Cointree Crypto Market Update - December 2nd 2020

Market update for traders

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After a weekend of Black Friday discount prices, Bitcoin - the largest cryptocurrency in the world rebounded to successfully establish a new record-setting price! While most exchanges have reached this consensus, some are still waiting for price to reflect a definitive close about the previous all-time-high. At the time of writing, the price of BTC is up +4.5% for the last seven days, just above the $27,000 AUD level for the first time in history. All eyes are now peeled on the charts to see whether Bitcoin can sustain these incredible prices and where we may possibly go from here.

The week that was started off poorly for the Digital Gold. The ascending wedge we referenced in the last market update broke out to the downside coincidentally in alignment with the US Thanksgiving holiday and weekend. While many in the market were quick to push FUD (fear, uncertainty and doubt) regarding the rather sudden drop, the price correction was well overdue and necessary for healthy market movement. Further confirmation that the Bull Market is in full effect, price created a ‘double-bottom’ or ‘W’ structure during the middle of the week in the $22,000 AUD region before reversing with renewed strength to the upside; going on to break through the long awaited $27K price threshold.

The altcoins felt the repercussive effects of a Bitcoin pullback this past week. While the major cap altcoin recently recovered in light of Bitcoin’s rebound - Ether and XRP both with a gain of 2%, it was the lower cap coins that flourished the most. Zilliqa (ZIL) jumped an incredible +22%; Stellar Lumens (XLM) continued it’s run with another +23% performance and Stratis (STRAX) soared with a spectacular +40% gain.

Market update for beginners

Are we there yet?

After a weekend of Black Friday discount prices, Bitcoin - the largest cryptocurrency in the world rebounded to successfully establish a new record-setting price! While most exchanges have reached this consensus, some are still waiting for price to reflect a definitive close about the previous all-time-high. At the time of writing, the price of BTC is up +4.5% for the last seven days, just above the $27,000 AUD level for the first time in history. All eyes are now peeled on the charts to see whether Bitcoin can sustain these incredible prices and where we may possibly go from here.

The week that was started off poorly for the Digital Gold. The structure we referenced in the last market update resulted in a sharp, downwards move coincidentally in alignment with the US Thanksgiving holiday and weekend. While many in the market were quick to push FUD (fear, uncertainty and doubt) regarding the rather sudden drop, the price correction was well overdue and necessary for healthy market movement. Further confirmation that the Bull Market is in full effect, price reached the $22,000 AUD region before reversing with renewed strength to the upside; going on to break through the long awaited $27K price threshold.

The altcoins felt the repercussive effects of a Bitcoin pullback this past week. While the major cap altcoin recently recovered in light of Bitcoin’s rebound - Ether and XRP both with a gain of 2%, it was the lower cap coins that flourished the most. Zilliqa (ZIL) jumped an incredible +22%; Stellar Lumens (XLM) continued it’s run with another +23% performance and Stratis (STRAX) soared with a spectacular +40% gain.