This week bitcoin’s price went through a considerable rollercoaster, tapping an all-time high at $69K and retracing subsequently. We also saw a couple of notable airdrop events taking place.
The cryptocurrency market had a tumultuous week where many projects went up considerably and then stalled and declined.
Starting with Bitcoin, this time last week, the price was hovering around $61K, but it had no plans of staying there for long. BTC started climbing immediately and by Monday, it was above $65K. This continued and on Wednesday, propelled by fresh inflation woes, the cryptocurrency charted its current all-time high around $69,000. Unfortunately, right after that, the price took a beating, and things took a turn for the worse.
We saw a sharp $6K drop which left over $700 million worth of leveraged long and short positions liquidated. The price consolidated around $65K for a while, but today it’s also decreasing, down 2% in the past 24 hours and sitting right above $63K.
It’s safe to say that the entire market followed through, and many of the cryptocurrencies dropped over the past few days. However, it’s also worth noting that, on a 7-day scale, things don’t look as bad because a considerable part of the coins is actually in profit. BTC is up 3% on the week, ETH – about 1%, BNB – about 9%, SHIB – about 8%, Litecoin – a staggering 26% up, AVAX – about 5% up, and so forth. There are some that lost, of course, such as Solana, which is trading about 10% cheaper compared to last week, and Polkadot, which is down 16%.
Another interesting development was the Ethereum Name Service (ENS) airdrop. The platform released the governance token and shipped it to people who had used the service at least once before. It seems that the average received amount was around 190 ENS which, currently, is worth a little over $10K.
Bitcoin has dropped below the April peak of $65,000, while most of the altcoins have lost even more substantial chunks of value.
After yesterday’s enhanced volatility, bitcoin remained calm around $65,000 but has headed south once more. Most altcoins have also bled out, with massive losses coming from Solana, Cardano, Ripple, Polkadot, and more.
Bitcoin Drops to $64K
The past several days were going well for the primary cryptocurrency, which spiked from $60,000 to $66,000 on November 8th. It went even further and broke the October peak of $67,000.
Bitcoin actually registered two consecutive all-time highs, with the latest coming at $69,000 on November 10th. This is where the landscape changed, though, and in just a matter of hours, the asset plummeted by several thousand dollars to a daily bottom of $63,000.
After causing mass pain for leveraged traders, BTC bounced off and calmed around $65,000. It ranged around that level for a while before it dropped to $64,000 minutes ago, where it’s currently situated as well.
Its market capitalization has remained just over $1.2 trillion, and the dominance over the altcoins stands above 43%.
Alts in Green, Not SHIB and ALGO
Most alts have mimicked BTC’s performance as of late. Ethereum also charted a new all-time high at nearly $4,900 two days ago but dumped by several hundred dollars and bounced off somewhat immediately. As of now, ETH is in the red again with a minor 1.3% daily drop.
Binance Coin and Dogecoin have marked similar price dips, with BNB sitting at $620 and DOGE trading at $0.25.
More losses are evident from Solana (-6%), Cardano (-5%), Ripple (-5%), Polkadot (-7%), Terra (-6%), and Avalanche (-4.5%).
Shiba Inu and Algorand are the only two coins in the green. SHIB has seen a minor 2% increase, while ALGO is up by 6% to $2.15.
Decentraland is the most significant gainer on a 24-hour scale with a massive 16% surge. In contrast, OMG Network is down by 27%, followed by IoTeX (-18%), Loopring (-12%), Livepeer (-11%), Helium (-10%), and OKB (-10%).
The total crypto market cap is down by $100 billion in a day and is well below $3 trillion on CoinGecko as of now.
Another aidrop that took place was that of BOBA which was designated for OMG holders. Now, the interesting thing here is that people who held OMG at 00:00 UTC on November 12th would receive BOBA tokens in a 1:1 distribution. Many exchanges, including Binance, supported the airdrop, and people decided to take advantage by buying OMG spot and shorting it on derivatives exchanges to hedge. At one point, there was more than a 40% difference between the price of both products, and ultimately the spot price tanked to reach equilibrium immediately after the snapshot.
With all this in mind, it’s shaping up to be an exciting next week as well, as we progress into November and halving the last quarter of this year.
Market DataMarket Cap: $2,905B | 24H Vol: 157B | BTC Dominance: 41.2%
BTC: $63,499 (+3.2%) | ETH: $4,611 (+1.4%) | BNB: $617 (+9.9%)
This Week’s Crypto Headlines You Can’t Miss
On a Roll: Bitcoin Tops ATH Again, Surges $3,000 in Hours. On November 10th, Bitcoin painted another all-time high, setting its highest point for now at around $69,000. The cryptocurrency has since retraced a bit, but many consider it to be a healthy correction that would improve the market structure.
Cryptocurrency Market Cap Paints a New All-Time High Above $3 Trillion. This week, we saw the cryptocurrency market capitalization reach highs that have never been seen before. It clocked at above $3 trillion, which is a massive increase from the $775 billion at the beginning of the year.
Polkadot Parachain Auctions Start Today: What You Need to Know. The Polkadot Parachain Auctions started today. This is a considerable milestone in the network’s development, and we’ve prepared an extensive guide on everything you need to know about them.
Miami Will Distribute Free Bitcoin To Its Residents Thanks To Miami Coin’s Success. People in Miami may soon receive a wallet with some free Bitcoin in it thanks to the success of Miami Coin – an initiative propelled by the city’s Mayor – Francis Suarez.
Reddit Co-Founder and Solana Ventures to Invest $100M in a Decentralized Social Media. The co-founder of Reddit, together with Solana Ventures, plan to invest $100 million towards building decentralized social media. This was revealed throughout the Solana-centered conference that was held in Lisbon earlier this week.
Ethereum Name Service (ENS) Token Soared 50% After Being Listed on Binance. Ethereum Name Service – a well-known feature for creating ETH-based domain names, released a governance token and airdropped it to the community. After getting listed on Binance, ENS surged by more than 50%, making a lot of people very happy with the free money.
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