Crypto Price Analysis 11-21 BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, TONCOIN: TON, THETA NETWORK: THETA, JUPITER: JUP, HELIUM: HNT
Bitcoin (BTC) surged to a new all-time high early today as it rose to $97,000 before losing momentum and registering a marginal decline to fall to its current level. The worlds largest cryptocurrency is up almost 3% over the past few hours as it maintains its rally despite facing recent selling pressure, with analysts expecting a move past $95,000 is imminent and could happen within a couple of sessions. BTC is currently trading just under the $97,000 price level.
While BTC registered an increase, Ethereum (ETH) registered a substantial drop, with the price currently down by 1.30%, as buyers struggle to hold the price above $3,000. Solana (SOL) also registered a drop of 1.05% over the past 24 hours. Other notable declines were registered by Dogecoin (DOGE), Toncoin (TON), Avalanche (AVAX), Chainlink (LINK), and Polkadot (DOT). However, the overall crypto market cap registered an increase of 0,.73% to move to its current level of $3.09 trillion. ChangeNOW CMO Pauline Shangett stated,
"Bitcoin's surge to a new all-time high past $97,000 highlights the continued investor confidence in the asset as a store of value, despite periodic profit-taking. The resilience BTC has shown against selling pressure indicates a strong bullish sentiment, and a breakout past $97,000 could set the stage for a push towards the psychological $100,000 mark.
Trump Administration Seeking To Create A Crypto Position In The White House
President-elect Donald Trump and his transition team are seeking to introduce a new position in the White House for crypto. Trumps transition team will speak to potential candidates for the role. However, the reports did not specify the exact nature of the position, although it could mirror the position of a senior staff role at the White House. The roles primary function would be coordinating policy and regulation across federal agencies. The new position would also oversee a small team and act as a bridge between Congress, the White House, and regulatory bodies responsible for market and crypto oversight.
Implementing a position dedicated to crypto could bring a conducive regulatory environment under the Trump administration. Trump has also held discussions with several top crypto leaders, including Coinbase CEO Brian Armstrong. Trump has promised to make the US the crypto capital of the world and fire current SEC Chair Gary Gensler on his first day in office.
Trumps Potential Commerce Secretarys Ties With Tether
Cantor Fitzgerald CEO Howard Lutnick, who has been tapped to lead the US Commerce Department, has become a prominent supporter of Tether, the company behind one of the worlds largest crypto assets. Tethers USDT is the worlds largest stablecoin, designed to hold its value despite increasing volatility in the crypto space. Lutnick, whose Wall Street firm manages Tethers reserves of Treasury Bills, supports the stablecoin issuer. Lutnick is part of a growing number of individuals from the crypto space actively working with the incoming administration. Since the US elections, BTC has surged over 30%, buoyed by expectations of a friendlier regulatory environment.
All of us who are in the industry have a lot of conviction that the technology will be the foundation of the financial architecture of the future. Its just been the hostility from the regulators that have held them back.
SEC Delays Decision On Franklin Templeton Crypto Index ETF
The United States Securities and Exchange Commission (SEC) has delayed a decision to approve the Franklin Templeton Crypto Index ETF until early 2025. The agency stated in a letter it received no comments after publishing the proposed rule change to list the crypto index ETF on the Federal Register on October 8. SEC officials stated in the letter.
The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein. Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act, designates January 6, 2025, as the date by which the Commission shall either approve or disapprove or institute proceedings to determine whether to disapprove the proposed rule change.
Franklin Templeton applied for a crypto index ETF in August. At the time, Katalin Tischhauser, the head of research at Sygnum Crypto bank, said crypto index ETFs were the next logical steps for the digital asset market, explaining that indexes allow investors to participate in the upside of the markets without picking individual winners or make extensive and costly mistakes. This is what drove the popularity of stock indexes like the S&P 500. Franklin Templeton is not the only firm planning a crypto index ETF in the United States. In October, the New York Stock Exchange expressed interest in listing Grayscales crypto index ETF and sought permission from US regulators to list the financial vehicle. US regulators also indicated, as recently as November, that they were considering listing the Grayscale ETF.
