Saturday, November 27

Market Watch: Bitcoin Rejected at $60K, Crypto Markets Lost $100B Daily


After the positive weekend, bitcoin was rejected at $60,000 and dropped by a few thousand dollars to $57,000. Most altcoins are also trading in the red, except for CRO and Elrond as both went on to register new all-time highs.

Bitcoin Rejected at $60K

After several consecutive days of losing value, in which bitcoin dumped by 20% from its peak to a monthly low of below $56,000, the asset finally started to recover some ground during the weekend.

It spiked by around $3,000 on Saturday and even neared $60,000 on Sunday. However, it failed to breach it, and the subsequent rejection drove it south hard.

In just a matter of hours, BTC went down by a few thousand dollars and even dipped below $57,000. As of now, it has bounced off rather well and currently sits close to $58,000.

Nevertheless, bitcoin’s market capitalization has dropped well below $1.1 trillion, and its dominance over the alts remains at just over 42%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

CRO and EGLD See New Peaks

Most alts have mimicked BTC’s performance in the past several days, which means they are slightly in the red today. Ethereum went above $4,350 yesterday, but a 3% decline has driven it back down to around $4,200.

Binance Coin (-1.7%) has decreased to $575, Cardano (-3.5%) is down to $1.8, and more losses come from Ripple, Polkadot, Dogecoin, Shiba Inu, and Terra.

Solana (3%) and Avalanche (1%) are the only two coins from the top 10 in the green. AVAX continues with its impressive performance by tapping frequent ATHs.

Speaking of records, Crypto.com’s native token has also charted a new one above $0.7 following a massive 11%. Elrond (EGLD) has skyrocketed by 23% and also charted a new peak.

More price increases are evident from Voyager Token (13%), Flow (12%), IOTA (12%), Curve DAO Token (11%), Secret (10%), Oasis Network (10%), and Stacks (10%).

In contrast, GALA (-20%), Arweave (-13%), Kadena (-12%), Nexo (-10%), Immutable X (-8%), KuCoin Token (-8%), and Tezos (-7%) have lost the most in a day.

The cryptocurrency market capitalization went down by around $100 billion in a day since yesterday’s peak and is at $2.7 trillion on CoinGecko now.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto
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Cryptocurrency charts by TradingView.



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