVID19 vaccine and lessening uncertainty of the administration handover, the NYSE closed on an uncertain note due to a "wait and watch" mood of a potential surge and a worsening unemployment rate.
25th (local time) The New York Stock Exchange (NYSE) closed with the Dow Jones down 173.77 points (0.58 %) below the previous trading session at USD 29,872.47 and the S&P 500 down to 0.16% at USD 3,629.65. On the other hand, the tech heavy NASDAQ closed on a high note up .48% to USD 12,094.40. Blockchain theme in the US market went up 1.81%.
[Bitcoin price drop]
Following the recent rally btc is showing fatigue dropping down to USD 18,500.
Bitcoin has been trying to make it past the 19,500 selling price hurdle but instead went down to 19,300 and below finally falling below the USD 19,000 line.
Hence, cryptocurrency specialist media outlet Daily Hurdle states that according to crypto data analyst platform Santiment, btc has slowed since breaking the USD 19,000 mark. They claim that it seems btc will go into short term adjustments recommending conservative investments.
Another cryptocurrency media outlet, Double Rock cites from search engine data Google Trend, that keyword searches including “Ethereum” have been as high as ever since February of 2018. According to media outlets, there were 33 searches including the word Ethereum. This is the highest it has been compared to February 4th (45th week) 2018. This data is a numerical representation of the search volume of a specific word from 0 to 100, and recorded 100 on December 10th, 2017.
Media related to this event analyzed this as evidence of ETH 2.0 searches having gone up overall. Mining can be done regularly on ETH 2.0 Genesys block.
Even the 3rd largest crypto XRP fell 6.79% to USD 0.6372 market value. Daily Hurdle cites from Santiment (crypto data analyst platform) that XRP’s daily mention on SNS platforms surpassed ETH’s in seven months. XRP is the second most frequently mentioned crypto after bitcoin.
If the recent few days of adjustment can turn itself around, the strong upward trend is expected to continue. The decline in bitcoin and Ethereum may be a point of caution, but more capital is expected to flow into the crypto market, where it was born from word of mouth.