Weekly Crypto Market Analysis| November 06

In the past week, the crypto market has remained in a state of consolidation, as both bulls and bears are fighting over each other to set a new trend for the market. 

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 Weekly Crypto Market Analysis.

According to CoinMarketCap, the current market cap is  ₹107.63 Trillion on 06 November. In the past few months, even the top-performing coins were seen struggling and are trying to make a comeback.

As of the past week, Bitcoin is priced at ₹2,886,643.50, reflecting a 0.22% increase within the last 24 hours and a 0.49% hike over the course of 7 days. Talking about Ethereum, ETH is currently valued at ₹152,507.89, showing a 2.08% jump in the past 24 hours, with a huge surge of 1.08% over the span of 7 days.

Weekly Crypto Market 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: Solana (SOL), Cosmos (ATOM), and Near Protocol (NEAR). 

In the past week, the price of Solana (SOL) showed a 23.66% hike. However, the token experienced a marginal loss of 2.81% in the past 24 hours. And the token is currently trading at the price of ₹3,333.49.

In addition, the Cosmos (ATOM) token jumped by 14.86% in the past week. Furthermore, in the past 24 hours, the token also surged by more than 2.79%. In addition, the price of the ATOM token is trading at ₹699.47.

Talking about Near Protocol (NEAR), the token illustrated a 27.67% hike as compared to other major cryptocurrencies. In addition, NEAR has shown a 5.35% hike in the past 24 hours, trading at a price range of ₹136.04.

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:

Weekly Crypto Market Analysis Top Ganiers and Losers

How the Crypto Market Became Stable?

After a week of both positive and negative developments, the cryptocurrency market has stabilized. Furthermore, the delay in the approval of Bitcoin ETFs 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. 

Weekly Crypto Market Analysis: Trending News From the Last Week

▪️ On November 01, the US Federal Reserve held benchmark interest rates, despite a rising economy and labor market. The announcement triggered a mini bull run in the market, prompting the prices of prominent cryptocurrencies to rise for a brief period of time.

▪️ On Oct. 31 at Solana’s Breakpoint conference, Solana Foundation executive director Dan Albert revealed the testnet launch of Firedancer, which Web3 development firm Jump Crypto has been working on since last August.

Firedancer is a new validator client for the network that, according to Solana Labs founder and CEO Anatoly Yakovenko, aims to improve speed, stability, and validator diversity. Its mainnet deployment is scheduled for the first half of 2024.

▪️ On November 3, after nearly four hours of examination, former FTX CEO Sam Bankman-Fried was found guilty of all seven charges by a jury in his criminal trial in New York. On March 28, 2024, he will be sentenced by New York District Judge Lewis Kaplan. 

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:

▪️ Celestia (TIA)

▪️ TokenFi (TOKEN)

▪️ Memecoin (MEME)

SunCrypto Views

The consolidation trend in the crypto market represents a significant and transformative shift in the financial landscape. As a result, cryptocurrencies have stabilized and maintained a consolidated state as viable investment assets, driven by increasing adoption, institutional interest, and growing future developments.

While this stable 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 Weekly Crypto Market 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].

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