Bitcoin (BTC) Price Analysis
Bitcoin (BTC) has surged past $95,000, with the asset climbing towards the $100,000 mark, as the crypto market rally gathers pace again. At the time of writing, BTC is up over 5%, trading at $96,820, a new all-time high, with the price climbing higher. The latest surge is driven by growing optimism about Trumps crypto plans, with several pro-crypto lawmakers coming into Congress. Market watchers have tipped the worlds largest cryptocurrency to reach $100,000 before the end of the month, or perhaps sooner. Analysts also stated that while BTC was firmly in overbought territory, it is being pulled towards the $100,000 level. US-based spot Bitcoin ETFs have registered over $4 billion in inflows since the US elections, with options also making a debut on BlackRocks ETFs. Will Peck, the Head of Digital Assets at WisdomTree, stated,
Many are wondering if this administration will bring the regulatory clarity the crypto community has been waiting for. It's likely too soon to say. We see all of this excitement as bullish not only for bitcoin or crypto broadly but the entire blockchain-enabled ecosystem that is growing today.
Looking at the price chart BTCs latest rally past $93,000 is evident. BTC had been struggling to go above $93,000 in recent sessions and had entered a consolidation phase after surging to $90,000 last Wednesday. After facing significant selling pressure on Tuesday and dropping to an intraday low of $82,709, BTC made a recovery settle at $90,150 on Wednesday. However, the price fell back on Thursday, dropping by 3.13% to $87,324. Bullish sentiment returned on Friday as BTC registered an increase of almost 4% to reclaim $90,000 and settle at $90,726.
Source: TradingView
However, the weekend saw selling pressure return as BTC lost momentum, dropping 0.67% on Saturday and 0.73% on Sunday to go below $90,000 and settle at $89,464. However, prices recovered on Monday as BTC rose to an intraday high of $92,549 before settling at $90,509 after an increase of 1.17%. BTC continued to push higher on Tuesday, rising by 2.15% and settling at $92,458. BTC finally broke above $93,000 on Wednesday after registering an increase of 1.89% and settling at $94,204. The current session saw BTC surge to a new all-time high of $96,941 before declining marginally to its current price of $96,512.
With bullish sentiment picking up this week, BTC could hit $100,000 if buyers can maintain momentum. However, with the RSI firmly in the overbought zone, we may see a correction which could drag the price back to $90,000.
Ethereum (ETH) Price Analysis
Ethereum (ETH) has registered a notable recovery during the ongoing session as bulls look to keep it above $3,000. ETH had surged to a high of $3,388 at the beginning of last week but declined substantially after reaching this level. By Thursday, ETH fell to $3,059, with buyers struggling to keep the price above $3,000. However, ETH recovered on Friday despite facing significant volatility and registered an increase of 0.99% to settle at $3,090. Buyers retained control on Saturday, pushing ETH to an intraday high of $3,218 before it declined to its current level of $3,133. Sellers returned to the market on Sunday as ETH ended the week on a bearish note, dropping almost 2% and settling at $3,075.
Source: TradingView
The current week began positively, as ETH registered an increase of 4.37% and settled at $3,209. However, it fell back on Tuesday, dropping by 3.13% and settling at $3,109. Sellers retained control on Wednesday, pushing ETH down by 1.25% to $3,070. However, the current session has seen a substantial recovery, with the price up by 2.33% and trading near the $3,142 mark. Buyers must keep ETH above $3,000 to restart another push towards $3,500. If sellers drive ETH below $3,000, markets have rejected the uptrend. In such a scenario, ETH could drop to $2,850. The MACD has flipped to bearish, indicating that sellers are gaining a foothold. However, buyers still have a chance to reverse the sentiment as long as they can keep ETH above $3,000.
Solana (SOL) Price Analysis
Solana (SOL) is facing growing resistance at $250 and has struggled to move past it over the past few sessions. SOLs rally stalled last week, with the altcoin unable to go past $225, which acted as a stubborn resistance level. As a result, SOL experienced considerable volatility and a decline, falling by almost 5% on Tuesday to $211. SOL dropped to an intraday low of $201 on Wednesday but could recover to post an increase of 1.69% and settle at $215. However, SOL was back in the red on Thursday, dropping almost 3% to $209. The see-saw price action continued on Friday as SOL registered an increase of 4.25% to settle at $218. However, the price was back in the red on Saturday, dropping by 1.30% to $215.
