by Coinstrooper Crypto Articles
Quick Take
  • As a new week begins, the crypto market is down today, with the cryptocurrency market capitalisation decreasing by 0.5%.
  • About 80 of the top 100 coins have gone down over the past 24 hours.
  • At the same time, the total crypto trading volume is at $94.3 billion, notably lower than what we’ve been seeing over the past month.
  • Bitcoin (BTC) is down by 0.5% since this time yesterday, currently trading at $89,627.

What Happened

Ignacio Aguirre, CMO at Bitget, told Cryptonews that a stronger yen “raises the risk of unwinding yen carry trades which is a move that can temporarily weigh on crypto valuations as leveraged positions reset across global markets.”

Market Context

As a new week begins, the crypto market is down today, with the cryptocurrency market capitalisation decreasing by 0.5%. It now stands at $3.15 trillion. About 80 of the top 100 coins have gone down over the past 24 hours. At the same time, the total crypto trading volume is at $94.3 billion, notably lower than what we’ve been seeing over the past month.

At the time of writing, 5 of the top 10 coins per market capitalisation have seen their prices decrease over the past 24 hours, and three are up (not taking the two stablecoins into account).

Bitcoin (BTC) is down by 0.5% since this time yesterday, currently trading at $89,627. This is the smallest decrease in this category.

On the other hand, Tron (TRX) is the category’s best performer, having appreciated 2.5%, currently trading at $0.2816.

MemeCore (M) fell the most in this category: 6.1% to the price of $1.7.

The market is still consolidating. Lower holiday liquidity and institutional momentum keep BTC range-bound, while traders await new catalysts.

Not a Bear Market (Yet)

Tony Severino, Market Analyst at YouHodler, argues that “Bitcoin, by definition, is in an uptrend.”

For BTC to shift into a bear market, a downtrend needs to be confirmed with a lower low. This makes $74,000 a critical support zone that bulls must defend to keep BTC bullish, the analyst says.

The coin could try to reclaim the 50-week Moving Average, located at around $102,000. Therefore, $100,000 will act as a key psychological barrier for price.

“The psychology around $100,000 per BTC makes it an ideal zone for a bull trap. Above $100,000 could embolden bulls with a “we’re so back” mentality, which blinds them to a potential reversal back down to new lows. If bulls are able to reclaim $100,000 and hold the support line for weeks to months, any chance of a bear market will likely be cancelled.”

Meanwhile, a storm is coming, Severino says. While volatility stirs on the lowest timeframes, the market is still unusually calm at higher timeframes, he says. “A spark is waiting to ignite this compression into an explosion.”

Moreover, sentiment remains at fearful extremes. “While this can be a catalyst for a sustained bounce in a bull market, fear and panic measures stay elevated throughout the duration of a bear market.”

Why It Matters

Crypto Winners & Losers

Ethereum (ETH) is up by 0.6%, now changing hands at $3,128.

Details

The highest decrease on the list is Dogecoin (DOGE)’s 1.5% to $0.1362.

It’s followed by XRP’s 1.2%. The coin now stands at $1.99.

Looking at the top 100 coins, we find that 80 have dropped over the past day.

It’s followed by Midnight (NIGHT), which is down 5.1% to $0.06792.

On the green side, two coins saw double-digit increases. Rain (RAIN) appreciated 11.6% to the current $0.007968.

Provenance Blockchain (HASH) follows with a rise of 11% to the current $0.03013.

The rest of this list is up by 2.4% and less per coin.

Moreover, all eyes are on the Bank of Japan now, as it prepares to implement a 25-basis-point rate increase on 19 December.