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Cryptocurrency News | Latest Trends For November

crypto news

November 5, 2020 | 

JOHN K MWANIKI |  0 Comments| 

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The past month has been slow for the crypto world. Most of the coins were on a sideways trend. Cryptocurrency news show the market is on correction after the Defi boom.

This month seems to be more active. Here are the expected trends; 

1.    Dominant Bitcoin 

The past month has not been the best for Bitcoin. Cryptocurrency news showed it stayed on a sideways market movement. Most traders feared to trade. They were observing a potential decline of the digital currency to hit below $10k. It never fell. 

November has been so good for the coin. It has steadily risen in the past week to currently trade at around $14000. These are some of the highest levels of the year. Moreover, there is no any other time BTC has performed this good apart from the 2018 crypto boom period. 

Still, the coin is yet to hit a stable level for the month. It moved beyond its long-time support level of $13,234. It then beat the resistance levels of $13787 and $14,007. Still, it lacked the support leading to a crash back to around $13600. It, though, looks to be on a bullish run and will run above the $14k soon. 

Bitcoin has become a necessity for investors in recent times. It has proven to be the best alternative currency. Hedge fund JP Morgan recently placed it above gold in performance assets. They argued that BTC is becoming more integral as millennials gain ground as investors. BTC gains as the new crop of investors prefer digital assets. 

Still, BTC performs better against more than gold. It holds its weight against the major fiat currencies. It has been trading in USD terms. It has also broken out against GBP, AUD, EUR, and the other currencies

The other possible reason for the growth of Bitcoin is money rotating in the market. The movement sees money turn from altcoins to BTC. The past months saw an increased Defi activity. The altcoins took the market by storm, according to cryptocurrency news. They became useful as their market share grew at unprecedented rates. 

The market, for now, is more like it is on a recorrecting period. The traders are consolidating profits from the altcoins to the BTC. While BTC has been rising, the altcoins have reduced by -30%. The same margin has increased the BTC in the same period. It shows how investors trust BTC more than any other virtual currency

2.    Increased Stablecoin use

Stablecoins are becoming controversial digital currencies. Started as a savior to the crypto world, it is becoming an issue with both sides. Even though virtual money has been growing, it has volatility issues. For that, they are more viable than digital currencies. 

The traditional economy doesn’t fancy the stablecoins.  A successful stablecoin would mean reduced interest in fiat currency. It would lead to reduced deposits to commercial banks. The banks will then rely on other expensive alternative money sources. No one would accept the high costs leading to the death of banks. For that, there are possible regulations to control stablecoin

That aside, the stablecoins are becoming an investor priority. For some time, investors never knew stablecoin values fluctuate. The pegging to another commodity made it appear like it was static. Cryptocurrency news has shown the costs do change. While minted at $1, the value can go slightly higher or lower.  

It means the traders can arbitrage on the market. For example, a trader can buy it for $1 then sell at $1.0003. While it seems a little money, the value is more significant when traded in millions. 

The new month is likely to see a continued stablecoin uptake. The demand for USDC will keep on growing. It is a preference for most institutional investors. Licensed US firms provide the coin. It comes with increased regulations hence safer. 

3.    Improving Crypto Market 

Apart from Bitcoin, the broader crypto market has been on a slow-growth plan. It seems inverse because the last month saw the market improve while Bitcoin stagnate. The current state has seen the general market cap increase by 2%. This is low compared to previous growth patterns. The same period has seen significant cryptos decline. Ethereum by 4% while Ripple went down by 5%. 

According to cryptocurrency news, the month is likely to experience an upturn in cryptocurrency use. This is due to the renewed coronavirus effects. The government has so far struggled to provide a reliable stimulus package. After earlier provisions, they have struggled to maintain such conditions. 

The traditional economy has looked like on a path to recovery. This is after the coronavirus slowed with economies opening up. There is, however, a second wave that threatens to return most of the countries to another lockdown period. The period is likely to come with an economic downturn for the US and the European markets. 

Governments will have to consider bringing in new forms of stimulus packages. Most of them will resort to printing more cash. This will, in turn, devalue the fiat currencies. 

Cryptocurrencies will, in the process, gain from a devaluing fiat. The value of cryptos is inversely proportional to that of fiat currencies. 

Most people would also retain the cryptos as the best alternative to fiat currencies. The first lockdown period jumpstarted the start of Bitcoin from March. It has since increased from around $3k to trade at the current highs. 

The lockdown also sees many people rely on the internet. Only essential services get to venture outside. The increase in internet use is good news for blockchain technology. With most people venturing online, they likely to keep embracing new technology. 

Cryptocurrency news indicate the blockchain technology is the future. Its use will increase over the lockdown period. This comes with similar growth in crypto use. Most online merchants and other stores will keep accepting digital currencies

Bottom Line 

November had seemed like the month for regulation. It appeared like the crypto industry would become more centralized. Still, that seems like it would wait for some time. There is more harmonization before all the laws could become active. 

Instead, the month will take the usual crypto performance. Bitcoin will grow as it becomes more viable than gold. Millennial investors also like it. At the same time, investors are consolidating profits from the Defi boom in BTC.  

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