Source: TradingView
Bullish sentiment returned on Sunday as SOL surged over 10% to move past $225 and settle at $237, as buyers took control. SOL reached an intraday high of $248 on Monday as buyers targeted $250. However, SOL lost momentum and settled at $239, an increase of over 1%. SOL made another attempt to breach $250 on Tuesday, rising to $247 before registering a decline of 0.89% and settling at $237. SOL continued to drop on Wednesday, falling by 0.98% and settling at $235. The current session sees SOL up by 2.13% and trading around the $250 mark. Buyers will look to retest the resistance at $250. If SOL can go above this level, we could see a jump to $270-$280. On the other hand, if SOL slips below $225, it could drop to $200.
Toncoin (TON) Price Analysis
Toncoin (TON) has declined substantially during the current week as it failed to stay above $5.50 despite bullish momentum. TON moved past the 50-day SMA at the beginning of the previous week, rising to $5.49. However, it faced considerable volatility the following day, dropping to an intraday low of $5.09 as sellers attempted to drive the price below $5. TON recovered from this level to settle at $5.48, registering only a marginal decline. However, bearish sentiment intensified over the next couple of sessions, and by Thursday, TON dropped to $5.20 as it struggled to stay above the 50-day SMA.
Source: TradingView
However, TON recovered from this level on Friday, rising by 3.49% and settling at $5.38. Bullish sentiment persisted on Saturday as TON went past $5.50, reaching an intraday high of $5.81 before settling at $5.64. However, buyers could not stay above the resistance level, and TON dropped on Sunday, declining almost 5% and settling at $5.36. The current week began with a strong recovery as TON registered an increase of 3.59% and settled at $5.56. However, bearish sentiment returned on Tuesday as TON dropped 2.51% to $5.42. Sellers retained control on Wednesday as TON dropped to $5.28 after registering a drop of 2.55%. The current session sees TON back in positive territory, with the price up 1.59% and trading at $5.36.
Theta Network (THETA) Price Analysis
Theta Network (THETA) has seen a dramatic increase after a substantial decline last week, which saw the token drop to $1.29 on Thursday. However, THETA recovered on Friday thanks to the 50-day SMA acting as a dynamic support level, rising almost 6% and settling at $1.36. THETA went past the 200-day SMA on Saturday after registering an increase of 12.27% and settling at $1.53. However, sellers returned to the market on Sunday as the price fell by 6.31% and settled at $1.43.
Source: TradingView
THETA rallied on Monday as buyers pushed the price up a staggering 19.43%, helping it surge past the 200-day SMA and settle at $1.71. THETA experienced significant volatility on Tuesday as buyers attempted to push above $2. However, bullish momentum waned after the price reached $1.83, and THETA settled at $1.72. Sellers took control on Wednesday as THETA dropped just over 5% and settled at $1.63. The current session sees the price up by 3.31% and trading at $1.68.
Jupiter (JUP) Price Analysis
Jupiter (JUP) is struggling to recover after declining substantially this week as sellers look to push the price below $1. JUP registered a substantial rally on Sunday as it surged to an intraday high of $1.32 before declining and settling at $1.19, rising over 6%. However, the price fell back on Monday after encountering significant volatility, falling to an intraday low of $1.12 before recovering and settling at $1.17. JUP continued to drop on Tuesday, declining almost 3% and settling at $1.14.
Source: TradingView
Bullish sentiment intensified on Wednesday as JUP slipped below the 20-day SMA, dropping almost 6.20% and settling at $1.06. JUP has fallen to an intraday low of $1.01 during the current session as sellers attempt to drive the price below $1. However, it has recovered from this level and is currently trading at $1.07, a marginal increase compared to a day prior.
Helium (HNT) Price Analysis
Helium (HNT) has declined as it struggles to remain above the 200-day SMA, with selling pressure increasing substantially. HNT entered the weekend positively, rising by 2.22% on Friday and 1.29% on Saturday to settle at $5.96. Buyers attempted a move past the 20-day SMA on Sunday but were unsuccessful. As a result, sellers took over and drove the price down by 5.15% to $5.65. HNT recovered on Monday, rising by 2.63% and settling at $5.80. However, it fell back in the red on Tuesday after another failed attempt to move past the 20-day SMA, dropping by 2.46% and settling at $5.66.
Source: TradingView
HNT registered a substantial increase in volatility on Wednesday as buyers and sellers attempted to establish control. Buyers ultimately gained the upper hand as HNT registered a rise of 1.11% and settled at $5.72. However, the current session has substantially declined, with HNT down over 4%, slipping below the 200-day SMA and trading at $5.48.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Text source: Crypto Daily™
