Despite the ongoing uncertainty in the cryptocurrency market, Bitcoin is mostly unchanged, consolidating in a narrow trading range of $15,800 to $17,200. With a price range of $1,175 to $1,280, Ethereum, the second-most valuable cryptocurrency, is also trading sideways.
Even if the global crypto market value gained 0.16% to $836 billion on the previous day, major cryptocurrencies were trading in the red early on November 18.
The overall volume in DeFi was $2.62 billion, accounting for 5% of the total 24-hour volume in the crypto market. Moreover, the overall volume of all stable coins was $48.64 billion, accounting for 93% of the total 24-hour volume of the crypto market.
Let’s take a look at the top 24-hour altcoin gainers and losers.
Top Altcoin Gainers and Losers
Litecoin (LTC), UNUS SED LEO (LEO), and Aptos (APT) are three of the top 100 coins that have gained value in the last 24 hours. The LTC price has soared by more than 7% to $62, the LEO price has grown by more than 7% to $4.15, and the APT price has increased by nearly 6.5%.
Solana (SOL) has dropped more than 4% in the last 24 hours to trade at $13.65. Synthetix (SNX) has plunged by more than 3.5% in the last 24 hours to trade at $1.75.
Tim Draper Predicts Bitcoin: Will It Reach $250,000?
Tim Draper, a well-known venture capitalist, recently told Bloomberg that the price of Bitcoin could reach $250,000 and even go beyond that incredibly bullish price target.
Although the market has dropped significantly, Draper is unwavering in his prediction.
“It will take a moment when you can buy your food, your clothing, and your shelter all in Bitcoin.”
He continued by saying that women are responsible for eighty percent of all consumer expenditures. Draper is certain that they will succeed in popularizing Bitcoin.
“It’s gotta move pretty quickly when women realize they can save money by paying in Bitcoin, and when stores realize they can double their profits by accepting Bitcoin.”
The venture capitalist who has predicted repeatedly that Bitcoin’s price will be able to hit $250,000 by the end of 2023 was an early backer of such successful companies as Skype and Hotmail.
El Salvador’s President Will Buy Bitcoin
El Salvador, which in September 2021 became the first country in the world to recognize Bitcoin as a legal currency, has resumed its BTC purchases after suspending for several months as the market experienced a pessimistic attitude.
El Salvador’s president, Nayib Bukele said that beginning on November 17, the Central American nation would begin daily purchases of Bitcoin. The announcement came almost three months after the country’s last BTC purchase in July 2022.
It wasn’t until September 2021 that El Salvador officially recognized Bitcoin as a legal tender. There was a bull market in bitcoin at the time, which made it seem like the country could make money on any investment it made because the price of bitcoin was constantly breaking records.
However, by the second quarter of 2022, El Salvador’s early BTC purchases seemed like a dangerous play that resulted in large losses as the bear market began to take hold.
Data shows that the average price paid for El Salvador’s 2,381 BTC holdings is $43,357. Therefore, the country spent close to $103.23 million to buy Bitcoin, whereas the current price of one Bitcoin is $39.4 million. There may not be much cause for optimism regarding the future of Bitcoin in El Salvador in light of the recent crypto winter.
However, if the country can hold out until the next bull cycle, it may be able to recoup its losses with ease. The repurchases may also be good for BTC/USD since they attract new investors.
The current Bitcoin price is $16,802, and the 24-hour trading volume is $27 billion. Bitcoin has gained over 1% in the last 24 hours. CoinMarketCap currently ranks first, with a live market cap of $352 billion, up from $349 billion.
It has a maximum supply of 21,000,000 BTC coins and a circulating supply of 19,210,375 BTC coins.
Bitcoin is settling into a broad trading range of $16,000 to $17,000, with a breakout determining future price action.
At the moment, Bitcoin is facing immediate resistance near the $17,250 level, and a cross above this has the potential to lead BTC toward the next resistance area of $18,100.
On the lower side, Bitcoin’s immediate support prevails at $16,300, and a bearish breakout of this can open further room for selling until $15,800.
The current price of Ethereum is $1,218, with a 24-hour trading volume of $8 billion. In the last 24 hours, Ethereum has jumped over 1%. With a live market cap of $149 billion, CoinMarketCap currently ranks second. It has a circulating supply of 122,373,866 ETH coins.
A bullish retracement has occurred on the daily chart, and Ethereum has reclaimed the $1,220 mark. On the 4-hour timeframe, Ethereum has formed a symmetrical triangle pattern, which is signaling indecision among investors and also keeping the price of ETH supported at $1,202.
Ethereum faces immediate resistance at 1,260 from the 50-day moving average. Whereas, above this, a double top pattern is likely to extend resistance near $1,280. If the bullish crossover above $1,280 holds, the recovery could speed up to $1,350 or $1,400.
Support is still around $1,170 or $1,095. If ETH falls below this level, it may approach $1,000, or $881, but this is improbable for the time being.
Trust Wallet Token Pumps 85%
Trust Wallet Token is currently trading at $2.19 with a 24-hour trading volume of $165 million. In the last 24 hours, Trust Wallet Token has dropped 1.24%, but has gained over 85% in the last seven days. CoinMarketCap currently ranks #44 with a live market cap of $910 million.
There are 416,649,900 TWT coins in circulation, with a maximum supply of 1,000,000,000 TWT coins.
On the technical front, TWT has completed the 50% Fibonacci retracement at $1.85 and has bounced back to continue its uptrend.
A triple-top pattern is currently blocking the way to the upside at $2.35, and a bullish breakout could lead TWT to $2.65.
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