Bitcoin & Ethereum Price rise upto 6% today despite the major collapse of FTX Crypto Exchange

KEY TAKEAWAYS

1. Top crypto tokens by market cap – Bitcoin price is up about 5.2% trading around $16,700, Ethereum price at about $1250, up about 6%.
2. Global crypto market cap is up about 4.8% in the past 24 hours, currently at about $842 billion.

CRYPTO MARKET TODAY AT A GLANCE

TOP CRYPTOS TODAY BY MARKET CAP

Along with Bitcoin (BTC) and Ethereum (ETH), every one of the top 15 cryptos by market cap (excluding stablecoins) have managed to recover significantly after the past 7 days of onslaught in the market. XRP is the biggest gainer out of that lot, gaining nearly 16% in the past 24 hours, closely followed by Solana (SOL) which gained 11% and Uniswap (UNI) which gained 10.6%.

This comes despite the ongoing slump in the crypto market led primarily by the FTX collapse that happened earlier last week. Over the course of the week, we saw the collapse of the FTT, FTX exchange's native crypto token. It all began with the release of an article that showed how overleveraged Alameda Research is. Alameda Research is a sister company built by FTX's Sam Bankman-Fried that was involved primarily in trading activities. It had a lot of FTT tokens on its books, as was revealed by the balance sheet leaked by a crypto news publication.

Read all about the FTX fiasco here: FTX Collapse Explained: A Timeline

BITCOIN PRICE TODAY

BTC/USD | Source: Tradingview

Over the past 24 hours, Bitcoin price had managed to show a significant spike before falling back down again, as is evident from the chart above. On 14 November, BTC price went from $16,300 to $17,800 before falling back down to around $16,600 where it is still trading as of now. However, despite this small rise, investors and traders should note that this is in no way a bullish sign. This can be attributed to a market phenomenon popularly known as a dead cat bounce, which are typically not sustainable.

To further add weight to the above point, we can see BTC price is still below a diagonal trendline (marked in black) and below all other important price levels right now, ranging from the 50 and 200 day moving averages and also the psychological region between $19,000-$20,000 which has served as a resistance for a very long time. Along with that, the Relative Strength Index is below 40, currently at about 35 which further adds weight to the above argument.

Read more: Bitcoin Price Prediction

ETH/USD | Source: Tradingview

Ethereum price on the other hand is at a slightly better position as of now, when compared to Bitcoin. Despite the major FTX collapse led crash in the overall crypto market, ETH price has managed to sustain above the lowest points of 2022, indicating major underlying strength on the charts. During the FTX collapse led crypto market crash, it did almost touch the lows but quickly recovered and managed to sustain above those levels too. Ethereum has been historically performing better than Bitcoin and this further adds to the idea.

From a technical standpoint, ETH price is at a comparatively safer region to mount a recovery as and when the crypto market recovers. If it manages to sustain above the $1200-$1300 region we can see recovery bouts coming in very soon too. However, that doesn't mean the rally will happen immediately. It could happen now or take a long time before it can actually recover - hence investors and traders need to be wary of that and account for it.

Read more: Ethereum Price Prediction

Prices as on 15 November, 2022.