Monday evening Bitcoin (CRYPTO: BTC) was largely unchanged, as global cryptocurrency market capitalization was up 1.85% to $ 2.620 billion at the time of publication.
What happened
In the last 24 hours, the main cryptocurrency in the world has observed a slight decline, having lost 0.05% to share 57,739.04 dollars; over the past seven days, BTC has gained 2.03%.
In the past 24 hours Ethereum (CRYPTO: ETH) was up 2.27% to $ 4,451.96; in the last seven days the second cryptocurrency in the world by market capitalization has registered + 8.10%.
The cryptocurrency meme Dogecoin (CRYPTO: DOGE) gained 4.18% to $ 0.22; in the last seven days DOGE has fallen by 1.59%.
Earnings from rival meme coin Shiba Inu were higher, up 9.13% to $ 0.00004372; in the past seven days Shiba Inu has seen an increase of 0.34%.
According to data from CoinMarketCap, the digital currencies that have risen the most in the past 24 hours have been Tezos, Stacks, Shiba Inu and Polygon.
Over the period, Tezos jumped 23.15% to $ 5.72, Stacks gained 14.29% to $ 2.22 and Polygon was up 10.62% to $ 1.84.
Because it is important
At the time of publication, Bitcoin was up 7.8% from Friday’s low of $ 53,576.74, showing a significant recovery from this level as fears about the Omicron variant of COVID-19 diminish.
Monday the President of the United States Joe Biden spoke about the Omicron variant, telling Americans not to panic and promising there will be no new lockdowns, according to a Reuters report.
Albert Bourla, managing director of Pfizer Inc (NYSE: PFE), on Monday said that the company’s oral anti-Covid drug will not be affected by the Omicron variant, adding that he is confident that the company will be able to provide a new vaccine, if needed, in less. than 100 days.
“Bitcoin is part of the broad risk rally seen today stemming from easing fears over COVID, but it will likely struggle to fully pick up its pace until vaccine efficacy results over the next few weeks confirm if countries high vaccination rates are returning to lockdown mode, ”he wrote Edward Moya, senior market analyst at OANDA, in an e-mailed note.
According to Moya, the cryptocurrency sell-off was an “overreaction” and buyers are “rapidly resurfacing” as traders reconsider the impact of the new coronavirus variant.
Meanwhile, the world’s leading cryptocurrency continues to drain from exchanges, an indicator that BTC is being moved to be held for the long term.
Maartunn, an analyst at CryptoQuant, showed a graph representing the Exchange Supply Ratio, or the relationship between the available and unavailable offer on exchanges.
Graph indicating the Exchange Supply Ratio – Courtesy of Maartunn
Currently the price is falling and the ratio is increasing; according to Maartunn, the price should follow the ratio “as soon as possible”.
Meanwhile, the Korea Premium Index (also known as Kimchi Premium), or the measure of the price gap between South Korean exchanges and other exchanges, hit 7% on Sunday, the highest from May of this year; currently hovers around 5%, an indicator that retail investors are participating in the cryptocurrency market, according to a CryptoQuant tweet.
Kimchi Premium Chart Tracking – Courtesy of CryptoQuant
Cryptocurrency trader ‘Sheldon The Sniper’ Twitter profile on Monday said that, based on the ETH / BTC chart, Ethereum will outperform Bitcoin in the next cycle.
ETH / BTC high time frame chart looks amazing $ ETH to out perform $ BTC this next cycle pic.twitter.com/DY4SXuj1Se
– Sheldon The Sniper (@Sheldon_Sniper) November 29, 2021
Cryptocurrencies
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