Flipster Crypto Weekly (22 November)

22 November 2024

This week, "blue-chip" cryptocurrencies outperformed memecoins, capturing the attention of investors and traders. This shift toward more established digital assets may reflect growing caution amid concerns about the potential escalation of geopolitical tensions involving Ukraine, Western nations, and Russia.

Bitcoin dominance surpassed the 60% mark. Source: TradingView.

Bitcoin's dominance has reclaimed the critical 60% threshold after briefly dipping to 59% earlier in the week. If this level holds, it could signal a delay in the onset of a broader altcoin rally, also referred to as "altcoin season." Investors appear to be favoring stability over speculation in the current market environment.

Ripple (XRP)

Ripple (XRP) has maintained its upward momentum after breaking through its key resistance level at $0.64 earlier this month. Previously, XRP faced substantial regulatory pressure, particularly from the U.S. Securities and Exchange Commission (SEC). This regulatory scrutiny had a big impact on the cryptocurrency's performance.

However, recent news that SEC Chairman Gary Gensler will resign in January has strengthened investor confidence. Many anticipate that his departure could pave the way for more crypto-friendly regulations, alleviating XRP's challenges. In response to this optimism, XRP has rallied, achieving a gain of over 100% since its breakout.

Cardano (ADA)

Cardano (ADA) has surged over 150% in the past three weeks and more than 20% in the past week alone, drawing renewed attention from the market. The cryptocurrency has successfully broken above the key resistance level at $0.635 on the back of strong trading volume. Over the past two weeks, a notable rise in daily trading volume has shown buying interest from both investors and traders, reinforcing ADA’s continued upward momentum.

To stay up-to-date with the top performers in the crypto market, download and access the Flipster app. Navigate to the ‘Market’ tab and click on ‘Top Movers’ to view a list of the top-performing cryptocurrencies over the past 24 hours. This feature provides real-time insights into the most active and profitable assets.

Bitcoin (BTC)

Weekly performance: +13.16%

Year-to-date (YTD) performance: +133.52%

Bitcoin (BTC) reached new all-time highs this week, edging closer to the $100,000 milestone. Following the U.S. election results, BTC has been on a relentless upward trajectory, leaving little opportunity for investors and traders waiting for a pullback to enter or add to their positions. This rally mirrors the late 2020 breakout, where BTC experienced a month-long surge without any significant pullback before eventually retracing to its 21-day moving average (MA).

Ethereum (ETH)

Weekly performance: 11.39%

Year-to-date (YTD) performance: +49.31%

Ethereum (ETH) demonstrated strength on Thursday, posting a 9% gain and forming a strong green candle. The price has moved above both short-term and long-term moving averages, indicating the potential for continued upside if the current trend persists. The $3,380 level serves as a key local resistance, and a successful breakout above this point could act as a catalyst to drive ETH to higher levels.

Solana (SOL)

Weekly performance: +24.74%

Year-to-date (YTD) performance: +157%

Solana (SOL) reached a new all-time high today, surpassing its previous 2021 peak of $260. If the price remains above this level over the next two days, it will mark the third consecutive week of positive momentum for SOL. The cryptocurrency continues its strong upward trend, with prices consistently finding support at the 10-day moving average (MA), signaling sustained strength and no immediate signs of slowing down.

Disclaimer: This material is for information purposes only and does not constitute financial advice. Flipster makes no recommendations or guarantees in respect of any digital asset, product, or service. Trading digital assets and digital asset derivatives comes with significant risk of loss due to its high price volatility, and is not suitable for all investors.