The events of the previous week prompted optimism in the crypto world, and we are eager to see what this month has in store. Before you get started, check out our Crypto Market Weekly Analysis.
According to CoinMarketCap, the current market cap is ₹117.98 Trillion on 20 November. In the past few months, even the top-performing coins were seen as confusing and were trying to set a new market trend.
As of the past week, Bitcoin is priced at ₹3,099,437.27, reflecting a 2.12% increase within the last 24 hours and a 0.81% drop over the course of 7 days. Talking about Ethereum, ETH is currently valued at ₹166,689.72, showing a 2.72% jump in the past 24 hours, with a marginal loss of 3.65% over the span of 7 days.
Crypto Market Weekly Analysis: Top Trending Coins
In the past week, three cryptocurrencies have remained the talk of the town because of some recent developments related to these cryptocurrencies: Avalanche (AVAX), Near Protocol (NEAR), and Chainlink (LINK).
In the past week, the price of Avalanche (AVAX) showed a 21.15% hike. In addition, the token also experienced a significant jump of 7.96% in the past 24 hours. And the token is currently trading at the price of ₹1,879.61.
Talking about Near Protocol (NEAR), the token illustrated a 17.95% hike as compared to other major cryptocurrencies. In addition, NEAR has shown a 16.78% hike in the past 24 hours, trading at a price range of ₹168.16.
In addition, the Chainlink (LINK) token jumped by 9.11% in the past 24 hours. However, in the past week, the token dropped by more than 6.10%. In addition, the price of the LINK token is trading at ₹1,242.62.
Top Crypto Gainers & Losers
The past week remains one of the most bullish weeks for the crypto market in 2023. So, let’s have a look at some of the top crypto gainers and losers from the past week:
How the Crypto Market Became a Truble-Shooter?
After a week of both positive and negative developments, the cryptocurrency market has taken an unexpected turn, showing both losses and profits at the same time period.
Furthermore, the recent delay in the approval of Bitcoin and Ethereum ETFs by the US SEC affects the sentiments of both individual and institutional investors. As a result, the prices of major cryptocurrencies like Bitcoin, Ethereum, and Cardano continue to consolidate.
Crypto Market Weekly Analysis: Trending News From the Last Week
▪️ The Securities and Exchange Commission (SEC) of the United States recently extended its decision-making deadline on critical cryptocurrency filings. The SEC has pushed back the deadline from November 17 to a later date, indicating its cautious approach in the quickly growing digital asset market.
▪️ OpenAI, the innovative artificial intelligence (AI) business behind the popular ChatGPT chatbot, has announced its dismissal of Sam Altman as CEO. However, the rumor of Altman’s comeback boosted the Worldcoin (WLD) token price up by more than 25% in the last week.
▪️ Fidelity Investments, an American investment management firm, has applied to the Securities and Exchange Commission (SEC) to launch its Ethereum spot Exchange Traded Fund (ETF). With this filing, Fidelity Investments became the seventh asset manager in the United States to make a bid for the product.
New Coin Listing on SunCrypto
In the past week, SunCrypto has listed 3 new coins on its application. Trading services for these coins are now live on the suncrypto application. Here are the newly listed coins:
▪️ BitTensor (TAO)
▪️ Ordi (ORDI)
▪️ Kaspa (Kaspa)
The recent twists and turns in the crypto market represent a significant and transformative shift in the financial landscape. As a result, cryptocurrencies have shown both profits and losses at the same time period and maintained a consolidated state as viable investment assets, driven by increasing adoption, institutional interest, and growing future developments.
While this trajectory brings the potential for more predictable market conditions, it’s important to note that it also carries risks. Investors should exercise caution, conduct thorough research, and diversify their portfolios. The future of the crypto market remains uncertain, subject to regulatory changes and market dynamics.
For more crypto-related content like Crypto Market Weekly Analysis, informational blogs, and crypto news, check out Suncrypto Academy.
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. All content provided is for informational purposes only, and shall not be relied upon as financial/investment advice. Opinions shared, if any, are only shared for information and education purposes. Although the best efforts have been made to ensure all information is accurate and up to date, occasionally unintended errors or misprints may occur. We recommend you do your own research or consult an expert before making any investment decision. You may write to us at [email protected].