Market Shift Following Fed Commentary
Just when crypto enthusiasts thought it was smooth sailing, the winds changed rapidly on November 4th, courtesy of comments from Jerome Powell, Chair of the United States Federal Reserve. His remarks about tapering the central bank’s monetary policy sent shockwaves through the crypto sphere, prompting a wave of selling that nobody saw coming.
Bitcoin’s Rollercoaster Ride
All eyes were on Bitcoin as it plunged briefly to $60,400 on November 3rd. Now, traders are sweating bullets trying to keep BTC above the $61,000 mark. Data tracking shows that previous bullish momentum seems to have flickered out faster than a candle in a wind tunnel.
Ether’s Highs and Lows
Fresh off its record-breaking high of $4,664 on November 3, Ethereum has reluctantly joined the descent. Now trading at $4,473, ETH has seen a 5% dip. Independent market analysts suggest that for Ether to regain its footing, it must close above its previous all-time high. A nail-biter for sure!
Chasing a Different High
As pointed out by renowned market analyst Rekt Capital, Ether’s comeback potential hinges on its ability to close the week above $4,460. A failure to do so might turn cheer to despair among ETH holders – talk about pressure!
Altcoins: A Sea of Red
The dip in BTC and ETH hasn’t just impacted the big dogs. Most altcoins have found themselves trapped in a downward spiral, mirroring their larger counterparts. Yup, the typically bright altcoin market is looking gloomy with many tokens slicing through the red like chain-saws.
Suffering and Thriving
While Shiba Inu (SHIB) saw an alarming 17.22% decrease and OriginTrail (TRAC) got slapped with a 38% pullback, not all is lost! Some tokens like Velas (VLX) have surged by 30.4% on the same day, flaunting gains while others mourn. With Chromia (CHR) and Amp gaining 26.47% and 20.53% respectively, it’s safe to say, there’re a few glimmers of light in the turbulent sea of cryptocurrency.
The Bigger Picture
The overall cryptocurrency market cap is floating around $2.686 trillion with Bitcoin holding a dominance rate of 43%. It’s a sobering reminder: volatility is the name of the game in the crypto world. Remember, folks, every investment carries risk, so do your homework!
