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Bitcoin Ethereum Crypto Market Daily

Crypto market surges as ‘extreme greed’ becomes the new norm

2020.11.24 Adam James

Today's edition of OKEx Insights' Crypto Market Daily covers Bitcoin, Ethereum, altcoins and DeFi.

The price of Bitcoin (BTC) has experienced a bit of volatility over the past 24 hours but has experienced little change in its overall price. The market-leading cryptocurrency is down less than 1% across global exchanges and is trading at 18,850 USDT on OKEx.

Meanwhile, altcoins have continued to surge during the same time period. Most notably, XRP is up nearly 53% — as of the time of this writing — after surging to over $0.90 on Coinbase, before dropping 30% in only a matter of seconds. Bitcoin Cash (BCH), meanwhile, is up over 22% while the rest of the altcoin market sees impressive gains.

Top cryptocurrency prices - 11/24
The altcoin market is dramatically outperforming BTC, with many altcoins seeing massive gains. Source: Coin360

The surge in altcoin valuations has pushed the total cryptocurrency market capitalization up to over $578 billion, according to CoinGecko. Unsurprisingly, BTC dominance continues to fall sharply — the metric sat at 65.1% on Friday but is now only 59.4%.

The Crypto Fear & Greed Index, meanwhile, remains in "Extreme Greed" territory — where it has been hanging out for a prolonged period of time.

Sentiment in the cryptocurrency market has been extremely greedy for an extended period of time. Source: alternative.me

Stocks, meanwhile, continued to rise yesterday after another COVID-19 inoculation was concluded to be effective — the third such vaccine this month. Meanwhile, the number of cases continues to rise in the United States, Europe and elsewhere.

Top altcoin gainers and losers 

  • XLM/USDT +60.17%
  • DHT/USDT +59.47%
  • XRP/USDT +52.22%
  • LET/USDT -9.36%
  • MCO/USDT -10.88%
  • FRONT/USDT -21.00%

Though XRP has garnered the spotlight this morning after surging to over $0.90 on Coinbase, its primary competitor, XLM, is today's top performer on OKEx.

BTC technical analysis

The price of BTC is continuing its relentless march up the ribbon of exponential moving averages on the four-hour time frame. Until it falls beneath the ribbon and turns it into resistance, there is virtually no reason to be bearish on the market-leading cryptocurrency — despite the "Extreme Greed" present in the market and indicators suggesting it is overbought.

Bitcoin price chart - 11/24
OKEx's BTC/USDT 4h chart — 11/24. Source: OKEx, TradingView

ETH technical analysis

The price of Ether (ETH) is even more bullish than BTC, as it is relentlessly marching up the EMA ribbon on the hourly time frame in a bid to go parabolic ahead of the Phase 0 launch of Ethereum 2.0.

Ethereum price chart - 11/24
OKEx's ETH/USDT 1h chart — 11/24. Source: OKEx, TradingView

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Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involve significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.