The past week has been a little tough for the mainstream crypto projects. However, it has even brought luck to a few coins. While the other major cryptocurrencies were retesting the support and resistance zones, Avalanche replaced Dogecoin in the top 10 cryptocurrencies by market capitalization. It jumped by 40% in the last week according to coingecko. Wondering what led to the AVAX rally? Read details below.
While Bitcoin and Ethereum went down by double digits in the last 7 days, the combined shed seen by the crypto market was $300 billion. This resulted due to the top cryptocurrency retracing its path and thereby being followed by the other altcoins. If you are contemplating what it means for the crypto bulls, we have got it answered below.
Although the primary question at the beginning of the year 2021 was whether Ethereum will touch $10K, the main focus today lies on whether Ethereum will retest and emerge victorious from the $4K support level. Every crypto enthusiast has his eyes on the Ethereum candlesticks as they have been rejecting some major support zones required to continue the bullish streak. Read the entire technical price prediction of Ethereum below.
Before we dive into all the latest happenings around the crypto world, let’s quickly go through the losers and gainers for the day.
Crypto Market Trend November 23, 2021
Top 3 Crypto Gainers
| Cryptocurrency | Price (latest by November 23, 2021) | Change in % |
| The Sandbox (SAND) | ₹407.41 | 28.09% |
| Curve (CRV) | ₹370.43 | 14.94% |
| Loopring (LRC) | ₹222.93 | 13.29% |
*Prices are latest by 10:20 AM November 23, 2021.*
Top 3 Crypto Losers
| Cryptocurrency | Price (Latest by November 23, 2021) | Change in % |
| Civic (CVC) | ₹42.47 | 12.14% |
| Zcash (ZEC) | ₹17083.61 | 4.06% |
| Kusama(KSM) | ₹27246.35 | 4.08% |
*Prices are latest by 10:20 AM November 23, 2021.*
Crypto Updates Nov 23, 2021
Avalanche replaces Dogecoin in the top 10 cryptocurrencies by market capitalization.
Avalanche (AVAX) is now among the top 10 cryptocurrencies by market capitalization. It has overtaken the meme coins Shiba Inu and Dogecoin in the DeFi market. It took the position among the top 10 cryptocurrencies when the major cryptocurrencies underwent a crash in hundreds of billions of value.
AVAX made a jump of 40% in the past week according to CoinGecko and the rally took AVAX to a market cap of $30 billion, subsequently beating dogecoin in the race. Read more on how AVAX price plummeted and what it means for the DeFi sector here.
Source: Forbes
Crypto Market sheds $300Billion as Bitcoin and Ethereum are down by double digits
The last seven days have been quite challenging for the mainstream cryptocurrencies such as Ethereum and Bitcoin. Bitcoin is nearly down by 12% in the past seven days during the time of writing. This has eventually led to the dragging of the combined market cap of all the cryptocurrencies by $300 billion.
The crypto bulls would most likely forget this week as all the major cryptocurrencies suffered heavy losses and the total market cap also came down by a huge percentage. Bitcoin failed to live up to the expectations of another price rally. However, crypto bulls are not completely disappointed as they consider it a good chance to enter the market. One of the reasons behind this rally is US president Joe Biden’s signing a $1.2trillion infrastructure bill on Monday. Read about the details behind the sudden fall in the price of Bitcoin and altcoins here.
Source: Decrypt
Ethereum retesting $4K support level
The bears are still in control of the pullback from the last week. Ethereum is eyeing the support level of $4000. Bulls are trying to break through and pivot the graph to the $4350 zone. Ethereum fell through the first major support level at $4194 having started the morning with $4270.34 before sliding to the low.
Do you wish to know what is happening to Ethereum and what the prices look like? Read here for a detailed Ethereum price analysis.
Source: FXEmpire
DCX News
CoinDCX lists three more coins on Tuesday. These are primarily stablecoins and have been requested by users for quite some time now. Wondering about the use cases of these stablecoins, here is a quick trivia of the new coins being listed.
Know your Coin Better
- USD Coin (USDC)
| USD Coin (USDC) is a stablecoin pegged to the US dollar in a 1:1 ratio. |
| It is designed for a world where cashless transactions are becoming more common. |
| It is a safe haven for crypto traders during times of volatility. The team behind stablecoin believes that it can also allow businesses to accept payments in digital assets. |
- *TerraUSD (UST)
| TerraUSD (UST) is the decentralized and algorithmic stablecoin of the Terra blockchain. |
| It is value pegged to the US dollar and is a scalable and yield-bearing coin. It was created to deliver value to the Terra community and offer scalable DeFi solutions. |
| It meets the requirements of DeFi protocols through its minting mechanism. This makes it stand out from other stablecoins. |
*UST is listed only on CoinDCX Pro.*
- Binance USD (BUSD)
| BUSD has great use cases. Some of them are being used as a mode of payment for goods and services used to transfer digital dollars anywhere within minutes with a very minimal cost and via blockchain. |
| Other use cases of BUSD include trading BUSD on different exchanges and DEX, earning interest rates by depositing BUSD, etc. |
| Users can even use BUSD as cross collateral in Futures. |
Source: CoinMarketCap
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